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   "value": "NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"_ _399\"> </span>1 Bas<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _399\"> </span>Go<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>n Th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der i<span class=\"_ _0\"></span>t reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le to ass<span class=\"_ _0\"></span>ume th<span class=\"_ _0\"></span>at the G<span class=\"_ _0\"></span>roup ha<span class=\"_ _0\"></span>s ade<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>te resourc<span class=\"_ _0\"></span>es to cont<span class=\"_ _0\"></span>inue for th<span class=\"_ _0\"></span>e foresee<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e future a<span class=\"_ _0\"></span>nd, for this rea<span class=\"_ _0\"></span>son, h<span class=\"_ _0\"></span>ave cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d to ado<span class=\"_ _0\"></span>pt the g<span class=\"_ _0\"></span>oing c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ern b<span class=\"_ _0\"></span>asis i<span class=\"_ _0\"></span>n preparing the financial statements.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e key financ<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isk fac<span class=\"_ _0\"></span>tors for t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p remai<span class=\"_ _0\"></span>n larg<span class=\"_ _0\"></span>ely u<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>d. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al risks a<span class=\"_ _0\"></span>nd the c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>nt imp<span class=\"_ _0\"></span>act t<span class=\"_ _0\"></span>hese mi<span class=\"_ _0\"></span>ght have on th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p as well as m<span class=\"_ _0\"></span>itig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns tha<span class=\"_ _0\"></span>t are in pla<span class=\"_ _0\"></span>ce are d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>ed on pa<span class=\"_ _0\"></span>ges 8<span class=\"_ _1\"></span>9 to 9<span class=\"_ _0\"></span>6.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s U<span class=\"_ _0\"></span>S pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>ank fac<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y cont<span class=\"_ _0\"></span>ain c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al cove<span class=\"_ _0\"></span>nants<span class=\"_ _0\"></span>, such a<span class=\"_ _0\"></span>s the ra<span class=\"_ _0\"></span>tio of the G<span class=\"_ _0\"></span>roup\u2019s EBI<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>DA to its net d<span class=\"_ _0\"></span>ebt w<span class=\"_ _0\"></span>hich n<span class=\"_ _0\"></span>eed<span class=\"_ _0\"></span>s to be le<span class=\"_ _0\"></span>ss tha<span class=\"_ _0\"></span>n 3.<span class=\"_ _0\"></span>0 and th<span class=\"_ _0\"></span>e rati<span class=\"_ _0\"></span>o of its EB<span class=\"_ _0\"></span>ITA to net bor<span class=\"_ _0\"></span>rowing c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch nee<span class=\"_ _0\"></span>ds to b<span class=\"_ _0\"></span>e in excess of 3.<span class=\"_ _0\"></span>0. T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e coven<span class=\"_ _0\"></span>ants are teste<span class=\"_ _0\"></span>d on a rolli<span class=\"_ _0\"></span>ng 12-m<span class=\"_ _0\"></span>onth b<span class=\"_ _0\"></span>asis as at t<span class=\"_ _0\"></span>he June a<span class=\"_ _0\"></span>nd De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ates. At 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, b<span class=\"_ _0\"></span>oth these c<span class=\"_ _0\"></span>ovena<span class=\"_ _0\"></span>nts were p<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>d as the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>ad net c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd net interest in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e from a cove<span class=\"_ _0\"></span>nant test p<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve. Th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors h<span class=\"_ _0\"></span>ave ca<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ed ou<span class=\"_ _0\"></span>t an ass<span class=\"_ _0\"></span>essm<span class=\"_ _0\"></span>ent of the G<span class=\"_ _0\"></span>roup\u2019s abilit<span class=\"_ _0\"></span>y to<span class=\"_ _0\"></span> cont<span class=\"_ _0\"></span>inue as a g<span class=\"_ _0\"></span>oing c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>n for the p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>d of at le<span class=\"_ _0\"></span>ast 12 months from t<span class=\"_ _0\"></span>he date of ap<span class=\"_ _0\"></span>prova<span class=\"_ _0\"></span>l of the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts. T<span class=\"_ _0\"></span>his as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sment h<span class=\"_ _0\"></span>as involve<span class=\"_ _0\"></span>d the revi<span class=\"_ _0\"></span>ew of med<span class=\"_ _0\"></span>ium<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term c<span class=\"_ _0\"></span>ash fore<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>sts of e<span class=\"_ _0\"></span>ach of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns. T<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>irecto<span class=\"_ _0\"></span>rs have al<span class=\"_ _0\"></span>so co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>ered th<span class=\"_ _0\"></span>e streng<span class=\"_ _0\"></span>th of<span class=\"_ _0\"></span> the Gro<span class=\"_ _0\"></span>up\u2019s order bo<span class=\"_ _0\"></span>ok w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>mounte<span class=\"_ _0\"></span>d to \u00a31<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>4b<span class=\"_ _0\"></span>n at 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and w<span class=\"_ _0\"></span>ill provi<span class=\"_ _0\"></span>de a pi<span class=\"_ _0\"></span>peli<span class=\"_ _0\"></span>ne of sec<span class=\"_ _0\"></span>ured wo<span class=\"_ _0\"></span>rk over the g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>n assessment period. These base c<span class=\"_ _0\"></span>ase projections indicate that the hea<span class=\"_ _0\"></span>droo<span class=\"_ _0\"></span>m provi<span class=\"_ _0\"></span>ded b<span class=\"_ _0\"></span>y the Gro<span class=\"_ _0\"></span>up\u2019s strong c<span class=\"_ _0\"></span>ash p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on and t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>bt faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s curre<span class=\"_ _0\"></span>ntly in p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>e is ad<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ate to supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p over the<span class=\"_ _0\"></span> going concern assessment period<span class=\"_ _0\"></span>. At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s o<span class=\"_ _0\"></span>nly d<span class=\"_ _0\"></span>ebt<span class=\"_ _0\"></span>, other t<span class=\"_ _0\"></span>han no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se borrowings ring-fenced within<span class=\"_ _6\"></span> cer<span class=\"_ _0\"></span>tain concession companies, com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>sed U<span class=\"_ _0\"></span>S pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>acem<span class=\"_ _0\"></span>ent (U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>) notes. O<span class=\"_ _0\"></span>f the U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes issue<span class=\"_ _0\"></span>d in 2013, U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m ma<span class=\"_ _0\"></span>tured in M<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>23 a<span class=\"_ _0\"></span>nd the re<span class=\"_ _0\"></span>maini<span class=\"_ _0\"></span>ng US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m wil<span class=\"_ _0\"></span>l mature in M<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p rais<span class=\"_ _0\"></span>ed US<span class=\"_ _0\"></span>$15<span class=\"_ _0\"></span>8m i<span class=\"_ _0\"></span>n June 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h the is<span class=\"_ _0\"></span>sue of new U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes wh<span class=\"_ _0\"></span>ich w<span class=\"_ _0\"></span>ill matu<span class=\"_ _0\"></span>re in tran<span class=\"_ _0\"></span>ches i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>27<span class=\"_ _6\"></span>, 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9 and 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>2. In De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>roup secu<span class=\"_ _0\"></span>red a new \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m b<span class=\"_ _0\"></span>ilater<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>ank fa<span class=\"_ _0\"></span>cilit<span class=\"_ _1\"></span>y which remain<span class=\"_ _0\"></span>ed un<span class=\"_ _0\"></span>draw<span class=\"_ _0\"></span>n at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>nd expi<span class=\"_ _0\"></span>res in De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 20<span class=\"_ _0\"></span>24 wi<span class=\"_ _0\"></span>th an ex<span class=\"_ _0\"></span>tensio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>on for a fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>her thre<span class=\"_ _0\"></span>e years s<span class=\"_ _0\"></span>ubje<span class=\"_ _0\"></span>ct to cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain s<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ific c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons. I<span class=\"_ _0\"></span>n Marc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3, th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>s rais<span class=\"_ _0\"></span>ed throu<span class=\"_ _0\"></span>gh the new P<span class=\"_ _0\"></span>PP n<span class=\"_ _0\"></span>otes and th<span class=\"_ _0\"></span>e new bil<span class=\"_ _0\"></span>ateral b<span class=\"_ _0\"></span>ank fa<span class=\"_ _0\"></span>cilit<span class=\"_ _1\"></span>y were utilise<span class=\"_ _0\"></span>d towards re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment of th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span>9m U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s \u00a3<span class=\"_ _1\"></span>375<span class=\"_ _0\"></span>m co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted sus<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y lin<span class=\"_ _0\"></span>ked bank fa<span class=\"_ _0\"></span>cili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, whic<span class=\"_ _0\"></span>h was un<span class=\"_ _0\"></span>draw<span class=\"_ _0\"></span>n throu<span class=\"_ _0\"></span>gho<span class=\"_ _0\"></span>ut the ye<span class=\"_ _0\"></span>ar end<span class=\"_ _0\"></span>ed 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, remain<span class=\"_ _0\"></span>s fully av<span class=\"_ _0\"></span>aila<span class=\"_ _0\"></span>ble to th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p until O<span class=\"_ _0\"></span>ctob<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>024<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors h<span class=\"_ _0\"></span>ave stres<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>-tes<span class=\"_ _0\"></span>ted the G<span class=\"_ _0\"></span>roup\u2019s base c<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s of both c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd profi<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>ainst key sens<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s whic<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>uld ma<span class=\"_ _0\"></span>terial<span class=\"_ _0\"></span>ise as a result of a<span class=\"_ _0\"></span>dver<span class=\"_ _0\"></span>se ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es in the e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>c environ<span class=\"_ _0\"></span>ment in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a det<span class=\"_ _6\"></span>erioration in commer<span class=\"_ _6\"></span>cial or operational condition<span class=\"_ _6\"></span>s. T<span class=\"_ _0\"></span>he Group<span class=\"_ _6\"></span> has se<span class=\"_ _0\"></span>nsitis<span class=\"_ _0\"></span>ed it<span class=\"_ _0\"></span>s proje<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st severe bu<span class=\"_ _0\"></span>t plau<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e dow<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>e scen<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>os whi<span class=\"_ _0\"></span>ch inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e:  <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">elimin<span class=\"_ _0\"></span>ation of a p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion of un<span class=\"_ _0\"></span>secu<span class=\"_ _0\"></span>red wor<span class=\"_ _0\"></span>k assum<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ithin th<span class=\"_ _0\"></span>e </span>Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s b<span class=\"_ _0\"></span>ase c<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns and a d<span class=\"_ _0\"></span>elay of t<span class=\"_ _0\"></span>hree mont<span class=\"_ _0\"></span>hs for any award<span class=\"_ _0\"></span>ed bu<span class=\"_ _0\"></span>t not yet cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ted wor<span class=\"_ _0\"></span>k;  <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">a deterio<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd restr<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span>ion of a p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of </span>the Gro<span class=\"_ _0\"></span>up\u2019s margins; and <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">dela<span class=\"_ _0\"></span>y in the di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal of I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts as<span class=\"_ _0\"></span>sets by 12 months. </span>In the s<span class=\"_ _0\"></span>evere but pl<span class=\"_ _0\"></span>ausi<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>owns<span class=\"_ _0\"></span>ide s<span class=\"_ _0\"></span>cena<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>s mod<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p cont<span class=\"_ _0\"></span>inues to reta<span class=\"_ _0\"></span>in suf<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ient he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>room o<span class=\"_ _0\"></span>n liqui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>hout t<span class=\"_ _0\"></span>he goin<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>n pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>hrou<span class=\"_ _0\"></span>gh the<span class=\"_ _0\"></span>se dow<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>e sce<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>ios, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p is still ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to be i<span class=\"_ _0\"></span>n a net c<span class=\"_ _0\"></span>ash po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on and to rem<span class=\"_ _0\"></span>ain wi<span class=\"_ _0\"></span>thin it<span class=\"_ _0\"></span>s bank<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ovenant<span class=\"_ _0\"></span>s throu<span class=\"_ _0\"></span>gh the g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent per<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>Bas<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>e ab<span class=\"_ _0\"></span>ove and hav<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>ade a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate enq<span class=\"_ _0\"></span>uirie<span class=\"_ _0\"></span>s, the Direc<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der i<span class=\"_ _0\"></span>t reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le to ass<span class=\"_ _0\"></span>ume th<span class=\"_ _0\"></span>at the G<span class=\"_ _0\"></span>roup an<span class=\"_ _0\"></span>d the Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny have ad<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ate resou<span class=\"_ _0\"></span>rces to co<span class=\"_ _0\"></span>ntinue for t<span class=\"_ _0\"></span>he go<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ern per<span class=\"_ _0\"></span>iod a<span class=\"_ _0\"></span>nd, fo<span class=\"_ _0\"></span>r this reas<span class=\"_ _0\"></span>on, h<span class=\"_ _0\"></span>ave cont<span class=\"_ _0\"></span>inued to a<span class=\"_ _0\"></span>dop<span class=\"_ _0\"></span>t the go<span class=\"_ _0\"></span>ing con<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>n bas<span class=\"_ _0\"></span>is in prep<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng the f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Consideration<span class=\"_ _6\"></span> of climate<span class=\"_ _6\"></span> change<span class=\"_ _399\"> </span>In prep<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng the f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, the Di<span class=\"_ _0\"></span>rector<span class=\"_ _0\"></span>s have c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered the im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of cli<span class=\"_ _0\"></span>mate ch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>, par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icul<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y in the c<span class=\"_ _0\"></span>ontext of t<span class=\"_ _0\"></span>he risk<span class=\"_ _0\"></span>s ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d in the TC<span class=\"_ _0\"></span>FD d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>losure o<span class=\"_ _0\"></span>n pag<span class=\"_ _0\"></span>es 9<span class=\"_ _0\"></span>8 to 10<span class=\"_ _0\"></span>5. T<span class=\"_ _0\"></span>here h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en no mater<span class=\"_ _0\"></span>ial im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct id<span class=\"_ _0\"></span>entif<span class=\"_ _0\"></span>ied o<span class=\"_ _0\"></span>n the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing jud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents and es<span class=\"_ _0\"></span>timate<span class=\"_ _0\"></span>s. In p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ular, the Direc<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dere<span class=\"_ _0\"></span>d the im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of clim<span class=\"_ _0\"></span>ate cha<span class=\"_ _0\"></span>nge in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing are<span class=\"_ _0\"></span>as:  <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls2c ws34\">contract j<span class=\"_ _6\"></span>ud<span class=\"_ _0\"></span>gements made on<span class=\"_ _6\"></span> the Group\u2019<span class=\"_ _17\"></span>s C<span class=\"_ _0\"></span>onstruction Services </span>and Support Ser<span class=\"_ _0\"></span>vices contracts; <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">goin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>n and v<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p over the nex<span class=\"_ _0\"></span>t thre<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s;</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">cas<span class=\"_ _0\"></span>h flow forec<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d in the im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt asse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nts of </span>non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>cur<span class=\"_ _0\"></span>rent ass<span class=\"_ _0\"></span>ets inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng the G<span class=\"_ _0\"></span>roup\u2019s intang<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s customer<span class=\"_ _6\"></span> contracts and goodwill; <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">cas<span class=\"_ _0\"></span>h flow forec<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d in the im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt asse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nts of the<span class=\"_ _0\"></span> </span>Group\u2019<span class=\"_ _6\"></span>s infrastructure in<span class=\"_ _6\"></span>vestments assets;  <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>e and us<span class=\"_ _0\"></span>eful ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mic li<span class=\"_ _0\"></span>ves of prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant an<span class=\"_ _0\"></span>d </span>equipment; and <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">the valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of asset<span class=\"_ _0\"></span>s hel<span class=\"_ _0\"></span>d with<span class=\"_ _0\"></span>in the G<span class=\"_ _0\"></span>roup\u2019s pensio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>emes<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></span>As c<span class=\"_ _0\"></span>urrent l<span class=\"_ _0\"></span>egis<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>s, the<span class=\"_ _0\"></span>re is curre<span class=\"_ _0\"></span>ntly no m<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term imp<span class=\"_ _0\"></span>act ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted fro<span class=\"_ _0\"></span>m clim<span class=\"_ _0\"></span>ate cha<span class=\"_ _0\"></span>nge d<span class=\"_ _0\"></span>ue to the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al mec<span class=\"_ _0\"></span>hanis<span class=\"_ _0\"></span>ms and in<span class=\"_ _0\"></span>suran<span class=\"_ _0\"></span>ce ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nts in p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e Dire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s are however awa<span class=\"_ _0\"></span>re of the ever-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ging r<span class=\"_ _0\"></span>isks at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ache<span class=\"_ _0\"></span>d to clim<span class=\"_ _0\"></span>ate cha<span class=\"_ _0\"></span>nge and w<span class=\"_ _0\"></span>ill regul<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>ess th<span class=\"_ _0\"></span>ese ri<span class=\"_ _0\"></span>sks ag<span class=\"_ _0\"></span>ainst ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s and estim<span class=\"_ _0\"></span>ates ma<span class=\"_ _0\"></span>de in p<span class=\"_ _0\"></span>repa<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n of the G<span class=\"_ _0\"></span>roup\u2019s financ<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts. Ba<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>is o<span class=\"_ _0\"></span>f p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on Th<span class=\"_ _0\"></span>e annua<span class=\"_ _0\"></span>l fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en prep<span class=\"_ _0\"></span>ared in a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ance with UK-<span class=\"_ _0\"></span>ado<span class=\"_ _0\"></span>pted Int<span class=\"_ _6\"></span>er<span class=\"_ _0\"></span>national Acc<span class=\"_ _0\"></span>ounting Standards and in confor<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e requi<span class=\"_ _0\"></span>rement<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anie<span class=\"_ _0\"></span>s Ac<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6 (the Ac<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>). Th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en prep<span class=\"_ _0\"></span>ared u<span class=\"_ _0\"></span>nder t<span class=\"_ _0\"></span>he histo<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>st convent<span class=\"_ _0\"></span>ion, exce<span class=\"_ _0\"></span>pt as de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>er Note 2.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e func<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>al and presentational currency of the Company and the presentational cur<span class=\"_ _0\"></span>rency of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p is ster<span class=\"_ _0\"></span>ling.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e sep<span class=\"_ _0\"></span>arate fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts of the C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny are presente<span class=\"_ _0\"></span>d as requi<span class=\"_ _0\"></span>red by the A<span class=\"_ _0\"></span>ct a<span class=\"_ _0\"></span>nd have b<span class=\"_ _0\"></span>een pre<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d in ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th UK-<span class=\"_ _1\"></span>ado<span class=\"_ _0\"></span>pted intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>untin<span class=\"_ _0\"></span>g sta<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>rds, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding F<span class=\"_ _0\"></span>RS 101 Reduced Disclosur<span class=\"_ _6\"></span>e Framework.<span class=\"_ _399\"> </span>E<span class=\"_ _0\"></span>xcept as n<span class=\"_ _0\"></span>oted be<span class=\"_ _0\"></span>low, the Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny\u2019s acco<span class=\"_ _0\"></span>unting p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies a<span class=\"_ _0\"></span>re con<span class=\"_ _0\"></span>sistent wi<span class=\"_ _0\"></span>th tho<span class=\"_ _0\"></span>se de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s conso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial state<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>. As p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted by F<span class=\"_ _0\"></span>RS 101<span class=\"_ _6\"></span>, the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny has t<span class=\"_ _0\"></span>aken adv<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>ge of th<span class=\"_ _0\"></span>e disc<span class=\"_ _0\"></span>losu<span class=\"_ _0\"></span>re exemptions av<span class=\"_ _0\"></span>aila<span class=\"_ _0\"></span>ble u<span class=\"_ _0\"></span>nder t<span class=\"_ _0\"></span>hat st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard in relat<span class=\"_ _0\"></span>ion to sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s, fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents, c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>, present<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of a ca<span class=\"_ _0\"></span>sh flow s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent, rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y transactio<span class=\"_ _0\"></span>ns and comparative information. Where required, equivalent disc<span class=\"_ _0\"></span>losu<span class=\"_ _0\"></span>res are give<span class=\"_ _0\"></span>n in the c<span class=\"_ _0\"></span>onso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts.<span class=\"_ _399\"> </span>In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the a<span class=\"_ _0\"></span>ppl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ation of F<span class=\"_ _0\"></span>RS 101<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny has t<span class=\"_ _0\"></span>aken adv<span class=\"_ _0\"></span>anta<span class=\"_ _0\"></span>ge of S<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tion 4<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>8 of the Ac<span class=\"_ _0\"></span>t and c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>eque<span class=\"_ _0\"></span>ntly i<span class=\"_ _0\"></span>ts st<span class=\"_ _0\"></span>atement of com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e (in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e profit a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>ss ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt) is n<span class=\"_ _0\"></span>ot present<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>d as part of these financial statements.<span class=\"_ _399\"> </span>2 Principal accounting policies<span class=\"_ _399\"> </span>2.<span class=\"_ _17\"></span>1 Accounting standards<span class=\"_ _399\"> </span>Ad<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of n<span class=\"_ _0\"></span>ew a<span class=\"_ _0\"></span>nd r<span class=\"_ _0\"></span>ev<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unting s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>dard<span class=\"_ _0\"></span>s, inter<span class=\"_ _0\"></span>pret<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s and am<span class=\"_ _0\"></span>endm<span class=\"_ _0\"></span>ents have be<span class=\"_ _0\"></span>en ad<span class=\"_ _0\"></span>opted b<span class=\"_ _0\"></span>y the Gro<span class=\"_ _0\"></span>up in th<span class=\"_ _0\"></span>e year en<span class=\"_ _0\"></span>ded 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2: <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">Am<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>ments to th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s:</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IA<span class=\"_ _0\"></span>S 16 Prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Plant an<span class=\"_ _0\"></span>d Equip<span class=\"_ _0\"></span>ment</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IA<span class=\"_ _0\"></span>S 37 P<span class=\"_ _0\"></span>rovis<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>, Co<span class=\"_ _0\"></span>nting<span class=\"_ _0\"></span>ent Li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s and C<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>gent A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IFR<span class=\"_ _0\"></span>S 3 Busin<span class=\"_ _0\"></span>ess C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>binat<span class=\"_ _0\"></span>ions</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">Annu<span class=\"_ _0\"></span>al Im<span class=\"_ _0\"></span>proveme<span class=\"_ _0\"></span>nts 2018 - 20<span class=\"_ _0\"></span>20<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>ese am<span class=\"_ _0\"></span>ende<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ards d<span class=\"_ _0\"></span>id not h<span class=\"_ _0\"></span>ave a materi<span class=\"_ _0\"></span>al ef<span class=\"_ _0\"></span>fect o<span class=\"_ _0\"></span>n the G<span class=\"_ _0\"></span>roup.<span class=\"_ _399\"> </span><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:1000.3152px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.33518982px; bottom:945.0527px;\">2 Principal accounting policies<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.33518982px; bottom:928.8027px;\">2.<span class=\"_ _17\"></span>1 Accounting standards<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:912.5527px;\">Ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ing s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nda<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>s n<span class=\"_ _0\"></span>ot ye<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>pt<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:899.5527px;\">Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unting s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>dard<span class=\"_ _0\"></span>s, inter<span class=\"_ _0\"></span>pret<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s and am<span class=\"_ _0\"></span>endm<span class=\"_ _0\"></span>ents </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:886.5527px;\">have be<span class=\"_ _0\"></span>en issu<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e IA<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>B but h<span class=\"_ _0\"></span>ad ei<span class=\"_ _0\"></span>ther not b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>pted by th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:873.5527px;\">UK or we<span class=\"_ _0\"></span>re not yet effe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve in the U<span class=\"_ _0\"></span>K at 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2:</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:854.0527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls2c ws34\">IFRS 1<span class=\"_ _17\"></span>7 Insurance Contracts</span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:834.5527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">Am<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>ments to th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s:</span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:17.033691px; bottom:815.0527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IA<span class=\"_ _0\"></span>S 1 P<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>ation of F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>nd IF<span class=\"_ _0\"></span>RS P<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tice<span class=\"_ _0\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:22.051823px; bottom:802.0527px;\">Statem<span class=\"_ _0\"></span>ent 2: Di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>osure of Ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unting P<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:17.033691px; bottom:782.5527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IA<span class=\"_ _0\"></span>S 1 P<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>ation of F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Statem<span class=\"_ _0\"></span>ents: Cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:22.051823px; bottom:769.5527px;\">Lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties as C<span class=\"_ _0\"></span>urre<span class=\"_ _0\"></span>nt or No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:17.033691px; bottom:750.0527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IA<span class=\"_ _0\"></span>S 8 Ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unting P<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies, C<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in A<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng Est<span class=\"_ _0\"></span>imates a<span class=\"_ _0\"></span>nd </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:22.051823px; bottom:737.0527px;\">Error<span class=\"_ _0\"></span>s: Defini<span class=\"_ _0\"></span>tion of A<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng Est<span class=\"_ _0\"></span>imates</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:17.033691px; bottom:717.5527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IA<span class=\"_ _0\"></span>S 12 Income Taxes: Deferred Tax related to A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2c ws34\" style=\"left:22.051823px; bottom:704.5527px;\">Liabilities a<span class=\"_ _6\"></span>rising from a<span class=\"_ _6\"></span> Single T<span class=\"_ _6\"></span>ransaction </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:17.033691px; bottom:685.0527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IFR<span class=\"_ _0\"></span>S 16 Leases: L<span class=\"_ _0\"></span>ease L<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y in a S<span class=\"_ _0\"></span>ale and L<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>ack</span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:17.033691px; bottom:665.5527px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">IFR<span class=\"_ _0\"></span>S 1<span class=\"_ _6\"></span>7 In<span class=\"_ _0\"></span>suran<span class=\"_ _0\"></span>ce C<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s: Initi<span class=\"_ _0\"></span>al A<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of IFR<span class=\"_ _0\"></span>S 1<span class=\"_ _6\"></span>7 a<span class=\"_ _0\"></span>nd </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:22.051823px; bottom:652.5527px;\">IFR<span class=\"_ _0\"></span>S 9 \u2013 C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>ive Infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:633.0527px;\">Th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors d<span class=\"_ _0\"></span>o not exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t the st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s above to h<span class=\"_ _0\"></span>ave a materi<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:620.0527px;\">effe<span class=\"_ _0\"></span>ct on t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p and h<span class=\"_ _0\"></span>ave chos<span class=\"_ _0\"></span>en not to ad<span class=\"_ _0\"></span>opt a<span class=\"_ _0\"></span>ny of the ab<span class=\"_ _0\"></span>ove </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.33518982px; bottom:607.0527px;\">standards and interpretations earlier than required.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.33518982px; bottom:584.3027px;\">2.2 Basis of<span class=\"_ _6\"></span> consolidation<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:571.3027px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l sta<span class=\"_ _0\"></span>tements i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e result<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:558.3027px;\">and it<span class=\"_ _0\"></span>s subs<span class=\"_ _0\"></span>idia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span>, toget<span class=\"_ _0\"></span>her w<span class=\"_ _0\"></span>ith the G<span class=\"_ _0\"></span>roup\u2019s share of the res<span class=\"_ _0\"></span>ults of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:545.3027px;\">joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciates<span class=\"_ _0\"></span>, draw<span class=\"_ _0\"></span>n up to 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r eac<span class=\"_ _0\"></span>h year.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.33518982px; bottom:522.5527px;\">a)<span class=\"_ _6\"></span> S<span class=\"_ _0\"></span>ubsid<span class=\"_ _0\"></span>iarie<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:509.55267px;\">Sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s are entiti<span class=\"_ _0\"></span>es co<span class=\"_ _0\"></span>ntrolle<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Group c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ls </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:496.55267px;\">an entit<span class=\"_ _1\"></span>y when it i<span class=\"_ _0\"></span>s expo<span class=\"_ _0\"></span>sed to, or h<span class=\"_ _0\"></span>as ri<span class=\"_ _0\"></span>ghts to, va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ble retur<span class=\"_ _0\"></span>ns from </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:483.55267px;\">its invo<span class=\"_ _0\"></span>lveme<span class=\"_ _0\"></span>nt with t<span class=\"_ _0\"></span>he enti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and ha<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>y to af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t tho<span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:470.55267px;\">returns t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h its p<span class=\"_ _0\"></span>ower over th<span class=\"_ _0\"></span>e entit<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:451.0527px;\">Th<span class=\"_ _0\"></span>e result<span class=\"_ _0\"></span>s of subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries a<span class=\"_ _0\"></span>re cons<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>ated fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ate that c<span class=\"_ _0\"></span>ontrol </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.33518982px; bottom:438.0527px;\">commences until the date that control ceases.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:418.5527px;\">Th<span class=\"_ _0\"></span>e acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion met<span class=\"_ _0\"></span>hod of a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g is use<span class=\"_ _0\"></span>d to acc<span class=\"_ _0\"></span>ount for t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:405.5527px;\">acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion of su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es by the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>. On ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n, the a<span class=\"_ _0\"></span>ssets<span class=\"_ _0\"></span>, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:392.5527px;\">liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es and c<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>gent li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities of a s<span class=\"_ _0\"></span>ubsi<span class=\"_ _0\"></span>diar<span class=\"_ _1\"></span>y are mea<span class=\"_ _0\"></span>sured at </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:379.5527px;\">their f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>es at the d<span class=\"_ _0\"></span>ate of ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. A<span class=\"_ _0\"></span>ny excess of the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:366.5527px;\">of the c<span class=\"_ _0\"></span>ost of ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n over the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>es of the id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fiab<span class=\"_ _0\"></span>le net </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:353.5527px;\">asset<span class=\"_ _0\"></span>s acq<span class=\"_ _0\"></span>uired is re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d as g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill. A<span class=\"_ _0\"></span>ny defi<span class=\"_ _0\"></span>cien<span class=\"_ _0\"></span>cy of th<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:340.5527px;\">of acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion b<span class=\"_ _0\"></span>elow th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lues of th<span class=\"_ _0\"></span>e ide<span class=\"_ _0\"></span>ntifia<span class=\"_ _0\"></span>ble n<span class=\"_ _0\"></span>et asset<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:327.5527px;\">acq<span class=\"_ _0\"></span>uired (d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ount on a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isiti<span class=\"_ _0\"></span>on) is cre<span class=\"_ _0\"></span>dite<span class=\"_ _0\"></span>d to the inc<span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:314.5527px;\">in the p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>d of ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he interest of n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>contro<span class=\"_ _0\"></span>lling e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:301.5527px;\">hol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s is sta<span class=\"_ _0\"></span>ted at the n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>cont<span class=\"_ _0\"></span>rollin<span class=\"_ _0\"></span>g equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s\u2019 prop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:288.5527px;\">the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>ets and li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:269.0527px;\">Wh<span class=\"_ _0\"></span>en the G<span class=\"_ _0\"></span>roup l<span class=\"_ _0\"></span>oses c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>l of a subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, t<span class=\"_ _0\"></span>he profi<span class=\"_ _0\"></span>t or lo<span class=\"_ _0\"></span>ss on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:256.0527px;\">disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al is c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lated a<span class=\"_ _0\"></span>s the di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ference b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween: (i<span class=\"_ _0\"></span>) the ag<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>gate of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:243.0527px;\">the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d and the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e of any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:230.0527px;\">retain<span class=\"_ _0\"></span>ed interest l<span class=\"_ _0\"></span>ess d<span class=\"_ _0\"></span>irect c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s of the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion; and (<span class=\"_ _0\"></span>ii) th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:217.0527px;\">previo<span class=\"_ _0\"></span>us c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>ying am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s (in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill) le<span class=\"_ _0\"></span>ss </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:204.0527px;\">liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alue of any i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt retaine<span class=\"_ _0\"></span>d in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:191.0527px;\">the for<span class=\"_ _0\"></span>mer su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>t the d<span class=\"_ _0\"></span>ate when c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>l is los<span class=\"_ _0\"></span>t is rega<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d as the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:178.0527px;\">fair val<span class=\"_ _0\"></span>ue on ini<span class=\"_ _0\"></span>tial re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gniti<span class=\"_ _0\"></span>on for su<span class=\"_ _0\"></span>bseq<span class=\"_ _0\"></span>uent ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unting u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r IFR<span class=\"_ _0\"></span>S 9 </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:165.0527px;\">Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al Inst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ents or, when ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ble, t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>st on ini<span class=\"_ _0\"></span>tial re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:152.0527px;\">of an investm<span class=\"_ _0\"></span>ent in an as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate o<span class=\"_ _0\"></span>r jointl<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>ntrolle<span class=\"_ _0\"></span>d entit<span class=\"_ _0\"></span>y. Am<span class=\"_ _0\"></span>ounts<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:139.0527px;\">previo<span class=\"_ _0\"></span>usl<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>preh<span class=\"_ _0\"></span>ensive i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me in rel<span class=\"_ _0\"></span>ation to th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:126.052704px;\">subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y are ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted for in th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e mann<span class=\"_ _0\"></span>er as wou<span class=\"_ _0\"></span>ld be re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:113.052704px;\">if the rel<span class=\"_ _0\"></span>evant as<span class=\"_ _0\"></span>sets or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s were disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of (i.e. re<span class=\"_ _0\"></span>cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ied to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsc0 ws0\" style=\"left:0.33518982px; bottom:100.052704px;\">profit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s or tra<span class=\"_ _0\"></span>nsferre<span class=\"_ _0\"></span>d direc<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y to retaine<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>ning<span class=\"_ _0\"></span>s).<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:80.552704px;\">Any a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>isiti<span class=\"_ _0\"></span>on or d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osal w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h doe<span class=\"_ _0\"></span>s not resul<span class=\"_ _0\"></span>t in a cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n contro<span class=\"_ _0\"></span>l </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:67.552704px;\">is acc<span class=\"_ _0\"></span>ounte<span class=\"_ _0\"></span>d for as a tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>lde<span class=\"_ _0\"></span>rs. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:54.552704px;\">amou<span class=\"_ _0\"></span>nts of the c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lling a<span class=\"_ _0\"></span>nd non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ontroll<span class=\"_ _0\"></span>ing interest<span class=\"_ _0\"></span>s are ad<span class=\"_ _0\"></span>justed to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:41.552704px;\">reflec<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es in th<span class=\"_ _0\"></span>eir rela<span class=\"_ _0\"></span>tive interes<span class=\"_ _0\"></span>ts in the s<span class=\"_ _0\"></span>ubsi<span class=\"_ _0\"></span>diar<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>. A<span class=\"_ _0\"></span>ny </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:28.552704px;\">dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en the fa<span class=\"_ _0\"></span>ir value of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>aid or re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:15.552704px;\">and th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt by whic<span class=\"_ _0\"></span>h the n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>contro<span class=\"_ _0\"></span>lling i<span class=\"_ _0\"></span>nterests are a<span class=\"_ _0\"></span>djus<span class=\"_ _0\"></span>ted is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws0\" style=\"left:0.33518982px; bottom:2.5527039px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed dire<span class=\"_ _0\"></span>ctl<span class=\"_ _0\"></span>y in eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>buted to th<span class=\"_ _0\"></span>e owne<span class=\"_ _0\"></span>rs of the P<span class=\"_ _0\"></span>arent.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:946.94293px;\">Acc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies of sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es are ad<span class=\"_ _0\"></span>justed w<span class=\"_ _0\"></span>here ne<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sar<span class=\"_ _1\"></span>y to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:933.94293px;\">ensure c<span class=\"_ _0\"></span>onsis<span class=\"_ _0\"></span>tency w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>ose us<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p. A<span class=\"_ _0\"></span>ll intra<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>roup </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:920.94293px;\">trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns, b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, inco<span class=\"_ _0\"></span>me an<span class=\"_ _0\"></span>d expen<span class=\"_ _0\"></span>ses are el<span class=\"_ _0\"></span>iminate<span class=\"_ _0\"></span>d on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:343.07797px; bottom:907.94293px;\">conso<span class=\"_ _0\"></span>lidatio<span class=\"_ _0\"></span>n.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:885.19293px;\">b) Join<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:872.19293px;\">Joi<span class=\"_ _0\"></span>nt ventures are th<span class=\"_ _0\"></span>ose enti<span class=\"_ _0\"></span>ties ove<span class=\"_ _0\"></span>r who<span class=\"_ _0\"></span>se ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ities t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p has </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:859.19293px;\">joint c<span class=\"_ _0\"></span>ontrol<span class=\"_ _0\"></span>, whe<span class=\"_ _0\"></span>reby the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as rig<span class=\"_ _0\"></span>hts to the n<span class=\"_ _0\"></span>et asset<span class=\"_ _0\"></span>s of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:846.19293px;\">entit<span class=\"_ _0\"></span>y, rather th<span class=\"_ _0\"></span>an ri<span class=\"_ _0\"></span>ghts to it<span class=\"_ _0\"></span>s indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ual a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns for its </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:343.07797px; bottom:833.19293px;\">indiv<span class=\"_ _0\"></span>idual lia<span class=\"_ _0\"></span>bilities.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb3 ws0\" style=\"left:343.07797px; bottom:813.69293px;\">As<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates a<span class=\"_ _0\"></span>re those e<span class=\"_ _0\"></span>ntitie<span class=\"_ _0\"></span>s over wh<span class=\"_ _0\"></span>ose fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ng po<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>es </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb3 ws0\" style=\"left:343.07797px; bottom:800.69293px;\">the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant influ<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>e, but not c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>l or jo<span class=\"_ _0\"></span>int cont<span class=\"_ _0\"></span>rol. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:781.19293px;\">Th<span class=\"_ _0\"></span>e result<span class=\"_ _0\"></span>s, ass<span class=\"_ _0\"></span>ets and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s of joint vent<span class=\"_ _0\"></span>ures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:768.19293px;\">inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ated in the f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l state<span class=\"_ _0\"></span>ments u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y meth<span class=\"_ _0\"></span>od of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:755.19293px;\">acc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng except w<span class=\"_ _0\"></span>hen c<span class=\"_ _0\"></span>lass<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d as hel<span class=\"_ _0\"></span>d for sa<span class=\"_ _0\"></span>le. T<span class=\"_ _0\"></span>he eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y retur<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:742.19293px;\">from the m<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g joint ventu<span class=\"_ _0\"></span>res of the G<span class=\"_ _0\"></span>roup is c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>actu<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:729.19293px;\">limite<span class=\"_ _0\"></span>d to a max<span class=\"_ _0\"></span>imum level of retu<span class=\"_ _0\"></span>rn, b<span class=\"_ _0\"></span>eyond w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h the Gro<span class=\"_ _0\"></span>up do<span class=\"_ _0\"></span>es </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:716.19293px;\">not sha<span class=\"_ _0\"></span>re in any fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er return<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>erefore the G<span class=\"_ _0\"></span>roup\u2019s investment in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:703.19293px;\">these p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts is re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d at ini<span class=\"_ _0\"></span>tial e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt plus th<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:690.19293px;\">of the Gro<span class=\"_ _0\"></span>up\u2019s accru<span class=\"_ _0\"></span>ed prefer<span class=\"_ _0\"></span>red retur<span class=\"_ _0\"></span>n from the u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:670.69293px;\">Any exces<span class=\"_ _0\"></span>s of the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of the co<span class=\"_ _0\"></span>st of ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n over the G<span class=\"_ _0\"></span>roup\u2019s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:657.69293px;\">share of th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lues of th<span class=\"_ _0\"></span>e ide<span class=\"_ _0\"></span>ntifia<span class=\"_ _0\"></span>ble n<span class=\"_ _0\"></span>et asset<span class=\"_ _0\"></span>s of the jo<span class=\"_ _0\"></span>int </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:644.69293px;\">venture or as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y at the d<span class=\"_ _0\"></span>ate of ac<span class=\"_ _0\"></span>quisi<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed as </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:631.69293px;\">go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will. A<span class=\"_ _0\"></span>ny d<span class=\"_ _0\"></span>efici<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y of the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>st of ac<span class=\"_ _0\"></span>quisi<span class=\"_ _0\"></span>tion </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:618.69293px;\">bel<span class=\"_ _0\"></span>ow the Gro<span class=\"_ _0\"></span>up\u2019s share of the fair v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span>s of the id<span class=\"_ _0\"></span>entif<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>le net </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:605.69293px;\">asset<span class=\"_ _0\"></span>s of the jo<span class=\"_ _0\"></span>int venture or a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te at the da<span class=\"_ _0\"></span>te of acqu<span class=\"_ _0\"></span>isiti<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:592.69293px;\">(disc<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>n acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion) is c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ted to the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>tement in th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:343.07797px; bottom:579.69293px;\">period of acquisition.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:560.19293px;\">Investm<span class=\"_ _0\"></span>ents in j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates are in<span class=\"_ _0\"></span>itia<span class=\"_ _0\"></span>lly c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>ied i<span class=\"_ _0\"></span>n the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:547.19293px;\">bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet at c<span class=\"_ _0\"></span>ost (<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will a<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g on ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n) and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:534.19293px;\">adju<span class=\"_ _0\"></span>sted by p<span class=\"_ _0\"></span>ost-<span class=\"_ _1\"></span>acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>es in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>hare of net </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:521.19293px;\">asset<span class=\"_ _0\"></span>s of the jo<span class=\"_ _0\"></span>int venture or a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te, less any i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>irme<span class=\"_ _0\"></span>nt in the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:508.19293px;\">value of i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>vidu<span class=\"_ _0\"></span>al inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s. Lo<span class=\"_ _0\"></span>sses of j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:495.19293px;\">asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates in excess of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s int<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>rest in th<span class=\"_ _0\"></span>ose jo<span class=\"_ _0\"></span>int ventures </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:482.19293px;\">and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates a<span class=\"_ _0\"></span>re only re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d to the ex<span class=\"_ _0\"></span>tent that t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:469.19293px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tuall<span class=\"_ _0\"></span>y lia<span class=\"_ _0\"></span>ble for, or has a c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tive o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on to meet<span class=\"_ _0\"></span>, the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:456.1929px;\">obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions of t<span class=\"_ _0\"></span>he joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.07797px; bottom:436.6929px;\">Unrealised gains and losses on transactions with joint ventures<span class=\"_ _6\"></span> and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:423.6929px;\">asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates are elim<span class=\"_ _0\"></span>inated to th<span class=\"_ _0\"></span>e extent of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s i<span class=\"_ _0\"></span>nterest in th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:343.07797px; bottom:410.6929px;\">releva<span class=\"_ _0\"></span>nt joi<span class=\"_ _0\"></span>nt venture o<span class=\"_ _0\"></span>r ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iate.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:387.9429px;\">c) Join<span class=\"_ _0\"></span>t op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:374.9429px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of the resu<span class=\"_ _0\"></span>lts<span class=\"_ _0\"></span>, asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities of c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:361.9429px;\">ca<span class=\"_ _0\"></span>rrie<span class=\"_ _0\"></span>d out i<span class=\"_ _0\"></span>n conj<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>tion w<span class=\"_ _0\"></span>ith an<span class=\"_ _0\"></span>other p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y are in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ded u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r eac<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:348.9429px;\">relevant he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ing in th<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt and b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:329.4429px;\">Th<span class=\"_ _0\"></span>e result<span class=\"_ _0\"></span>s of a small n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er of joint o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>ns are dr<span class=\"_ _0\"></span>awn up to a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:316.4429px;\">date oth<span class=\"_ _0\"></span>er tha<span class=\"_ _0\"></span>n 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er<span class=\"_ _6\"></span>, t<span class=\"_ _1\"></span>ypic<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y in th<span class=\"_ _0\"></span>e last t<span class=\"_ _0\"></span>wo we<span class=\"_ _0\"></span>eks of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:303.4429px;\">Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er. Adjustm<span class=\"_ _0\"></span>ents are m<span class=\"_ _0\"></span>ade fo<span class=\"_ _0\"></span>r any sign<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>ant tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:290.4429px;\">bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n such d<span class=\"_ _0\"></span>ate and 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:343.07797px; bottom:270.9429px;\">2.3 Foreign currenc<span class=\"_ _0\"></span>ies<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:251.4429px;\">T<span class=\"_ _6\"></span>rans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s in foreign c<span class=\"_ _0\"></span>urren<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d at the ra<span class=\"_ _0\"></span>te of exchange<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:343.07797px; bottom:238.4429px;\">at the d<span class=\"_ _0\"></span>ate of the tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on. M<span class=\"_ _0\"></span>onet<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties d<span class=\"_ _0\"></span>eno<span class=\"_ _0\"></span>minate<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:225.4429px;\">in foreign c<span class=\"_ _0\"></span>urren<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s are tran<span class=\"_ _0\"></span>slated a<span class=\"_ _0\"></span>t the rates of exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e at the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:212.4429px;\">repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate. Si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant exchang<span class=\"_ _0\"></span>e rates us<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e prep<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>ion of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:199.4429px;\">these f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l state<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>re shown i<span class=\"_ _0\"></span>n Note 3<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:179.9429px;\">For t<span class=\"_ _0\"></span>he pur<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>se of pres<span class=\"_ _0\"></span>enting c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>olid<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents, t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:166.9429px;\">result<span class=\"_ _0\"></span>s of foreign su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies, a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s and jo<span class=\"_ _0\"></span>int venture enti<span class=\"_ _0\"></span>ties are<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:153.9429px;\">trans<span class=\"_ _0\"></span>lated at ave<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>e rates of excha<span class=\"_ _0\"></span>nge for t<span class=\"_ _0\"></span>he year, unless t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:140.9429px;\">exchang<span class=\"_ _0\"></span>e rates flu<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>ate sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>antl<span class=\"_ _0\"></span>y dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>at per<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d, in w<span class=\"_ _0\"></span>hich c<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:127.9429px;\">the exchan<span class=\"_ _0\"></span>ge ra<span class=\"_ _0\"></span>tes at the d<span class=\"_ _0\"></span>ate of tran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are use<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:114.9429px;\">liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es are tra<span class=\"_ _0\"></span>nslate<span class=\"_ _0\"></span>d at the r<span class=\"_ _0\"></span>ates of exchang<span class=\"_ _0\"></span>e prevail<span class=\"_ _0\"></span>ing at th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:101.9429px;\">repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate. G<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill and fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts ari<span class=\"_ _0\"></span>sing on t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:88.9429px;\">acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion of a forei<span class=\"_ _0\"></span>gn entit<span class=\"_ _1\"></span>y are treated a<span class=\"_ _0\"></span>s asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties of t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:75.9429px;\">foreign e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d trans<span class=\"_ _0\"></span>lated at t<span class=\"_ _0\"></span>he rates of exch<span class=\"_ _0\"></span>ange a<span class=\"_ _0\"></span>t the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws4\" style=\"left:343.07797px; bottom:62.9429px;\">date. Currency translation differences arising are transferr<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>d to the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:49.9429px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y tra<span class=\"_ _0\"></span>nslat<span class=\"_ _0\"></span>ion rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve and a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:36.9429px;\">inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of th<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:925.5527px;\">2 Principal accounting policies<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:912.5527px;\">2.<span class=\"_ _0\"></span>3 F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s <span class=\"ff4e ls28 ws24\">c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:893.0527px;\">In ord<span class=\"_ _0\"></span>er to hed<span class=\"_ _0\"></span>ge it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>osure to cer<span class=\"_ _1\"></span>tain forei<span class=\"_ _0\"></span>gn exchan<span class=\"_ _0\"></span>ge ri<span class=\"_ _0\"></span>sks, the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:880.0527px;\">Grou<span class=\"_ _0\"></span>p may enter into for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard foreig<span class=\"_ _0\"></span>n exchang<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. Refer to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:867.0527px;\">Note 2.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6(<span class=\"_ _0\"></span>b) for d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>s of the Gro<span class=\"_ _0\"></span>up\u2019s accou<span class=\"_ _0\"></span>nting p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 wse\" style=\"left:0.009376526px; bottom:854.0527px;\">such derivative financial instruments. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:831.3027px;\">2.<span class=\"_ _0\"></span>4 Re<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:818.3027px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>es revenue w<span class=\"_ _0\"></span>hen it tr<span class=\"_ _0\"></span>ansfer<span class=\"_ _0\"></span>s cont<span class=\"_ _0\"></span>rol over a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:805.3027px;\">prod<span class=\"_ _0\"></span>uct o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice to i<span class=\"_ _0\"></span>ts cus<span class=\"_ _0\"></span>tomer. Revenue is me<span class=\"_ _0\"></span>asured b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:792.3027px;\">the c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion s<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d in a co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct wi<span class=\"_ _0\"></span>th a cus<span class=\"_ _0\"></span>tomer an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:779.3027px;\">exclude<span class=\"_ _0\"></span>s amou<span class=\"_ _0\"></span>nts co<span class=\"_ _0\"></span>llec<span class=\"_ _0\"></span>ted on b<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>alf of third p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es. W<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:766.3027px;\">con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n is not sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>hin the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>nd is the<span class=\"_ _0\"></span>refore </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:753.3027px;\">subje<span class=\"_ _0\"></span>ct to va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>y, the Grou<span class=\"_ _0\"></span>p esti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:740.3027px;\">con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n to be rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d from it<span class=\"_ _0\"></span>s custo<span class=\"_ _0\"></span>mer. The co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:727.3027px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed is th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt whic<span class=\"_ _0\"></span>h is hig<span class=\"_ _0\"></span>hly pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ble n<span class=\"_ _0\"></span>ot to result in a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:714.3027px;\">signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant revers<span class=\"_ _0\"></span>al in fu<span class=\"_ _0\"></span>ture per<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ds. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:694.8027px;\">Wh<span class=\"_ _0\"></span>ere a mo<span class=\"_ _0\"></span>dif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>tion to an exi<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t occ<span class=\"_ _0\"></span>urs<span class=\"_ _0\"></span>, the Gro<span class=\"_ _0\"></span>up </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:681.8027px;\">asse<span class=\"_ _0\"></span>sses t<span class=\"_ _0\"></span>he natu<span class=\"_ _0\"></span>re of the mo<span class=\"_ _0\"></span>dif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ation a<span class=\"_ _0\"></span>nd wh<span class=\"_ _0\"></span>ether i<span class=\"_ _0\"></span>t represe<span class=\"_ _0\"></span>nts a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:668.8027px;\">sep<span class=\"_ _0\"></span>arate p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d to be sat<span class=\"_ _0\"></span>isfie<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:655.8027px;\">or wh<span class=\"_ _0\"></span>ether it i<span class=\"_ _0\"></span>s a mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion to the exi<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g per<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:636.3027px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p doe<span class=\"_ _0\"></span>s not exp<span class=\"_ _0\"></span>ect to h<span class=\"_ _0\"></span>ave any cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>here the p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:623.3027px;\">bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n the tra<span class=\"_ _0\"></span>nsfer of th<span class=\"_ _0\"></span>e promis<span class=\"_ _0\"></span>ed go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:610.3027px;\">and p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt by the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r exceed<span class=\"_ _0\"></span>s one yea<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>. A<span class=\"_ _0\"></span>s a co<span class=\"_ _0\"></span>nseq<span class=\"_ _0\"></span>uen<span class=\"_ _0\"></span>ce, the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:597.3027px;\">Grou<span class=\"_ _0\"></span>p doe<span class=\"_ _0\"></span>s not ad<span class=\"_ _0\"></span>just it<span class=\"_ _0\"></span>s tran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce for th<span class=\"_ _0\"></span>e time va<span class=\"_ _0\"></span>lue of mo<span class=\"_ _0\"></span>ney.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:577.8027px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies are wi<span class=\"_ _0\"></span>de ra<span class=\"_ _0\"></span>ngin<span class=\"_ _0\"></span>g, an<span class=\"_ _0\"></span>d as suc<span class=\"_ _0\"></span>h, de<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:564.8027px;\"><span class=\"_ _399\">the na</span><span class=\"_ _0\"></span>ture of the pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct or s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce de<span class=\"_ _0\"></span>livere<span class=\"_ _0\"></span>d and th<span class=\"_ _0\"></span>e timin<span class=\"_ _0\"></span>g of when<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:551.8027px;\">cont<span class=\"_ _0\"></span>rol is pa<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d onto the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Group w<span class=\"_ _0\"></span>ill ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt for revenue<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:538.8027px;\">over time a<span class=\"_ _0\"></span>nd at a p<span class=\"_ _0\"></span>oint in tim<span class=\"_ _0\"></span>e. W<span class=\"_ _0\"></span>here revenue i<span class=\"_ _0\"></span>s meas<span class=\"_ _0\"></span>ured over ti<span class=\"_ _0\"></span>me, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:525.8027px;\">the Gro<span class=\"_ _0\"></span>up use<span class=\"_ _0\"></span>s the in<span class=\"_ _0\"></span>put met<span class=\"_ _0\"></span>hod to m<span class=\"_ _0\"></span>easure p<span class=\"_ _0\"></span>rogres<span class=\"_ _0\"></span>s of del<span class=\"_ _0\"></span>iver<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:506.30267px;\">Revenue is re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d as foll<span class=\"_ _0\"></span>ows: </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.827652px; bottom:486.80267px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">revenue from c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n and ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.050667px; bottom:473.80267px;\"><span class=\"_ _399\">over time a</span><span class=\"_ _0\"></span>nd the G<span class=\"_ _0\"></span>roup u<span class=\"_ _0\"></span>ses the i<span class=\"_ _0\"></span>nput m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d to meas<span class=\"_ _0\"></span>ure </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.050667px; bottom:460.80267px;\">prog<span class=\"_ _0\"></span><span class=\"_ _399\">ress of d</span><span class=\"_ _0\"></span>eliver<span class=\"_ _1\"></span>y; </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.827652px; bottom:441.30267px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">revenue from m<span class=\"_ _0\"></span>anufa<span class=\"_ _0\"></span>ctur<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised a<span class=\"_ _0\"></span>t a poi<span class=\"_ _0\"></span>nt in time<span class=\"_ _0\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.050667px; bottom:428.3027px;\">whe<span class=\"_ _0\"></span>n title h<span class=\"_ _0\"></span>as pa<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d to the cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>; and</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.827652px; bottom:408.8027px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">div<span class=\"_ _0\"></span>iden<span class=\"_ _0\"></span>d inc<span class=\"_ _0\"></span>ome in t<span class=\"_ _0\"></span>he Pa<span class=\"_ _0\"></span>rent Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny is reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed w<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.050667px; bottom:395.8027px;\">equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s\u2019 right to rec<span class=\"_ _0\"></span>eive p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent is est<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lishe<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:373.0527px;\">2.<span class=\"_ _0\"></span>5 C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ac<span class=\"_ _1\"></span>ts </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:360.0527px;\">Wh<span class=\"_ _0\"></span>en the o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>me of ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idua<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>an be e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ated reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>,<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:347.0527px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t revenue is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised b<span class=\"_ _0\"></span>y reference to the m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>re of prog<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:334.0527px;\">at the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ate using t<span class=\"_ _0\"></span>he inp<span class=\"_ _0\"></span>ut meth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Co<span class=\"_ _0\"></span>sts are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d as </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:321.0527px;\">incu<span class=\"_ _0\"></span>rred an<span class=\"_ _0\"></span>d revenue is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d on the b<span class=\"_ _0\"></span>asis of t<span class=\"_ _0\"></span>he prop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion of tot<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:308.0527px;\">cos<span class=\"_ _0\"></span>ts at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate to the es<span class=\"_ _0\"></span>timate<span class=\"_ _0\"></span>d total c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s of the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:288.5527px;\">Esti<span class=\"_ _0\"></span>mates of th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>l out-<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>n on ea<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct m<span class=\"_ _0\"></span>ay incl<span class=\"_ _0\"></span>ude c<span class=\"_ _0\"></span>ost </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:275.5527px;\">cont<span class=\"_ _0\"></span>inge<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s to take acc<span class=\"_ _0\"></span>ount of t<span class=\"_ _0\"></span>he sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic ri<span class=\"_ _0\"></span>sks wit<span class=\"_ _0\"></span>hin ea<span class=\"_ _0\"></span>ch </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:262.5527px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t that h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>ing the e<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y st<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>s of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:249.5527px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>st co<span class=\"_ _0\"></span>nting<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>ies are reviewe<span class=\"_ _0\"></span>d on a reg<span class=\"_ _0\"></span>ular b<span class=\"_ _0\"></span>asis </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:236.5527px;\">throug<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct li<span class=\"_ _0\"></span>fe and are ad<span class=\"_ _0\"></span>justed w<span class=\"_ _0\"></span>here ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ate. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:223.5527px;\">However, the nature of th<span class=\"_ _0\"></span>e risks o<span class=\"_ _0\"></span>n cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts are suc<span class=\"_ _0\"></span>h tha<span class=\"_ _0\"></span>t they of<span class=\"_ _0\"></span>ten </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:210.5527px;\">ca<span class=\"_ _0\"></span>nnot be res<span class=\"_ _0\"></span>olve<span class=\"_ _0\"></span>d until th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>ct an<span class=\"_ _0\"></span>d therefore m<span class=\"_ _0\"></span>ay not </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:197.5527px;\">reverse unti<span class=\"_ _0\"></span>l the en<span class=\"_ _0\"></span>d of the proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he esti<span class=\"_ _0\"></span>mated f<span class=\"_ _0\"></span>inal o<span class=\"_ _0\"></span>ut-<span class=\"_ _0\"></span>turn<span class=\"_ _0\"></span>s on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:184.5527px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts are c<span class=\"_ _0\"></span>ontinu<span class=\"_ _0\"></span>ousl<span class=\"_ _0\"></span>y reviewed<span class=\"_ _0\"></span>, and i<span class=\"_ _0\"></span>n cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain lim<span class=\"_ _0\"></span>ited c<span class=\"_ _0\"></span>ases<span class=\"_ _0\"></span>, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:171.5527px;\">recover<span class=\"_ _0\"></span>ies fro<span class=\"_ _0\"></span>m insurer<span class=\"_ _0\"></span>s are ass<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>d, an<span class=\"_ _0\"></span>d adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts ma<span class=\"_ _0\"></span>de </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:158.5527px;\">whe<span class=\"_ _0\"></span><span class=\"_ _399\">re nece</span><span class=\"_ _0\"></span>ssa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:139.0527px;\">No m<span class=\"_ _0\"></span>argin i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed until t<span class=\"_ _0\"></span>he outc<span class=\"_ _0\"></span>ome of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>an </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:126.052704px;\"><span class=\"_ _399\">be es</span><span class=\"_ _0\"></span>timate<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. P<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>on is ma<span class=\"_ _0\"></span>de for al<span class=\"_ _0\"></span>l </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:113.052704px;\">know<span class=\"_ _0\"></span>n or exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted lo<span class=\"_ _0\"></span>sses o<span class=\"_ _0\"></span>n indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ual c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s onc<span class=\"_ _0\"></span>e such l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2a ws3c\" style=\"left:0.009376526px; bottom:100.052704px;\">are fore<span class=\"_ _0\"></span>see<span class=\"_ _0\"></span>n. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:80.552704px;\">Revenue in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of va<span class=\"_ _0\"></span>riat<span class=\"_ _0\"></span>ions to c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s and in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ve pay<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:67.552704px;\"><span class=\"_ _399\">is reco</span><span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed w<span class=\"_ _0\"></span>hen the<span class=\"_ _0\"></span>re is an enforce<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le rig<span class=\"_ _0\"></span>ht to pay<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d it is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws33\" style=\"left:0.009376526px; bottom:54.552704px;\">highl<span class=\"_ _0\"></span>y pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le it w<span class=\"_ _0\"></span>ill be a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d by the c<span class=\"_ _0\"></span>ustome<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>. Vari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2c ws34\" style=\"left:0.009376526px; bottom:41.552704px;\">is assessed<span class=\"_ _6\"></span> on a contract by<span class=\"_ _6\"></span> c<span class=\"_ _0\"></span>ontract basi<span class=\"_ _6\"></span>s according to t<span class=\"_ _6\"></span>he facts, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:28.552704px;\">circu<span class=\"_ _0\"></span>msta<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s and ter<span class=\"_ _0\"></span>ms of ea<span class=\"_ _0\"></span>ch proj<span class=\"_ _0\"></span>ect a<span class=\"_ _0\"></span>nd onl<span class=\"_ _0\"></span>y rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised to th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:15.552704px;\">extent th<span class=\"_ _0\"></span>at it is hi<span class=\"_ _0\"></span>ghl<span class=\"_ _0\"></span>y prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le not to sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ly reverse i<span class=\"_ _0\"></span>n the fut<span class=\"_ _0\"></span>ure. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:2.5527039px;\">Revenue in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of c<span class=\"_ _0\"></span>laims i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed onl<span class=\"_ _0\"></span>y if it i<span class=\"_ _0\"></span>s highl<span class=\"_ _0\"></span>y pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.57272px; bottom:927.44293px;\">not to reverse in fu<span class=\"_ _0\"></span>ture pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds. P<span class=\"_ _0\"></span>rofit for t<span class=\"_ _0\"></span>he year i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>des t<span class=\"_ _0\"></span>he be<span class=\"_ _0\"></span>nefit </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.57272px; bottom:914.44293px;\">of cla<span class=\"_ _0\"></span>ims set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d in the ye<span class=\"_ _0\"></span>ar to the ex<span class=\"_ _0\"></span>tent not prev<span class=\"_ _0\"></span>ious<span class=\"_ _0\"></span>ly rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised o<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2c ws34\" style=\"left:343.57272px; bottom:901.44293px;\">contracts complet<span class=\"_ _6\"></span>ed in pre<span class=\"_ _6\"></span>v<span class=\"_ _0\"></span>ious y<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>ars.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:343.57272px; bottom:878.69293px;\">2.6 Segmental repor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:865.69293px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>rs its B<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>rd of Direc<span class=\"_ _0\"></span>tors to b<span class=\"_ _0\"></span>e the c<span class=\"_ _0\"></span>hief op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:852.69293px;\">dec<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>n maker and t<span class=\"_ _0\"></span>herefore the s<span class=\"_ _0\"></span>egm<span class=\"_ _0\"></span>ental d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>losures p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:839.69293px;\">Note 5 are ali<span class=\"_ _0\"></span>gne<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h the mo<span class=\"_ _0\"></span>nthly re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ts prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d to the Bo<span class=\"_ _0\"></span>ard of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:826.69293px;\">Direc<span class=\"_ _0\"></span>tors<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s re<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ting se<span class=\"_ _0\"></span>gment<span class=\"_ _0\"></span>s are ba<span class=\"_ _0\"></span>sed on t<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pes of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:813.69293px;\">ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s provid<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nts wi<span class=\"_ _0\"></span>th simil<span class=\"_ _0\"></span>ar ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mic </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:800.69293px;\">cha<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>terist<span class=\"_ _0\"></span>ics h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ated into three re<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>tab<span class=\"_ _0\"></span>le seg<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:787.69293px;\">whic<span class=\"_ _0\"></span>h reflec<span class=\"_ _0\"></span>t the n<span class=\"_ _0\"></span>ature of the s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p. A </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:774.69293px;\">desc<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>tion of e<span class=\"_ _0\"></span>ach re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ble se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nt is provi<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n Note 5<span class=\"_ _0\"></span>. Fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:761.69293px;\">inform<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on the b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s of eac<span class=\"_ _0\"></span>h repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>egm<span class=\"_ _0\"></span>ent is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:748.69293px;\">set out o<span class=\"_ _0\"></span>n pag<span class=\"_ _0\"></span>es 19<span class=\"_ _0\"></span>4 to 195<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:729.19293px;\">Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing se<span class=\"_ _0\"></span>gment<span class=\"_ _0\"></span>s are ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ated on t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>sis of the n<span class=\"_ _0\"></span>ature of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:716.19293px;\">ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s provid<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd the m<span class=\"_ _0\"></span>anner i<span class=\"_ _0\"></span>n whic<span class=\"_ _0\"></span>h returns a<span class=\"_ _0\"></span>re ear<span class=\"_ _0\"></span>ned by t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:703.19293px;\">Grou<span class=\"_ _0\"></span>p. Fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er inform<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on the n<span class=\"_ _0\"></span>ature of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>hin </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:690.19293px;\">eac<span class=\"_ _0\"></span>h seg<span class=\"_ _0\"></span>ment is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>ote 4. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:670.69293px;\">Work<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal i<span class=\"_ _0\"></span>s the ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et mea<span class=\"_ _0\"></span>sure repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted to the c<span class=\"_ _0\"></span>hief </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:657.69293px;\">ope<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g de<span class=\"_ _0\"></span>cisio<span class=\"_ _0\"></span>n maker. The profi<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y m<span class=\"_ _0\"></span>easure u<span class=\"_ _0\"></span>sed to as<span class=\"_ _0\"></span>sess </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:644.69293px;\">the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e of the G<span class=\"_ _0\"></span>roup is un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t from o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:343.57272px; bottom:625.19293px;\">Se<span class=\"_ _0\"></span>gment res<span class=\"_ _0\"></span>ults re<span class=\"_ _0\"></span>present t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n of the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent seg<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>fter<span class=\"_ _0\"></span> </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls9e ws34\" style=\"left:343.57272px; bottom:612.19293px;\">the allocation<span class=\"_ _6\"></span> of attributable corporate ove<span class=\"_ _6\"></span>rhe<span class=\"_ _0\"></span>ads. T<span class=\"_ _17\"></span>ransactions between </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:343.57272px; bottom:599.19293px;\">seg<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>re cond<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted at ar<span class=\"_ _0\"></span>m\u2019<span class=\"_ _6\"></span>s<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>leng<span class=\"_ _0\"></span>th mar<span class=\"_ _0\"></span>ket pric<span class=\"_ _0\"></span>es. S<span class=\"_ _0\"></span>egm<span class=\"_ _0\"></span>ent ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span> </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls3b ws4\" style=\"left:343.57272px; bottom:586.19293px;\">and liabilities comprise those assets and liabilities directly at<span class=\"_ _0\"></span>tributab<span class=\"_ _0\"></span>le to the </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:343.57272px; bottom:573.19293px;\">seg<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>. Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te assets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e c<span class=\"_ _0\"></span>ash ba<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>es, b<span class=\"_ _0\"></span>ank<span class=\"_ _0\"></span> </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:343.57272px; bottom:560.19293px;\">bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs, t<span class=\"_ _0\"></span>ax b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s and di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s pay<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e. No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se net<span class=\"_ _0\"></span> </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:343.57272px; bottom:547.19293px;\">bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs are d<span class=\"_ _0\"></span>irect<span class=\"_ _0\"></span>ly at<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to Infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uctu<span class=\"_ _0\"></span>re Investm<span class=\"_ _0\"></span>ents an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> </div><div class=\"t m6 h7 ff4e fs4 fc2 sc0 ls9e ws34\" style=\"left:343.57272px; bottom:534.19293px;\">there<span class=\"_ _6\"></span>fore no<span class=\"_ _6\"></span>t included within Corporate activiti<span class=\"_ _6\"></span>es.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:514.69293px;\">Ma<span class=\"_ _0\"></span>jor cu<span class=\"_ _0\"></span>stomer<span class=\"_ _0\"></span>s are defi<span class=\"_ _0\"></span>ned a<span class=\"_ _0\"></span>s custom<span class=\"_ _0\"></span>ers c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ing mo<span class=\"_ _0\"></span>re than </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:501.69293px;\">10% of the Group\u2019s extern<span class=\"_ _0\"></span>al revenue.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:478.94293px;\">2.7 P<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>co<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d c<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:465.94293px;\">Pre<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>sts a<span class=\"_ _0\"></span>re expen<span class=\"_ _0\"></span>sed as in<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>red until p<span class=\"_ _0\"></span>referred b<span class=\"_ _0\"></span>idd<span class=\"_ _0\"></span>er </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:452.94293px;\">stat<span class=\"_ _0\"></span>us is award<span class=\"_ _0\"></span>ed at w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h poi<span class=\"_ _0\"></span>nt fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r cos<span class=\"_ _0\"></span>ts are c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>sed as t<span class=\"_ _0\"></span>here </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:439.9429px;\">is a high p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y tha<span class=\"_ _0\"></span>t the Gro<span class=\"_ _0\"></span>up woul<span class=\"_ _0\"></span>d be a<span class=\"_ _0\"></span>ble to rec<span class=\"_ _0\"></span>over the<span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:426.9429px;\">cos<span class=\"_ _0\"></span>ts. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unts su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>quentl<span class=\"_ _0\"></span>y rec<span class=\"_ _0\"></span>overed in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of pre<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:413.9429px;\">cos<span class=\"_ _0\"></span>ts tha<span class=\"_ _0\"></span>t have be<span class=\"_ _0\"></span>en wr<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ten of<span class=\"_ _0\"></span>f before p<span class=\"_ _0\"></span>referred bi<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>er sta<span class=\"_ _0\"></span>tus was </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:400.9429px;\">award<span class=\"_ _0\"></span>ed are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n full in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt when t<span class=\"_ _0\"></span>hey are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:387.9429px;\">recei<span class=\"_ _0\"></span>ved in c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:343.57272px; bottom:365.1929px;\">2.8 Profit<span class=\"_ _6\"></span> from operations<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:352.1929px;\">Profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions i<span class=\"_ _0\"></span>s state<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>ter the G<span class=\"_ _0\"></span>roup\u2019s share of the p<span class=\"_ _0\"></span>ost-<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ax </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:339.1929px;\">result<span class=\"_ _0\"></span>s of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted joint ve<span class=\"_ _0\"></span>nture entiti<span class=\"_ _0\"></span>es and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes, but </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.57272px; bottom:326.1929px;\">before<span class=\"_ _6\"></span> investment income and finance costs.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:303.4429px;\">2.<span class=\"_ _0\"></span>9 I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:290.4429px;\">Interest in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e is ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed on a t<span class=\"_ _0\"></span>ime ba<span class=\"_ _0\"></span>sis usi<span class=\"_ _0\"></span>ng the ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive intere<span class=\"_ _0\"></span>st </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:277.4429px;\">metho<span class=\"_ _0\"></span>d by referenc<span class=\"_ _0\"></span>e to the pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pal o<span class=\"_ _0\"></span>uts<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ding a<span class=\"_ _0\"></span>nd the ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:264.4429px;\">interest ra<span class=\"_ _0\"></span>te, whic<span class=\"_ _0\"></span>h is the ra<span class=\"_ _0\"></span>te that exac<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y disc<span class=\"_ _0\"></span>ounts e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ated fut<span class=\"_ _0\"></span>ure </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:251.4429px;\">ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>pts th<span class=\"_ _0\"></span>rough t<span class=\"_ _0\"></span>he exp<span class=\"_ _0\"></span>ecte<span class=\"_ _0\"></span>d life of the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>sset to tha<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:343.57272px; bottom:238.4429px;\">ass<span class=\"_ _0\"></span>et\u2019s net c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:218.9429px;\">Fina<span class=\"_ _0\"></span>nce c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s of debt<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ing prem<span class=\"_ _0\"></span>iums p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le on set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ement </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:205.9429px;\"><span class=\"_ _399\">and di</span><span class=\"_ _0\"></span>rect is<span class=\"_ _0\"></span>sue c<span class=\"_ _0\"></span>osts<span class=\"_ _0\"></span>, are ch<span class=\"_ _0\"></span>arge<span class=\"_ _0\"></span>d to the inc<span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent on an </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:192.9429px;\">acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>als ba<span class=\"_ _0\"></span>sis over th<span class=\"_ _0\"></span>e term of the i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>, usin<span class=\"_ _0\"></span>g the ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:179.9429px;\">interest met<span class=\"_ _0\"></span>hod<span class=\"_ _0\"></span>. Fin<span class=\"_ _0\"></span>ance c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s also i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de interes<span class=\"_ _0\"></span>t cos<span class=\"_ _0\"></span>t on the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:166.9429px;\">disc<span class=\"_ _0\"></span>ount unw<span class=\"_ _0\"></span>ind of le<span class=\"_ _0\"></span>ase li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities a<span class=\"_ _0\"></span>nd imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment of lo<span class=\"_ _0\"></span>ans to jo<span class=\"_ _0\"></span>int </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.57272px; bottom:153.9429px;\">ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates and<span class=\"_ _6\"></span> ac<span class=\"_ _0\"></span>crued interest<span class=\"_ _6\"></span> thereon.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:131.1929px;\">2.<span class=\"_ _6\"></span>10 No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:118.1929px;\">No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items a<span class=\"_ _0\"></span>re items of fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e whi<span class=\"_ _0\"></span>ch the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:105.1929px;\">Grou<span class=\"_ _0\"></span>p beli<span class=\"_ _0\"></span>eves shou<span class=\"_ _0\"></span>ld be p<span class=\"_ _0\"></span>resented s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>ratel<span class=\"_ _0\"></span>y on the fa<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:92.1929px;\">inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt to assist i<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:79.1929px;\">per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>chieve<span class=\"_ _0\"></span>d by the Gro<span class=\"_ _0\"></span>up. Su<span class=\"_ _0\"></span>ch item<span class=\"_ _0\"></span>s will n<span class=\"_ _0\"></span>ot af<span class=\"_ _0\"></span>fect th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:66.1929px;\">abso<span class=\"_ _0\"></span>lute am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e results fo<span class=\"_ _0\"></span>r the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d and t<span class=\"_ _0\"></span>he trend of re<span class=\"_ _0\"></span>sults<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:53.1929px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing resul<span class=\"_ _0\"></span>ts exclud<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying i<span class=\"_ _0\"></span>tems.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:978.9402px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.33518982px; bottom:923.6777px;\">2 Principal accounting policies<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:907.4277px;\">2.<span class=\"_ _6\"></span>10 No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.33518982px; bottom:894.4277px;\">Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>underlying item<span class=\"_ _6\"></span>s include:</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:874.9277px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">gains a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sses o<span class=\"_ _0\"></span>n the di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal of b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>nd invest<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>, </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.076572px; bottom:861.9277px;\">unles<span class=\"_ _0\"></span>s this is p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of a p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>amme of rel<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>e from th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 wse\" style=\"left:11.076572px; bottom:848.9277px;\">disposal of similar businesses or<span class=\"_ _6\"></span> investments such as in<span class=\"_ _6\"></span>frastr<span class=\"_ _0\"></span>ucture </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2c ws9d\" style=\"left:11.076572px; bottom:835.9277px;\">concessions<span class=\"_ _6\"></span>;</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:816.4277px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"lse\">cos<span class=\"_ _0\"></span>ts of ma<span class=\"_ _0\"></span>jor res<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ing an<span class=\"_ _0\"></span>d reorg<span class=\"_ _0\"></span>anis<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of existin<span class=\"_ _0\"></span>g busi<span class=\"_ _0\"></span>ness<span class=\"_ _0\"></span>es;</span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:796.9277px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">cost<span class=\"_ _0\"></span>s of integr<span class=\"_ _0\"></span>ating n<span class=\"_ _0\"></span>ewl<span class=\"_ _0\"></span>y acq<span class=\"_ _0\"></span>uired b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>sses;</span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:777.4277px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">acq<span class=\"_ _0\"></span>uisiti<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d simila<span class=\"_ _0\"></span>r cos<span class=\"_ _0\"></span>ts rela<span class=\"_ _0\"></span>ted to busin<span class=\"_ _0\"></span>ess c<span class=\"_ _0\"></span>omb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ions su<span class=\"_ _0\"></span>ch </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws4\" style=\"left:11.076572px; bottom:764.4277px;\">as transaction cost<span class=\"_ _0\"></span>s;</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:744.9277px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">impa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ent and am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on ch<span class=\"_ _0\"></span>arges o<span class=\"_ _0\"></span>n inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets ar<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g on </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:11.076572px; bottom:731.9277px;\">busin<span class=\"_ _0\"></span>ess c<span class=\"_ _0\"></span>omb<span class=\"_ _0\"></span>inati<span class=\"_ _0\"></span>ons (a<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>ion of ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>red inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets); an<span class=\"_ _0\"></span>d</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:712.4277px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">impa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ent of go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:692.9277px;\">Th<span class=\"_ _0\"></span>ese are exam<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>s, however, from time to tim<span class=\"_ _0\"></span>e it may b<span class=\"_ _0\"></span>e ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:679.9277px;\">to disc<span class=\"_ _0\"></span>lose fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther i<span class=\"_ _0\"></span>tems as no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing item<span class=\"_ _0\"></span>s in orde<span class=\"_ _0\"></span>r to highl<span class=\"_ _0\"></span>ight </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:666.9277px;\">the un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance of t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up. Refer to N<span class=\"_ _0\"></span>ote 10. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.33518982px; bottom:644.1777px;\">2<span class=\"_ _1\"></span>.11<span class=\"_ _0\"></span> Ta<span class=\"_ _1\"></span>x<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:631.1777px;\">Th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x cha<span class=\"_ _0\"></span>rge co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ises c<span class=\"_ _0\"></span>urrent t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>nd defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>, cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:618.1777px;\">using t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ates tha<span class=\"_ _0\"></span>t have be<span class=\"_ _0\"></span>en ena<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d or subs<span class=\"_ _0\"></span>tant<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>y enac<span class=\"_ _0\"></span>ted by </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:605.1777px;\">the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te. Curre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x and defer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax are c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed or </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:592.1777px;\">cred<span class=\"_ _0\"></span>ited to the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement<span class=\"_ _0\"></span>, except w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>ey relate to items </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:579.1777px;\">cha<span class=\"_ _0\"></span>rged o<span class=\"_ _0\"></span>r cred<span class=\"_ _0\"></span>ited d<span class=\"_ _0\"></span>irect<span class=\"_ _0\"></span>ly to eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y, in which c<span class=\"_ _0\"></span>ase t<span class=\"_ _0\"></span>he relevant t<span class=\"_ _0\"></span>ax i<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:566.1777px;\">also a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unted for w<span class=\"_ _0\"></span>ithin e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. C<span class=\"_ _0\"></span>urrent t<span class=\"_ _0\"></span>ax is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on the p<span class=\"_ _0\"></span>rofit for </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.33518982px; bottom:553.1777px;\">the year<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:533.6777px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d, usi<span class=\"_ _0\"></span>ng the l<span class=\"_ _0\"></span>iabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y met<span class=\"_ _0\"></span>hod<span class=\"_ _0\"></span>, on tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:520.6777px;\">dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>ising b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x bas<span class=\"_ _0\"></span>es of ass<span class=\"_ _0\"></span>ets and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:507.67767px;\">their c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng amo<span class=\"_ _0\"></span>unts in t<span class=\"_ _0\"></span>he fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atement<span class=\"_ _0\"></span>s. Defer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:494.67767px;\">such a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties is n<span class=\"_ _0\"></span>ot reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d if th<span class=\"_ _0\"></span>e temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:481.67767px;\">dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e ari<span class=\"_ _0\"></span>ses from t<span class=\"_ _0\"></span>he init<span class=\"_ _0\"></span>ial rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nitio<span class=\"_ _0\"></span>n of go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will o<span class=\"_ _0\"></span>r from th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:468.67767px;\">initi<span class=\"_ _0\"></span>al rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>tion (<span class=\"_ _0\"></span>other th<span class=\"_ _0\"></span>an in a bu<span class=\"_ _0\"></span>sines<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n) of other </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:455.67767px;\">asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>n a trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion t<span class=\"_ _0\"></span>hat af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ts ne<span class=\"_ _0\"></span>ither t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ble </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:442.67767px;\">profit n<span class=\"_ _0\"></span>or the a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g profit<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:423.1777px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s are rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _0\"></span>at it is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:410.1777px;\">that fu<span class=\"_ _0\"></span>ture ta<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>rofit wil<span class=\"_ _0\"></span>l be avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le ag<span class=\"_ _0\"></span>ains<span class=\"_ _0\"></span>t whic<span class=\"_ _0\"></span>h the tem<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:397.1777px;\">dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es c<span class=\"_ _0\"></span>an be u<span class=\"_ _0\"></span>tilis<span class=\"_ _0\"></span>ed. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt of defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:384.1777px;\">asset<span class=\"_ _0\"></span>s is reviewe<span class=\"_ _0\"></span>d at eac<span class=\"_ _0\"></span>h rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:364.6777px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d on temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>ffere<span class=\"_ _0\"></span>nces a<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.33518982px; bottom:351.6777px;\">investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s in subsidiaries, joint<span class=\"_ _6\"></span> ventures and associates, e<span class=\"_ _6\"></span>xcept </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:338.6777px;\">whe<span class=\"_ _0\"></span>re the timin<span class=\"_ _0\"></span>g of the rever<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>n be </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:325.6777px;\">cont<span class=\"_ _0\"></span>rolle<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup an<span class=\"_ _0\"></span>d it is pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ble th<span class=\"_ _0\"></span>at the tem<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rar<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:312.6777px;\">dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e will n<span class=\"_ _0\"></span>ot reverse in t<span class=\"_ _0\"></span>he forese<span class=\"_ _0\"></span>eab<span class=\"_ _0\"></span>le futu<span class=\"_ _0\"></span>re.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:293.1777px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s are off<span class=\"_ _0\"></span>set whe<span class=\"_ _0\"></span>n they rel<span class=\"_ _0\"></span>ate to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:280.1777px;\">inc<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>axes lev<span class=\"_ _0\"></span>ied by t<span class=\"_ _0\"></span>he sa<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xati<span class=\"_ _0\"></span>on aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:267.1777px;\">intends to set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e its c<span class=\"_ _0\"></span>urrent t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies on a n<span class=\"_ _0\"></span>et basi<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:247.6777px;\">Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement is c<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ely m<span class=\"_ _0\"></span>onitor<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e imp<span class=\"_ _0\"></span>act of t<span class=\"_ _0\"></span>he Org<span class=\"_ _0\"></span>anis<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on for </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:234.6777px;\">Econ<span class=\"_ _0\"></span>omic C<span class=\"_ _0\"></span>o<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n and D<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>\u2019s (OEC<span class=\"_ _0\"></span>D) P<span class=\"_ _0\"></span>illar Two model<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:221.6777px;\">rule<span class=\"_ _0\"></span>s to introdu<span class=\"_ _0\"></span>ce a g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al mini<span class=\"_ _0\"></span>mum ta<span class=\"_ _0\"></span>x rate of 15<span class=\"_ _6\"></span>% to a<span class=\"_ _0\"></span>ddres<span class=\"_ _0\"></span>s the t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:208.6777px;\">con<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ns ab<span class=\"_ _0\"></span>out u<span class=\"_ _0\"></span>neven profi<span class=\"_ _0\"></span>t dist<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n and t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons of la<span class=\"_ _0\"></span>rge </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2c ws34\" style=\"left:0.33518982px; bottom:195.6777px;\">multinat<span class=\"_ _6\"></span>ional corp<span class=\"_ _0\"></span>orations.<span class=\"_ _6\"></span> T<span class=\"_ _0\"></span>he Pillar T<span class=\"_ _17\"></span>wo top-<span class=\"_ _0\"></span>up tax solution </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:182.6777px;\"><span class=\"_ _399\">is expe</span><span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to be ena<span class=\"_ _0\"></span>cted i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>23 i<span class=\"_ _0\"></span>n the U<span class=\"_ _0\"></span>K with a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n from </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:169.6777px;\"><span class=\"_ _399\">1 Janu</span><span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>24. I<span class=\"_ _0\"></span>n Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21 the O<span class=\"_ _0\"></span>EC<span class=\"_ _0\"></span>D rele<span class=\"_ _0\"></span>ased a d<span class=\"_ _0\"></span>raf<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:156.6777px;\">leg<span class=\"_ _0\"></span>islat<span class=\"_ _0\"></span>ive fra<span class=\"_ _0\"></span>mework t<span class=\"_ _0\"></span>hat is ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to be u<span class=\"_ _0\"></span>sed by in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:143.6777px;\">juris<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s that si<span class=\"_ _0\"></span>gne<span class=\"_ _0\"></span>d the ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent to amen<span class=\"_ _0\"></span>d their l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al t<span class=\"_ _0\"></span>ax law<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:130.6777px;\">At the d<span class=\"_ _0\"></span>ate when t<span class=\"_ _0\"></span>hese f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents were au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>d for issu<span class=\"_ _0\"></span>e, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:117.677704px;\">none of t<span class=\"_ _0\"></span>he jur<span class=\"_ _0\"></span>isdic<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ope<span class=\"_ _0\"></span>rates h<span class=\"_ _0\"></span>ad ena<span class=\"_ _0\"></span>cted o<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:104.677704px;\">subs<span class=\"_ _0\"></span>tanti<span class=\"_ _0\"></span>vely e<span class=\"_ _0\"></span>nac<span class=\"_ _0\"></span>ted t<span class=\"_ _0\"></span>ax le<span class=\"_ _0\"></span>gisl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n related to th<span class=\"_ _0\"></span>e Pill<span class=\"_ _0\"></span>ar T<span class=\"_ _6\"></span>wo to<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>p ta<span class=\"_ _0\"></span>x </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.33518982px; bottom:91.677704px;\">solu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement is c<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ely m<span class=\"_ _0\"></span>onitor<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e prog<span class=\"_ _0\"></span>ress of th<span class=\"_ _0\"></span>e leg<span class=\"_ _0\"></span>islat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:78.677704px;\">proc<span class=\"_ _0\"></span>ess in e<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>h juris<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>tion t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p op<span class=\"_ _0\"></span>erates i<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es not </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:65.677704px;\">ope<span class=\"_ _0\"></span>rate in any ju<span class=\"_ _0\"></span>risd<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>here the s<span class=\"_ _0\"></span>tatu<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>ax ra<span class=\"_ _0\"></span>te is 1<span class=\"_ _6\"></span>5% or be<span class=\"_ _0\"></span>low.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:343.07797px; bottom:925.5575px;\">2.<span class=\"_ _17\"></span>12<span class=\"_ _6\"></span> Intangible assets<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8e wse2\" style=\"left:343.07797px; bottom:909.3075px;\">a) Good<span class=\"_ _0\"></span>will<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:896.3075px;\">Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will a<span class=\"_ _0\"></span>rises o<span class=\"_ _0\"></span>n the a<span class=\"_ _0\"></span>cqui<span class=\"_ _0\"></span>sitio<span class=\"_ _0\"></span>n of subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s and othe<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.07797px; bottom:883.3075px;\">businesses, joint v<span class=\"_ _6\"></span>entures and associates and r<span class=\"_ _6\"></span>ep<span class=\"_ _0\"></span>resents the<span class=\"_ _6\"></span> excess </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:870.3075px;\">of the fai<span class=\"_ _0\"></span>r value of c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n over the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>he id<span class=\"_ _0\"></span>entifi<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:857.3075px;\">asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ired. G<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will o<span class=\"_ _0\"></span>n acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ions of su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:844.3075px;\">and oth<span class=\"_ _0\"></span>er busi<span class=\"_ _0\"></span>ness<span class=\"_ _0\"></span>es is inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed in n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s. Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.07797px; bottom:831.3075px;\">acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ions of j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates is in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n investm<span class=\"_ _0\"></span>ents </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:818.3075px;\">in joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:798.8075px;\">Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will is rev<span class=\"_ _0\"></span>iewed an<span class=\"_ _0\"></span>nuall<span class=\"_ _0\"></span>y for imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d is ca<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ed at c<span class=\"_ _0\"></span>ost </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:785.8075px;\">less a<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>mula<span class=\"_ _0\"></span>ted imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment lo<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>. Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will i<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d whe<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:772.8075px;\">determ<span class=\"_ _0\"></span>ining t<span class=\"_ _0\"></span>he profit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s on sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>uent dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal of th<span class=\"_ _0\"></span>e busi<span class=\"_ _0\"></span>ness </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:759.8075px;\">to whic<span class=\"_ _0\"></span>h it relates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:740.3075px;\">Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will a<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g on ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns before th<span class=\"_ _0\"></span>e date of tr<span class=\"_ _0\"></span>ansit<span class=\"_ _0\"></span>ion to IF<span class=\"_ _0\"></span>RS </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:727.3075px;\">(1 Janua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>4) h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en retai<span class=\"_ _0\"></span>ned at t<span class=\"_ _0\"></span>he previ<span class=\"_ _0\"></span>ous U<span class=\"_ _0\"></span>K G<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>AP </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:714.3075px;\">amou<span class=\"_ _0\"></span>nts sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to bein<span class=\"_ _0\"></span>g tested for im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>wil<span class=\"_ _0\"></span>l wri<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>n off </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:701.3075px;\">or dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt arisi<span class=\"_ _0\"></span>ng on ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>sitio<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>ited to rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves und<span class=\"_ _0\"></span>er U<span class=\"_ _0\"></span>K </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:688.3075px;\">G<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>AP p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r to 199<span class=\"_ _0\"></span>8 h<span class=\"_ _0\"></span>as not b<span class=\"_ _0\"></span>een reins<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>d and is not i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:675.3075px;\">determ<span class=\"_ _0\"></span>ining a<span class=\"_ _0\"></span>ny subse<span class=\"_ _0\"></span>quent p<span class=\"_ _0\"></span>rofit or l<span class=\"_ _0\"></span>oss o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:652.5575px;\">b) O<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r int<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:343.07797px; bottom:639.5575px;\">Ot<span class=\"_ _0\"></span>her int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ible a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are state<span class=\"_ _0\"></span>d at co<span class=\"_ _0\"></span>st les<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>umul<span class=\"_ _0\"></span>ated am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:343.07797px; bottom:626.5575px;\">and im<span class=\"_ _0\"></span>pair<span class=\"_ _0\"></span>ment l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tisa<span class=\"_ _0\"></span>tion c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>es in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ware a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7b wse\" style=\"left:343.07797px; bottom:613.5575px;\">Infrastructure Inv<span class=\"_ _6\"></span>estments intangibles are included in underlying items.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:590.8075px;\">c) <span class=\"_ _3b\"> </span>Re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:577.8075px;\">Intern<span class=\"_ _0\"></span>ally g<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>ated int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s develo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:564.8075px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed onl<span class=\"_ _0\"></span>y if all t<span class=\"_ _0\"></span>he follo<span class=\"_ _0\"></span>wing c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons are met<span class=\"_ _0\"></span>: an ass<span class=\"_ _0\"></span>et is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:551.8075px;\">create<span class=\"_ _0\"></span>d that c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d; it is pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at the as<span class=\"_ _0\"></span>set cre<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>ll </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:538.8075px;\">gene<span class=\"_ _0\"></span>rate futu<span class=\"_ _0\"></span>re eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>c ben<span class=\"_ _0\"></span>efits; an<span class=\"_ _0\"></span>d the devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment co<span class=\"_ _0\"></span>st of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:525.8075px;\">asset c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>sured reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:506.3075px;\">Ot<span class=\"_ _0\"></span>her rese<span class=\"_ _0\"></span>arch ex<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>diture is w<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>tten of<span class=\"_ _0\"></span>f in t<span class=\"_ _0\"></span>he pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in whi<span class=\"_ _0\"></span>ch </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:493.3075px;\"><span class=\"_ _399\">it is inc</span><span class=\"_ _0\"></span>urre<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:470.5575px;\">2.<span class=\"_ _6\"></span>13 Pr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>, p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:343.07797px; bottom:457.5575px;\">Pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant an<span class=\"_ _0\"></span>d equ<span class=\"_ _0\"></span>ipme<span class=\"_ _0\"></span>nt is st<span class=\"_ _0\"></span>ated at co<span class=\"_ _0\"></span>st les<span class=\"_ _0\"></span>s ac<span class=\"_ _0\"></span>cumul<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:343.07797px; bottom:444.5575px;\">dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>ation a<span class=\"_ _0\"></span>nd im<span class=\"_ _0\"></span>pair<span class=\"_ _0\"></span>ment l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s. C<span class=\"_ _0\"></span>ost in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:343.07797px; bottom:431.5575px;\">asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th br<span class=\"_ _0\"></span>ingin<span class=\"_ _0\"></span>g the as<span class=\"_ _0\"></span>set to its o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g loc<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on and c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:343.07797px; bottom:408.8075px;\">2.<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>4 Inv<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>stment properties<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:395.8075px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ies la<span class=\"_ _0\"></span>nd and b<span class=\"_ _0\"></span>uild<span class=\"_ _0\"></span>ings w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h it hol<span class=\"_ _0\"></span>ds to ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>te </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:382.8075px;\">ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>prec<span class=\"_ _0\"></span>iati<span class=\"_ _0\"></span>on and<span class=\"_ _0\"></span>/o<span class=\"_ _0\"></span>r to ear<span class=\"_ _0\"></span>n rental i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me as inves<span class=\"_ _0\"></span>tment </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.07797px; bottom:369.8075px;\">proper<span class=\"_ _0\"></span>ties. The Group has chosen to stat<span class=\"_ _6\"></span>e its investment pr<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ties </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:356.8075px;\">at cos<span class=\"_ _0\"></span>t les<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>umula<span class=\"_ _0\"></span>ted de<span class=\"_ _0\"></span>prec<span class=\"_ _0\"></span>iatio<span class=\"_ _0\"></span>n and im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt loss<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:343.8075px;\">Grou<span class=\"_ _0\"></span>p dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>ates its inve<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s over 25 yea<span class=\"_ _0\"></span>rs. L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:343.07797px; bottom:330.8075px;\">not<span class=\"_ _6\"></span> depreciated.<span class=\"_ _399\"> </span><span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:343.07797px; bottom:308.0575px;\">2.<span class=\"_ _17\"></span>15<span class=\"_ _6\"></span> Leas<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:295.0575px;\">As a l<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>e, the G<span class=\"_ _0\"></span>roup as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>ses wh<span class=\"_ _0\"></span>ether a c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act is<span class=\"_ _0\"></span>, or c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>ins, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:282.0575px;\"><span class=\"_ _399\">a leas</span><span class=\"_ _0\"></span>e at the in<span class=\"_ _0\"></span>cep<span class=\"_ _0\"></span>tion of a c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>. A lea<span class=\"_ _0\"></span>se exist<span class=\"_ _0\"></span>s if the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:269.0575px;\">conveys t<span class=\"_ _0\"></span>he rig<span class=\"_ _0\"></span>ht to contro<span class=\"_ _0\"></span>l the us<span class=\"_ _0\"></span>e of an ide<span class=\"_ _0\"></span>ntifi<span class=\"_ _0\"></span>ed ass<span class=\"_ _0\"></span>et for a per<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:256.0575px;\">of time in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n. T<span class=\"_ _6\"></span>o a<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>s if a le<span class=\"_ _0\"></span>ase exist<span class=\"_ _0\"></span>s, th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:243.0575px;\">Grou<span class=\"_ _0\"></span>p asse<span class=\"_ _0\"></span>sses w<span class=\"_ _0\"></span>hethe<span class=\"_ _0\"></span>r: (i<span class=\"_ _0\"></span>) the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act invo<span class=\"_ _0\"></span>lves th<span class=\"_ _0\"></span>e use of an </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:230.0575px;\">ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d asset<span class=\"_ _0\"></span>; (ii<span class=\"_ _0\"></span>) the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s the ri<span class=\"_ _0\"></span>ght to obt<span class=\"_ _0\"></span>ain su<span class=\"_ _0\"></span>bst<span class=\"_ _0\"></span>antial<span class=\"_ _0\"></span>ly all </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:217.0575px;\">of the ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mic b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts from t<span class=\"_ _0\"></span>he use of th<span class=\"_ _0\"></span>e asset t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>hout t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:204.0575px;\">leas<span class=\"_ _0\"></span>e term; and (<span class=\"_ _0\"></span>iii) t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p has th<span class=\"_ _0\"></span>e rig<span class=\"_ _0\"></span>ht to direc<span class=\"_ _0\"></span>t the us<span class=\"_ _0\"></span>e of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:191.0575px;\">asset<span class=\"_ _0\"></span>. In ord<span class=\"_ _0\"></span>er to deter<span class=\"_ _0\"></span>mine if t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t invol<span class=\"_ _0\"></span>ves the us<span class=\"_ _0\"></span>e of an </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:178.05751px;\">ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d asset<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>roup exercis<span class=\"_ _0\"></span>es jud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent to asse<span class=\"_ _0\"></span>ss if t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:165.05751px;\">supp<span class=\"_ _0\"></span>lier h<span class=\"_ _0\"></span>as a sub<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ntive sub<span class=\"_ _0\"></span>stitu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n right ove<span class=\"_ _0\"></span>r the as<span class=\"_ _0\"></span>set. A<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>set </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:152.05751px;\">is not id<span class=\"_ _0\"></span>entif<span class=\"_ _0\"></span>ied if i<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>een d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>at the su<span class=\"_ _0\"></span>ppl<span class=\"_ _0\"></span>ier has </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:343.07797px; bottom:139.05751px;\">substant<span class=\"_ _6\"></span>ive substitu<span class=\"_ _6\"></span>tion rights.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:119.55751px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>es a rig<span class=\"_ _0\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _0\"></span>use a<span class=\"_ _0\"></span>sset an<span class=\"_ _0\"></span>d a leas<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y at t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:106.55751px;\">leas<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>menc<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt date. T<span class=\"_ _0\"></span>he r<span class=\"_ _0\"></span>ight-<span class=\"_ _1\"></span>of-<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e asset i<span class=\"_ _0\"></span>s initi<span class=\"_ _0\"></span>ally </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:93.55751px;\">mea<span class=\"_ _0\"></span>sured at c<span class=\"_ _0\"></span>ost an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ently d<span class=\"_ _0\"></span>epre<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d over the l<span class=\"_ _0\"></span>ease ter<span class=\"_ _0\"></span>m. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:80.55751px;\">Th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red at th<span class=\"_ _0\"></span>e present v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:67.55751px;\">pay<span class=\"_ _0\"></span>ments t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot paid a<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent da<span class=\"_ _0\"></span>te, disc<span class=\"_ _0\"></span>ounted </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:54.557503px;\">using t<span class=\"_ _0\"></span>he interest r<span class=\"_ _0\"></span>ate impl<span class=\"_ _0\"></span>icit i<span class=\"_ _0\"></span>n the le<span class=\"_ _0\"></span>ase, o<span class=\"_ _0\"></span>r if that r<span class=\"_ _0\"></span>ate ca<span class=\"_ _0\"></span>nnot be </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:41.557503px;\">read<span class=\"_ _0\"></span>ily d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ed, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s increment<span class=\"_ _0\"></span>al bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>ing rate. T<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:28.557503px;\">Grou<span class=\"_ _0\"></span>p has el<span class=\"_ _0\"></span>ecte<span class=\"_ _0\"></span>d to app<span class=\"_ _0\"></span>ly th<span class=\"_ _0\"></span>e pra<span class=\"_ _0\"></span>ctic<span class=\"_ _0\"></span>al ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>dient w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>llows th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.07797px; bottom:15.557503px;\">Grou<span class=\"_ _0\"></span>p to use a sing<span class=\"_ _0\"></span>le dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rate for a po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio of l<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.07797px; bottom:2.5575027px;\">similar characteristics.<span class=\"_ _399\"> </span> </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:863.8027px;\">2 Principal accounting policies<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:847.5527px;\">2.<span class=\"_ _17\"></span>15<span class=\"_ _6\"></span> Leas<span class=\"_ _0\"></span>ing<span class=\"ff4e ls28 ws24\"> continu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:834.5527px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has el<span class=\"_ _0\"></span>ecte<span class=\"_ _0\"></span>d not to reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>se rig<span class=\"_ _0\"></span>ht-<span class=\"_ _1\"></span>of-<span class=\"_ _0\"></span>use as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd le<span class=\"_ _0\"></span>ase </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:821.5527px;\">liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es for sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>term le<span class=\"_ _0\"></span>ases of l<span class=\"_ _0\"></span>ess th<span class=\"_ _0\"></span>an 12 months and l<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:808.5527px;\">low valu<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets. In<span class=\"_ _0\"></span>stead<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>roup rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nises t<span class=\"_ _0\"></span>he le<span class=\"_ _0\"></span>ase pa<span class=\"_ _0\"></span>yme<span class=\"_ _0\"></span>nts </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:795.5527px;\">asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th the<span class=\"_ _0\"></span>se lea<span class=\"_ _0\"></span>ses as an ex<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>se on a st<span class=\"_ _0\"></span>raig<span class=\"_ _0\"></span>ht-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:782.5527px;\">over the le<span class=\"_ _0\"></span>ase ter<span class=\"_ _0\"></span>m. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:759.8027px;\">2.<span class=\"_ _17\"></span>16<span class=\"_ _6\"></span> Impairment of<span class=\"_ _6\"></span> asset<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:746.8027px;\">As<span class=\"_ _0\"></span>sets th<span class=\"_ _0\"></span>at have an i<span class=\"_ _0\"></span>ndef<span class=\"_ _0\"></span>inite usefu<span class=\"_ _0\"></span>l life (such a<span class=\"_ _0\"></span>s go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will a<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:733.8027px;\">acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ions) a<span class=\"_ _0\"></span>re reviewed at l<span class=\"_ _0\"></span>east a<span class=\"_ _0\"></span>nnual<span class=\"_ _0\"></span>ly for im<span class=\"_ _0\"></span>pair<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>. Ot<span class=\"_ _0\"></span>her </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:720.8027px;\">intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets, p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant and e<span class=\"_ _0\"></span>quip<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d rig<span class=\"_ _0\"></span>ht-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>use </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:707.8027px;\">asset<span class=\"_ _0\"></span>s are reviewe<span class=\"_ _0\"></span>d for imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent wh<span class=\"_ _0\"></span>enever th<span class=\"_ _0\"></span>ere is any ind<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:694.8027px;\">that th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e asset m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:675.3027px;\">If the re<span class=\"_ _0\"></span>cover<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of an asset i<span class=\"_ _0\"></span>s less t<span class=\"_ _0\"></span>han it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:662.3027px;\">an imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment lo<span class=\"_ _0\"></span>ss is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:642.8027px;\">Rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble am<span class=\"_ _0\"></span>ount is t<span class=\"_ _0\"></span>he high<span class=\"_ _0\"></span>er of fair v<span class=\"_ _0\"></span>alue le<span class=\"_ _0\"></span>ss c<span class=\"_ _0\"></span>osts to se<span class=\"_ _0\"></span>ll and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:629.8027px;\">value i<span class=\"_ _0\"></span>n use. Value in u<span class=\"_ _0\"></span>se is as<span class=\"_ _0\"></span>sesse<span class=\"_ _0\"></span>d by di<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nting t<span class=\"_ _0\"></span>he esti<span class=\"_ _0\"></span>mated </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:616.8027px;\">future c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows th<span class=\"_ _0\"></span>at the as<span class=\"_ _0\"></span>set is exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to gen<span class=\"_ _0\"></span>erate. F<span class=\"_ _0\"></span>or this </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:603.8027px;\">pur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill, are gro<span class=\"_ _0\"></span>upe<span class=\"_ _0\"></span>d into ca<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>gene<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:590.8027px;\">unit<span class=\"_ _0\"></span>s represe<span class=\"_ _0\"></span>nting th<span class=\"_ _0\"></span>e level at w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>hey are mon<span class=\"_ _0\"></span>itored by t<span class=\"_ _0\"></span>he Bo<span class=\"_ _0\"></span>ard </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:577.8027px;\">of Direc<span class=\"_ _0\"></span>tors for i<span class=\"_ _0\"></span>nterna<span class=\"_ _0\"></span>l man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses<span class=\"_ _0\"></span>. Go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>irme<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:564.8027px;\">los<span class=\"_ _0\"></span>ses are not rever<span class=\"_ _0\"></span>sed in su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>quent p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s. Rever<span class=\"_ _0\"></span>sals of ot<span class=\"_ _0\"></span>her </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:551.8027px;\">imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent los<span class=\"_ _0\"></span>ses are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in inc<span class=\"_ _0\"></span>ome w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>ey aris<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:529.0527px;\">2.<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>7 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:516.0527px;\">Investm<span class=\"_ _0\"></span>ents are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d and d<span class=\"_ _0\"></span>ereco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed on t<span class=\"_ _0\"></span>he tra<span class=\"_ _0\"></span>de d<span class=\"_ _0\"></span>ate </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:503.05267px;\">whe<span class=\"_ _0\"></span>re a purch<span class=\"_ _0\"></span>ase or s<span class=\"_ _0\"></span>ale of an i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt is und<span class=\"_ _0\"></span>er a co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t wh<span class=\"_ _0\"></span>ose </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:490.05267px;\">terms re<span class=\"_ _0\"></span>quire de<span class=\"_ _0\"></span>liver<span class=\"_ _1\"></span>y of the invest<span class=\"_ _0\"></span>ment wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e timefr<span class=\"_ _0\"></span>ame </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:477.05267px;\">est<span class=\"_ _0\"></span>abli<span class=\"_ _0\"></span>shed b<span class=\"_ _0\"></span>y the ma<span class=\"_ _0\"></span>rket conc<span class=\"_ _0\"></span>ern<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, and are ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span>ly me<span class=\"_ _0\"></span>asured a<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:464.05267px;\">cost, including t<span class=\"_ _6\"></span>ransaction costs.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:444.55267px;\">Investm<span class=\"_ _0\"></span>ents in mu<span class=\"_ _0\"></span>tual f<span class=\"_ _0\"></span>unds a<span class=\"_ _0\"></span>re meas<span class=\"_ _0\"></span>ured at fa<span class=\"_ _0\"></span>ir value<span class=\"_ _0\"></span>. Gain<span class=\"_ _0\"></span>s and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:431.55267px;\">los<span class=\"_ _0\"></span>ses ar<span class=\"_ _0\"></span>ising fro<span class=\"_ _0\"></span>m cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>hese inve<span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span>s are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws25\" style=\"left:0.009376526px; bottom:418.55267px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y, until the invest<span class=\"_ _0\"></span>ment is d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d or is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:405.55267px;\">to be imp<span class=\"_ _0\"></span>aire<span class=\"_ _0\"></span>d, at w<span class=\"_ _0\"></span>hich ti<span class=\"_ _0\"></span>me the c<span class=\"_ _0\"></span>umul<span class=\"_ _0\"></span>ative g<span class=\"_ _0\"></span>ain or l<span class=\"_ _0\"></span>oss is i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:392.55267px;\">in the net p<span class=\"_ _0\"></span>rofit or l<span class=\"_ _0\"></span>oss for t<span class=\"_ _0\"></span>he pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re held unt<span class=\"_ _0\"></span>il </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:379.55267px;\">they rea<span class=\"_ _0\"></span>ch ma<span class=\"_ _0\"></span>turit<span class=\"_ _1\"></span>y are measu<span class=\"_ _0\"></span>red at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>st.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:360.0527px;\">Investm<span class=\"_ _0\"></span>ents in su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d and he<span class=\"_ _0\"></span>ld at co<span class=\"_ _0\"></span>st and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:347.0527px;\">subse<span class=\"_ _0\"></span>que<span class=\"_ _0\"></span>ntly tes<span class=\"_ _0\"></span>ted for imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment on a<span class=\"_ _0\"></span>n annua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s. W<span class=\"_ _0\"></span>here an </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:334.0527px;\">imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent is id<span class=\"_ _0\"></span>entifi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, a provis<span class=\"_ _0\"></span>ion for im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rment i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>rded </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:321.0527px;\">aga<span class=\"_ _0\"></span>inst th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>lue of the i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:298.3027px;\">2.<span class=\"_ _17\"></span>18<span class=\"_ _6\"></span> Government grants<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:285.3027px;\">Gover<span class=\"_ _0\"></span>nment g<span class=\"_ _0\"></span>rants a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed wh<span class=\"_ _0\"></span>en the<span class=\"_ _0\"></span>re is a reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:272.3027px;\">assur<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e that t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p will b<span class=\"_ _0\"></span>e ab<span class=\"_ _0\"></span>le to com<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>y with t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:259.3027px;\">at<span class=\"_ _0\"></span>tac<span class=\"_ _0\"></span>hed to t<span class=\"_ _0\"></span>he gra<span class=\"_ _0\"></span>nt and th<span class=\"_ _0\"></span>at the g<span class=\"_ _0\"></span>rant wi<span class=\"_ _0\"></span>ll be rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d. Gr<span class=\"_ _0\"></span>ants are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:246.3027px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on a syste<span class=\"_ _0\"></span>matic b<span class=\"_ _0\"></span>asis a<span class=\"_ _0\"></span>s a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:233.3027px;\">ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion fro<span class=\"_ _0\"></span>m the rel<span class=\"_ _0\"></span>ated c<span class=\"_ _0\"></span>atego<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of co<span class=\"_ _0\"></span>st in th<span class=\"_ _0\"></span>e per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:220.3027px;\">the expenses are r<span class=\"_ _6\"></span>ec<span class=\"_ _0\"></span>ognised.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:197.5527px;\">2.<span class=\"_ _17\"></span>19<span class=\"_ _6\"></span> Invento<span class=\"_ _6\"></span>ries<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:184.5527px;\">Inventorie<span class=\"_ _0\"></span>s are valu<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lower of c<span class=\"_ _0\"></span>ost an<span class=\"_ _0\"></span>d net reali<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>le val<span class=\"_ _0\"></span>ue.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:165.0527px;\">Cost includes an<span class=\"_ _6\"></span> appropriate proportion of man<span class=\"_ _6\"></span>ufacturing overheads<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:152.0527px;\">incu<span class=\"_ _0\"></span>rred in b<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ging invento<span class=\"_ _0\"></span>ries to th<span class=\"_ _0\"></span>eir pres<span class=\"_ _0\"></span>ent loc<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:139.0527px;\">and is d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ed usi<span class=\"_ _0\"></span>ng the f<span class=\"_ _0\"></span>irst<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>in fir<span class=\"_ _0\"></span>st-<span class=\"_ _1\"></span>out met<span class=\"_ _0\"></span>hod<span class=\"_ _0\"></span>. Net re<span class=\"_ _0\"></span>alisa<span class=\"_ _0\"></span>ble </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:126.052704px;\">value represen<span class=\"_ _6\"></span>ts the estimated selling price less all<span class=\"_ _6\"></span> estimated </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:113.052704px;\">cos<span class=\"_ _0\"></span><span class=\"_ _399\">ts of co</span><span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>etion a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>sts to b<span class=\"_ _0\"></span>e incur<span class=\"_ _0\"></span>red in m<span class=\"_ _0\"></span>arketing<span class=\"_ _0\"></span>, sell<span class=\"_ _0\"></span>ing </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:100.052704px;\"><span class=\"_ _399\">and distribution.<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:77.302704px;\">2.20 T<span class=\"_ _17\"></span>rade receivables<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:64.302704px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e rece<span class=\"_ _0\"></span>ivab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re initia<span class=\"_ _0\"></span>lly rec<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ed at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e and sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>uentl<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:51.302704px;\">mea<span class=\"_ _0\"></span>sured at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed c<span class=\"_ _0\"></span>ost as re<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>ed by all<span class=\"_ _0\"></span>owan<span class=\"_ _0\"></span>ces for e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ated </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:38.302704px;\">irrecov<span class=\"_ _6\"></span>erable amounts<span class=\"_ _6\"></span> and expected cr<span class=\"_ _6\"></span>edit losses.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:15.552704px;\">2.21<span class=\"_ _6\"></span> T<span class=\"_ _6\"></span>rade pa<span class=\"_ _6\"></span>yables<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5527039px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es are not interes<span class=\"_ _0\"></span>t bea<span class=\"_ _0\"></span>ring a<span class=\"_ _0\"></span>nd are st<span class=\"_ _0\"></span>ated at c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:343.57272px; bottom:865.6825px;\">2.2<span class=\"_ _0\"></span>2 Pro<span class=\"_ _6\"></span>vi<span class=\"_ _0\"></span>sions<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:852.6825px;\">Provi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s for insura<span class=\"_ _0\"></span>nce li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s retain<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e Group\u2019s cap<span class=\"_ _0\"></span>tive </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:839.6825px;\">insurance arrangements, leg<span class=\"_ _0\"></span>al claims, defects and warranties, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.57272px; bottom:826.6825px;\">environmental r<span class=\"_ _6\"></span>estoration, onerous leases, and other<span class=\"_ _6\"></span> o<span class=\"_ _0\"></span>nerous </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:813.6825px;\">com<span class=\"_ _0\"></span>mitme<span class=\"_ _0\"></span>nts are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised a<span class=\"_ _0\"></span>t the b<span class=\"_ _0\"></span>est est<span class=\"_ _0\"></span>imate of th<span class=\"_ _0\"></span>e expe<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ure </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:800.6825px;\">requi<span class=\"_ _0\"></span>red to set<span class=\"_ _0\"></span>tle th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:781.1825px;\">Provi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed wh<span class=\"_ _0\"></span>en: (i) t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p has a p<span class=\"_ _0\"></span>resent le<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>l or </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:768.1825px;\">con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve obl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>s a result of a p<span class=\"_ _0\"></span>ast event; (<span class=\"_ _0\"></span>ii) i<span class=\"_ _0\"></span>t is prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:755.1825px;\">that an o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>flow of re<span class=\"_ _0\"></span>sourc<span class=\"_ _0\"></span>es wil<span class=\"_ _0\"></span>l be req<span class=\"_ _0\"></span>uired to set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e the ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n; </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:742.1825px;\">and (i<span class=\"_ _0\"></span>ii) th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of the ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ca<span class=\"_ _0\"></span>n be es<span class=\"_ _0\"></span>timate<span class=\"_ _0\"></span>d relia<span class=\"_ _0\"></span>bly.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:343.57272px; bottom:719.4325px;\">2.23 Borrowin<span class=\"_ _6\"></span>gs<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:706.4325px;\">Interest-<span class=\"_ _1\"></span>bea<span class=\"_ _0\"></span>ring b<span class=\"_ _0\"></span>ank l<span class=\"_ _0\"></span>oans a<span class=\"_ _0\"></span>nd overd<span class=\"_ _0\"></span>raf<span class=\"_ _0\"></span>ts are re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:693.4325px;\">proc<span class=\"_ _0\"></span>eed<span class=\"_ _0\"></span>s rece<span class=\"_ _0\"></span>ived<span class=\"_ _0\"></span>, net of dire<span class=\"_ _0\"></span>ct is<span class=\"_ _0\"></span>sue co<span class=\"_ _0\"></span>sts<span class=\"_ _0\"></span>. Premi<span class=\"_ _0\"></span>ums pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>e on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:680.4325px;\">set<span class=\"_ _0\"></span>tlem<span class=\"_ _0\"></span>ent or red<span class=\"_ _0\"></span>empt<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d direc<span class=\"_ _0\"></span>t issu<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>ts are in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:667.4325px;\">ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e instr<span class=\"_ _0\"></span>ument a<span class=\"_ _0\"></span>nd are ch<span class=\"_ _0\"></span>arge<span class=\"_ _0\"></span>d to the inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:654.4325px;\">state<span class=\"_ _0\"></span>ment on a<span class=\"_ _0\"></span>n acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>ls ba<span class=\"_ _0\"></span>sis usin<span class=\"_ _0\"></span>g the ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive interes<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:641.4325px;\">togeth<span class=\"_ _0\"></span>er wi<span class=\"_ _0\"></span>th the intere<span class=\"_ _0\"></span>st pay<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:618.6825px;\">2.<span class=\"_ _1\"></span>24 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:605.6825px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p, throug<span class=\"_ _0\"></span>h tru<span class=\"_ _0\"></span>stees, o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rates a num<span class=\"_ _0\"></span>ber of d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:592.6825px;\">and d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d contr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion reti<span class=\"_ _0\"></span>rement an<span class=\"_ _0\"></span>d other l<span class=\"_ _0\"></span>ong<span class=\"_ _1\"></span>-ter<span class=\"_ _0\"></span>m empl<span class=\"_ _0\"></span>oyee </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:579.6825px;\">ben<span class=\"_ _0\"></span>efit sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s, the l<span class=\"_ _0\"></span>arge<span class=\"_ _0\"></span>st of whi<span class=\"_ _0\"></span>ch are of th<span class=\"_ _0\"></span>e defin<span class=\"_ _0\"></span>ed be<span class=\"_ _0\"></span>nefit t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:566.6825px;\">and are fu<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d. D<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d benef<span class=\"_ _0\"></span>it co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns are deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:343.57272px; bottom:553.6825px;\">consultation<span class=\"_ _6\"></span> w<span class=\"_ _0\"></span>ith the<span class=\"_ _6\"></span> trustees, after<span class=\"_ _6\"></span> t<span class=\"_ _0\"></span>aking actuarial<span class=\"_ _6\"></span> ad<span class=\"_ _0\"></span>vice.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:534.1825px;\">For d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>emes<span class=\"_ _0\"></span>, the c<span class=\"_ _0\"></span>ost of prov<span class=\"_ _0\"></span>idin<span class=\"_ _0\"></span>g ben<span class=\"_ _0\"></span>efit<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:521.1825px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt and the d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>nefit </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:508.1825px;\">obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>re determi<span class=\"_ _0\"></span>ned at t<span class=\"_ _0\"></span>he rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date by in<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:495.1825px;\">act<span class=\"_ _0\"></span>uari<span class=\"_ _0\"></span>es, us<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cted un<span class=\"_ _0\"></span>it cre<span class=\"_ _0\"></span>dit met<span class=\"_ _0\"></span>hod<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:482.1825px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>s the pres<span class=\"_ _0\"></span>ent valu<span class=\"_ _0\"></span>e of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:343.57272px; bottom:469.1825px;\">defined benefit pension<span class=\"_ _6\"></span> ob<span class=\"_ _0\"></span>ligations, det<span class=\"_ _6\"></span>er<span class=\"_ _0\"></span>mined by discoun<span class=\"_ _6\"></span>ting the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:456.1825px;\">estim<span class=\"_ _0\"></span>ated fu<span class=\"_ _0\"></span>ture ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span>s using t<span class=\"_ _0\"></span>he ma<span class=\"_ _0\"></span>rket yield o<span class=\"_ _0\"></span>n a high<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:443.1825px;\">cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>, less t<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme as<span class=\"_ _0\"></span>sets. A<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:430.1825px;\">gain<span class=\"_ _0\"></span>s and lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e per<span class=\"_ _0\"></span>iod i<span class=\"_ _0\"></span>n whic<span class=\"_ _0\"></span>h they o<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>r in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:417.1825px;\">the st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of com<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:397.6825px;\">Co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns to defi<span class=\"_ _0\"></span>ned c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>emes a<span class=\"_ _0\"></span>re charg<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:384.6825px;\"><span class=\"_ _399\">to the inc</span><span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent as they f<span class=\"_ _0\"></span>all due<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:365.1825px;\">Any su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lus of def<span class=\"_ _0\"></span>icit c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tions to th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pensi<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:352.1825px;\">Fund (<span class=\"_ _0\"></span>BBP<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>) an<span class=\"_ _0\"></span>d the Ra<span class=\"_ _0\"></span>ilway<span class=\"_ _0\"></span>s Pensi<span class=\"_ _0\"></span>on S<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e (R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S) wou<span class=\"_ _0\"></span>ld be </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:339.1825px;\">recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le by way of a refun<span class=\"_ _0\"></span>d as, a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>rdin<span class=\"_ _0\"></span>g to the releva<span class=\"_ _0\"></span>nt trus<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:326.1825px;\">dee<span class=\"_ _0\"></span>d and r<span class=\"_ _0\"></span>ules d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as the un<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al rig<span class=\"_ _0\"></span>ht to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:313.1825px;\">the sur<span class=\"_ _0\"></span>plu<span class=\"_ _0\"></span>s and c<span class=\"_ _0\"></span>ontrols t<span class=\"_ _0\"></span>he ru<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f of t<span class=\"_ _0\"></span>he ben<span class=\"_ _0\"></span>efit o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns on<span class=\"_ _0\"></span>ce </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:300.1825px;\"><span class=\"_ _399\">all othe</span><span class=\"_ _0\"></span>r obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions of t<span class=\"_ _0\"></span>he BB<span class=\"_ _0\"></span>PF an<span class=\"_ _0\"></span>d RP<span class=\"_ _0\"></span>S have b<span class=\"_ _0\"></span>een s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led<span class=\"_ _0\"></span>. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:277.4325px;\">2.<span class=\"_ _1\"></span>25 S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:343.57272px; bottom:264.4325px;\">Empl<span class=\"_ _0\"></span>oyee ser<span class=\"_ _1\"></span>vic<span class=\"_ _0\"></span>es rece<span class=\"_ _0\"></span>ived in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for the gr<span class=\"_ _0\"></span>ant of eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:343.57272px; bottom:251.4325px;\">and c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>sett<span class=\"_ _0\"></span>led aw<span class=\"_ _0\"></span>ards are c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to the in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement o<span class=\"_ _0\"></span>n a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:343.57272px; bottom:238.4325px;\">stra<span class=\"_ _0\"></span>ight-<span class=\"_ _1\"></span>line ba<span class=\"_ _0\"></span>sis over th<span class=\"_ _0\"></span>e vestin<span class=\"_ _0\"></span>g per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n the fair v<span class=\"_ _0\"></span>alues<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:343.57272px; bottom:225.4325px;\"><span class=\"_ _399\">of the awa</span><span class=\"_ _0\"></span>rds at th<span class=\"_ _0\"></span>e date of gr<span class=\"_ _0\"></span>ant. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:343.57272px; bottom:205.9325px;\">Th<span class=\"_ _0\"></span>e cred<span class=\"_ _0\"></span>its in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nts ch<span class=\"_ _0\"></span>arge<span class=\"_ _0\"></span>d are inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thin </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.57272px; bottom:192.9325px;\">sep<span class=\"_ _0\"></span>arate rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves in e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>ntil suc<span class=\"_ _0\"></span>h time a<span class=\"_ _0\"></span>s the award<span class=\"_ _0\"></span>s are exercise<span class=\"_ _0\"></span>d, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws9d\" style=\"left:343.57272px; bottom:179.9325px;\">whe<span class=\"_ _0\"></span>n the sha<span class=\"_ _0\"></span>res are tra<span class=\"_ _0\"></span>nsferre<span class=\"_ _0\"></span>d or c<span class=\"_ _0\"></span>ash p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nts ma<span class=\"_ _0\"></span>de to emp<span class=\"_ _0\"></span>loyee<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:343.57272px; bottom:157.1825px;\">2.<span class=\"_ _0\"></span>26 Financial instr<span class=\"_ _0\"></span>uments </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:144.1825px;\">Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets and f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s are reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:131.1825px;\">bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p bec<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span>s a par<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y to the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tual </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:118.18251px;\">provis<span class=\"_ _0\"></span>ions of th<span class=\"_ _0\"></span>e instr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:95.43251px;\">a) Clas<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:82.43251px;\">Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies and e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y instr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nts are cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d acc<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>ng to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:69.43251px;\">the sub<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nce of t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l arr<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>n equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y inst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:56.43251px;\">is any co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t tha<span class=\"_ _0\"></span>t evid<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>es a resid<span class=\"_ _0\"></span>ual interes<span class=\"_ _0\"></span>t in the as<span class=\"_ _0\"></span>sets of t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:43.43251px;\">Grou<span class=\"_ _0\"></span>p af<span class=\"_ _0\"></span>ter ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ing all of i<span class=\"_ _0\"></span>ts li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>. Equit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s issue<span class=\"_ _0\"></span>d by </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:30.43251px;\">the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any are rec<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e proc<span class=\"_ _0\"></span>eed<span class=\"_ _0\"></span>s rece<span class=\"_ _0\"></span>ived<span class=\"_ _0\"></span>, net of dire<span class=\"_ _0\"></span>ct </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:343.57272px; bottom:17.43251px;\">issue<span class=\"_ _6\"></span> c<span class=\"_ _0\"></span>osts.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:925.5652px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.0066986084px; bottom:870.3027px;\">2 Principal accounting policies<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.0066986084px; bottom:854.0527px;\">2.<span class=\"_ _0\"></span>26 Financial instr<span class=\"_ _0\"></span>uments<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:837.8027px;\">b) Der<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vat<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>e f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:824.8027px;\">The Group uses derivative financial instruments t<span class=\"_ _6\"></span>o mana<span class=\"_ _0\"></span>ge int<span class=\"_ _6\"></span>erest </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:811.8027px;\">rate risk a<span class=\"_ _0\"></span>nd to hed<span class=\"_ _0\"></span>ge ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>res to fluc<span class=\"_ _0\"></span>tuati<span class=\"_ _0\"></span>ons in forei<span class=\"_ _0\"></span>gn cu<span class=\"_ _0\"></span>rrenc<span class=\"_ _0\"></span>ies </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:798.8027px;\">in ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h its r<span class=\"_ _0\"></span>isk man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>y. The Grou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es not </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:785.8027px;\">use derivative financial instruments for speculative purpo<span class=\"_ _0\"></span>ses. A </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.0066986084px; bottom:772.8027px;\">desc<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>tion of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s object<span class=\"_ _0\"></span>ives<span class=\"_ _0\"></span>, pol<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>s and st<span class=\"_ _0\"></span>rategi<span class=\"_ _0\"></span>es wi<span class=\"_ _0\"></span>th reg<span class=\"_ _0\"></span>ard </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:759.8027px;\">to deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves and ot<span class=\"_ _0\"></span>her fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents is s<span class=\"_ _0\"></span>et out in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _0\"></span>0.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:740.3027px;\">Der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ives are ini<span class=\"_ _0\"></span>tial<span class=\"_ _0\"></span>ly rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et at fair va<span class=\"_ _0\"></span>lue on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:727.3027px;\">the d<span class=\"_ _0\"></span>ate the de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion is e<span class=\"_ _0\"></span>ntered into and are su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>quentl<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:714.3027px;\">re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d at thei<span class=\"_ _0\"></span>r fair va<span class=\"_ _0\"></span>lues.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:694.8027px;\">Chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n the fai<span class=\"_ _0\"></span>r value of d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves that a<span class=\"_ _0\"></span>re desi<span class=\"_ _0\"></span>gnate<span class=\"_ _0\"></span>d and qu<span class=\"_ _0\"></span>alif<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:681.8027px;\">as fair v<span class=\"_ _0\"></span>alue he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es are rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in t<span class=\"_ _0\"></span>he inc<span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent tog<span class=\"_ _0\"></span>ether </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:668.8027px;\">with a<span class=\"_ _0\"></span>ny cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>he hed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d item th<span class=\"_ _0\"></span>at are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:655.8027px;\">at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e to the he<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>d risk<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:636.3027px;\">Chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tion of d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves tha<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:623.3027px;\">are desi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ted and q<span class=\"_ _0\"></span>uali<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y as c<span class=\"_ _0\"></span>ash flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:610.3027px;\">other c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rehens<span class=\"_ _0\"></span>ive inc<span class=\"_ _0\"></span>ome (<span class=\"_ _0\"></span>OC<span class=\"_ _0\"></span>I). Cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:597.3027px;\">inef<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>ive po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:584.3027px;\">state<span class=\"_ _0\"></span>ment. A<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ounts o<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>inall<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in O<span class=\"_ _0\"></span>CI a<span class=\"_ _0\"></span>re trans<span class=\"_ _0\"></span>ferred to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:571.3027px;\">the inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>ment wh<span class=\"_ _0\"></span>en the u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>ccur<span class=\"_ _0\"></span>s or, if </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:558.3027px;\">the tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on resul<span class=\"_ _0\"></span>ts in a no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y, are inclu<span class=\"_ _0\"></span>ded </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:545.3027px;\">in the ini<span class=\"_ _0\"></span>tial c<span class=\"_ _0\"></span>ost of t<span class=\"_ _0\"></span>hat as<span class=\"_ _0\"></span>set or li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:525.8027px;\">Chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n the fai<span class=\"_ _0\"></span>r value of d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l instr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nts that d<span class=\"_ _0\"></span>o </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:512.8027px;\">not qu<span class=\"_ _0\"></span>alif<span class=\"_ _0\"></span>y for h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nting are rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:499.80267px;\">state<span class=\"_ _0\"></span>ment as th<span class=\"_ _0\"></span>ey aris<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:480.30267px;\">Hed<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g is dis<span class=\"_ _0\"></span>conti<span class=\"_ _0\"></span>nued w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g instr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:467.30267px;\">expires o<span class=\"_ _0\"></span>r is sol<span class=\"_ _0\"></span>d, ter<span class=\"_ _0\"></span>mina<span class=\"_ _0\"></span>ted, o<span class=\"_ _0\"></span>r exercised<span class=\"_ _0\"></span>, or no l<span class=\"_ _0\"></span>ong<span class=\"_ _0\"></span>er qu<span class=\"_ _0\"></span>alifi<span class=\"_ _0\"></span>es for </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:454.30267px;\">hed<span class=\"_ _0\"></span>ge ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unting<span class=\"_ _0\"></span>. At tha<span class=\"_ _0\"></span>t time, any c<span class=\"_ _0\"></span>umul<span class=\"_ _0\"></span>ative g<span class=\"_ _0\"></span>ain or l<span class=\"_ _0\"></span>oss o<span class=\"_ _0\"></span>n the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:441.30267px;\">hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g instr<span class=\"_ _0\"></span>ument re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in O<span class=\"_ _0\"></span>CI is reta<span class=\"_ _0\"></span>ined i<span class=\"_ _0\"></span>n equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y until th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:428.30267px;\">hedged transaction occurs. If<span class=\"_ _6\"></span> a hedged transaction is no<span class=\"_ _6\"></span> longer </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:415.30267px;\">expe<span class=\"_ _0\"></span>cted to o<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e net cumu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ve gai<span class=\"_ _0\"></span>n or los<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in O<span class=\"_ _0\"></span>CI </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:402.30267px;\">is tran<span class=\"_ _0\"></span>sferre<span class=\"_ _0\"></span>d to the inc<span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent for the p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:382.8027px;\">Derivatives embedde<span class=\"_ _0\"></span>d in other<span class=\"_ _6\"></span> financ<span class=\"_ _0\"></span>ial instruments or o<span class=\"_ _6\"></span>ther host </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:369.8027px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts are tre<span class=\"_ _0\"></span>ated as se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ives an<span class=\"_ _0\"></span>d reco<span class=\"_ _0\"></span>rded i<span class=\"_ _0\"></span>n the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:356.8027px;\">bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>n their r<span class=\"_ _0\"></span>isks and c<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>acte<span class=\"_ _0\"></span>risti<span class=\"_ _0\"></span>cs are n<span class=\"_ _0\"></span>ot </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:343.8027px;\">clo<span class=\"_ _0\"></span>sely re<span class=\"_ _0\"></span>lated to th<span class=\"_ _0\"></span>ose of the h<span class=\"_ _0\"></span>ost c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n the fai<span class=\"_ _0\"></span>r value </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:330.8027px;\">of thos<span class=\"_ _0\"></span>e emb<span class=\"_ _0\"></span>edd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet a<span class=\"_ _0\"></span>re </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:317.8027px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt as they ar<span class=\"_ _0\"></span>ise.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:295.0527px;\">c) PPP conce<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ion companie<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:282.0527px;\">As<span class=\"_ _0\"></span>sets c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ted by P<span class=\"_ _0\"></span>PP c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>on c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anies a<span class=\"_ _0\"></span>re clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:269.0527px;\">prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y as fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>d at fair va<span class=\"_ _0\"></span>lue throu<span class=\"_ _0\"></span>gh O<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:249.5527px;\">In the c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pha<span class=\"_ _0\"></span>se, inc<span class=\"_ _0\"></span>ome is re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d by ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ying a<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:236.5527px;\">at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e profit m<span class=\"_ _0\"></span>argin to th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>sts re<span class=\"_ _0\"></span>present<span class=\"_ _0\"></span>ing the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:223.5527px;\">fair val<span class=\"_ _0\"></span>ue of co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. In the o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:210.5527px;\">pha<span class=\"_ _0\"></span>se, inc<span class=\"_ _0\"></span>ome is re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d by all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g a prop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of total c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:197.5527px;\">recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>le over th<span class=\"_ _0\"></span>e life of the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t to ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s by mea<span class=\"_ _0\"></span>ns of a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:184.5527px;\">dee<span class=\"_ _0\"></span>med r<span class=\"_ _0\"></span>ate of return on t<span class=\"_ _0\"></span>hose c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he resi<span class=\"_ _0\"></span>dual e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nt of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:171.5527px;\">proje<span class=\"_ _0\"></span>cted c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>s allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>set usin<span class=\"_ _0\"></span>g the ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:158.5527px;\">interest ra<span class=\"_ _0\"></span>te metho<span class=\"_ _0\"></span>d, gi<span class=\"_ _0\"></span>vin<span class=\"_ _0\"></span>g rise to interes<span class=\"_ _0\"></span>t inc<span class=\"_ _0\"></span>ome.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:139.0527px;\">Due to th<span class=\"_ _0\"></span>e nature of th<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tual a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>, the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:126.052704px;\">flows c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e esti<span class=\"_ _0\"></span>mated w<span class=\"_ _0\"></span>ith a hi<span class=\"_ _0\"></span>gh de<span class=\"_ _0\"></span>gree of c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:106.552704px;\">In the c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pha<span class=\"_ _0\"></span>se, the fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of the Gro<span class=\"_ _0\"></span>up\u2019s PPP fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:93.552704px;\">asset<span class=\"_ _0\"></span>s is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d by ap<span class=\"_ _0\"></span>ply<span class=\"_ _0\"></span>ing an a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>rofit m<span class=\"_ _0\"></span>argin to th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:80.552704px;\">con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>sts rep<span class=\"_ _0\"></span>resenti<span class=\"_ _0\"></span>ng the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e of con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:67.552704px;\">per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>d. In t<span class=\"_ _0\"></span>he op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l pha<span class=\"_ _0\"></span>se, fair v<span class=\"_ _0\"></span>alue is d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ed by </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 wse4\" style=\"left:0.0066986084px; bottom:54.552704px;\">disc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng the fu<span class=\"_ _0\"></span>ture c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>ws allo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ated to the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>sset usi<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:41.552704px;\">disc<span class=\"_ _0\"></span>ount r<span class=\"_ _0\"></span>ates bas<span class=\"_ _0\"></span>ed on l<span class=\"_ _0\"></span>ong<span class=\"_ _1\"></span>-ter<span class=\"_ _0\"></span>m gilt r<span class=\"_ _0\"></span>ates adju<span class=\"_ _0\"></span>sted for th<span class=\"_ _0\"></span>e risk </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.552704px;\">levels as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span>d with t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>ets, w<span class=\"_ _0\"></span>ith m<span class=\"_ _0\"></span>arket-<span class=\"_ _0\"></span>rela<span class=\"_ _0\"></span>ted movem<span class=\"_ _0\"></span>ents in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.552704px;\">fair val<span class=\"_ _0\"></span>ue rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in O<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>I. A<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts or<span class=\"_ _0\"></span>igin<span class=\"_ _0\"></span>ally re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in O<span class=\"_ _0\"></span>CI are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.5527039px;\">trans<span class=\"_ _0\"></span>ferred to th<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt up<span class=\"_ _0\"></span>on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:872.1825px;\">2.<span class=\"_ _1\"></span>27 Ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d key s<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:859.1825px;\">Th<span class=\"_ _0\"></span>e prep<span class=\"_ _0\"></span>arati<span class=\"_ _0\"></span>on of c<span class=\"_ _0\"></span>onso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>atement<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er IF<span class=\"_ _0\"></span>RS </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:342.74948px; bottom:846.1825px;\">requires management t<span class=\"_ _6\"></span>o make judgements, estimates<span class=\"_ _6\"></span> and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:833.1825px;\">assumpt<span class=\"_ _6\"></span>ions that affect<span class=\"_ _6\"></span> amounts recogni<span class=\"_ _6\"></span>sed for asse<span class=\"_ _6\"></span>ts and liabil<span class=\"_ _6\"></span>ities </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:820.1825px;\">at the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ate and the a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts of revenue an<span class=\"_ _0\"></span>d expe<span class=\"_ _0\"></span>nses </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:807.1825px;\">incu<span class=\"_ _0\"></span>rred du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. Ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>al outc<span class=\"_ _0\"></span>omes m<span class=\"_ _0\"></span>ay di<span class=\"_ _0\"></span>ffer f<span class=\"_ _0\"></span>rom </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:342.74948px; bottom:794.1825px;\">these judgements, estimates and<span class=\"_ _6\"></span> assumptions.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:774.6825px;\">Th<span class=\"_ _0\"></span>e judg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nts, e<span class=\"_ _0\"></span>stima<span class=\"_ _0\"></span>tes and as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ions t<span class=\"_ _0\"></span>hat have t<span class=\"_ _0\"></span>he mos<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:761.6825px;\">signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant ef<span class=\"_ _0\"></span>fect o<span class=\"_ _0\"></span>n the c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g valu<span class=\"_ _0\"></span>e of asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties of t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:748.6825px;\">Grou<span class=\"_ _0\"></span>p as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 a<span class=\"_ _0\"></span>re discu<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d bel<span class=\"_ _0\"></span>ow<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:725.9325px;\">a) Reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>gin r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>te)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:712.9325px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s revenu<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d marg<span class=\"_ _0\"></span>in rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n pol<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>s, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:699.9325px;\">whic<span class=\"_ _0\"></span>h are set ou<span class=\"_ _0\"></span>t in Notes 2.<span class=\"_ _0\"></span>4 an<span class=\"_ _0\"></span>d 2.5<span class=\"_ _0\"></span>, are ce<span class=\"_ _0\"></span>ntral to how t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:686.9325px;\">value<span class=\"_ _0\"></span>s the wor<span class=\"_ _0\"></span>k it ha<span class=\"_ _0\"></span>s car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>d out i<span class=\"_ _0\"></span>n eac<span class=\"_ _0\"></span>h fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al year.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:667.4325px;\">Th<span class=\"_ _0\"></span>ese p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies req<span class=\"_ _0\"></span>uire forec<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>s to be ma<span class=\"_ _0\"></span>de of th<span class=\"_ _0\"></span>e outco<span class=\"_ _0\"></span>mes of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:654.4325px;\">long<span class=\"_ _0\"></span>-term construction<span class=\"_ _6\"></span> ser<span class=\"_ _0\"></span>vices and support ser<span class=\"_ _0\"></span>vices contracts, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:641.4325px;\">whic<span class=\"_ _0\"></span>h requ<span class=\"_ _0\"></span>ire both es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>tes and ju<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s to be ma<span class=\"_ _0\"></span>de of bot<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:628.4325px;\">cos<span class=\"_ _0\"></span>t and in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>n eac<span class=\"_ _0\"></span>h cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t. O<span class=\"_ _0\"></span>n the co<span class=\"_ _0\"></span>st sid<span class=\"_ _0\"></span>e, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:615.4325px;\">estim<span class=\"_ _0\"></span>ates of forec<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>s are ma<span class=\"_ _0\"></span>de on t<span class=\"_ _0\"></span>he fin<span class=\"_ _0\"></span>al out<span class=\"_ _0\"></span>-tur<span class=\"_ _0\"></span>n of ea<span class=\"_ _0\"></span>ch co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:602.4325px;\">in ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to potenti<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>sts to b<span class=\"_ _0\"></span>e incur<span class=\"_ _0\"></span>red for any m<span class=\"_ _0\"></span>aintena<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:589.4325px;\">defec<span class=\"_ _0\"></span>ts lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties. O<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me sid<span class=\"_ _0\"></span>e, esti<span class=\"_ _0\"></span>mates an<span class=\"_ _0\"></span>d jud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:576.4325px;\">made on variat<span class=\"_ _6\"></span>ions to considera<span class=\"_ _6\"></span>tion which typic<span class=\"_ _0\"></span>ally include v<span class=\"_ _6\"></span>ariations </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:563.4325px;\">due to ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es in sc<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>e of work<span class=\"_ _0\"></span>, rec<span class=\"_ _0\"></span>overie<span class=\"_ _0\"></span>s of cla<span class=\"_ _0\"></span>im inc<span class=\"_ _0\"></span>ome fro<span class=\"_ _0\"></span>m </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:550.4325px;\">custom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>otential li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dated d<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>s that m<span class=\"_ _0\"></span>ay be lev<span class=\"_ _0\"></span>ied </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:537.4325px;\"><span class=\"_ _399\">by custo</span><span class=\"_ _0\"></span>mers<span class=\"_ _0\"></span>. On c<span class=\"_ _0\"></span>ost reim<span class=\"_ _0\"></span>bur<span class=\"_ _0\"></span>sab<span class=\"_ _0\"></span>le c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts t<span class=\"_ _0\"></span>here are al<span class=\"_ _0\"></span>so </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:524.4325px;\">estim<span class=\"_ _0\"></span>ates req<span class=\"_ _0\"></span>uired o<span class=\"_ _0\"></span>n the level of d<span class=\"_ _0\"></span>isal<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>ble c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s whic<span class=\"_ _0\"></span>h requi<span class=\"_ _0\"></span>res </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:511.4325px;\">an ass<span class=\"_ _0\"></span>essm<span class=\"_ _0\"></span>ent of whet<span class=\"_ _0\"></span>her c<span class=\"_ _0\"></span>osts a<span class=\"_ _0\"></span>re recover<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e und<span class=\"_ _0\"></span>er the ter<span class=\"_ _0\"></span>ms of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:498.4325px;\">the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct an<span class=\"_ _0\"></span>d therefore sh<span class=\"_ _0\"></span>ould b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed as i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:485.4325px;\">Jud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents an<span class=\"_ _0\"></span>d esti<span class=\"_ _0\"></span>mates are revi<span class=\"_ _0\"></span>ewed reg<span class=\"_ _0\"></span>ular<span class=\"_ _0\"></span>ly thro<span class=\"_ _0\"></span>ugh<span class=\"_ _0\"></span>out th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:472.4325px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t life bas<span class=\"_ _0\"></span>ed on l<span class=\"_ _0\"></span>atest ava<span class=\"_ _0\"></span>ilab<span class=\"_ _0\"></span>le infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span><span class=\"_ _399\">d adju</span><span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span>s are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:459.4325px;\">mad<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>re nec<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y. The Gro<span class=\"_ _0\"></span>up co<span class=\"_ _0\"></span>ntinue<span class=\"_ _0\"></span><span class=\"_ _399\">s to regula</span><span class=\"_ _0\"></span>rly a<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:342.74948px; bottom:446.4325px;\">these judgements and estimat<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:342.74948px; bottom:426.9325px;\">As a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>ssets<span class=\"_ _0\"></span>, co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:342.74948px; bottom:413.9325px;\">and c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns amo<span class=\"_ _0\"></span>unted to \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>0m<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:400.9325px;\">re<span class=\"_ _6\"></span>spectiv<span class=\"_ _6\"></span>ely as set out in N<span class=\"_ _0\"></span>otes 2<span class=\"_ _0\"></span>3 and 2<span class=\"_ _0\"></span>6. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>ered </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:387.9325px;\">the na<span class=\"_ _0\"></span>ture of the es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>tes involve<span class=\"_ _0\"></span>d in der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ing the<span class=\"_ _0\"></span>se ba<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:374.9325px;\">con<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>hat it is p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e, on the b<span class=\"_ _0\"></span>asis of ex<span class=\"_ _0\"></span>istin<span class=\"_ _0\"></span>g know<span class=\"_ _0\"></span>led<span class=\"_ _0\"></span>ge, t<span class=\"_ _0\"></span>hat </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:361.9325px;\">outc<span class=\"_ _0\"></span>omes w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the nex<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r may be d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent from t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:348.9325px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s as<span class=\"_ _0\"></span>sump<span class=\"_ _0\"></span>tions a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lied a<span class=\"_ _0\"></span>s at 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d cou<span class=\"_ _0\"></span>ld </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:335.9325px;\">requi<span class=\"_ _0\"></span>re a materi<span class=\"_ _0\"></span>al ad<span class=\"_ _0\"></span>justm<span class=\"_ _0\"></span>ent to the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>ying a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>s of thes<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:322.9325px;\">and li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties in t<span class=\"_ _0\"></span>he nex<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al year. However<span class=\"_ _6\"></span>, d<span class=\"_ _0\"></span>ue to the l<span class=\"_ _0\"></span>evel of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:309.9325px;\">unce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, c<span class=\"_ _0\"></span>omb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion of c<span class=\"_ _0\"></span>ost an<span class=\"_ _0\"></span>d inc<span class=\"_ _0\"></span>ome va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>bles a<span class=\"_ _0\"></span>nd tim<span class=\"_ _0\"></span>ing </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:296.9325px;\">acro<span class=\"_ _0\"></span>ss a larg<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio of c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s (in exces<span class=\"_ _0\"></span>s of 1<span class=\"_ _6\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span><span class=\"_ _399\">) at d</span><span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws8e\" style=\"left:342.74948px; bottom:283.9325px;\">sta<span class=\"_ _0\"></span>ges of t<span class=\"_ _0\"></span>heir c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct li<span class=\"_ _0\"></span>fe, it is imp<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e to provi<span class=\"_ _0\"></span><span class=\"_ _399\">de a qu</span><span class=\"_ _0\"></span>antit<span class=\"_ _0\"></span>ative </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:342.74948px; bottom:270.9325px;\">anal<span class=\"_ _0\"></span>ysis of th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ated jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ments t<span class=\"_ _0\"></span>hat are ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ed at a p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o level.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:342.74948px; bottom:251.4325px;\">W<span class=\"_ _0\"></span>ithin th<span class=\"_ _0\"></span>is po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio, th<span class=\"_ _0\"></span>ere are a limite<span class=\"_ _0\"></span>d numb<span class=\"_ _0\"></span>er of lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:238.4325px;\">whe<span class=\"_ _0\"></span>re the Grou<span class=\"_ _0\"></span>p has in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>orate<span class=\"_ _0\"></span>d signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ments ove<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:225.4325px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tual e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>ments re<span class=\"_ _0\"></span>latin<span class=\"_ _0\"></span>g to recover<span class=\"_ _0\"></span>ies of c<span class=\"_ _0\"></span>laim in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me from </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:212.4325px;\">custom<span class=\"_ _0\"></span>ers a<span class=\"_ _0\"></span>nd liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>ated da<span class=\"_ _0\"></span>mag<span class=\"_ _0\"></span>es lev<span class=\"_ _0\"></span>ied by t<span class=\"_ _0\"></span>he cus<span class=\"_ _0\"></span>tomer. These </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:199.4325px;\">recover<span class=\"_ _0\"></span>ies h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d at the a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nt that is c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dere<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:186.4325px;\">highl<span class=\"_ _0\"></span>y pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le not to si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>ntly rever<span class=\"_ _0\"></span>se. Howeve<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>ere are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:173.4325px;\"><span class=\"_ _399\">a host of f</span><span class=\"_ _0\"></span>actor<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>otential o<span class=\"_ _0\"></span>utco<span class=\"_ _0\"></span>mes in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span><span class=\"_ _399\">t of the</span><span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:160.4325px;\">entitl<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch co<span class=\"_ _0\"></span>uld resu<span class=\"_ _0\"></span>lt in a ran<span class=\"_ _0\"></span>ge of rea<span class=\"_ _0\"></span>son<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>le </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:147.4325px;\">outcomes on<span class=\"_ _6\"></span> these contracts in<span class=\"_ _6\"></span> the following<span class=\"_ _6\"></span> financial year<span class=\"_ _17\"></span>, ranging </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:134.4325px;\">from a g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>52m to a lo<span class=\"_ _0\"></span>ss of \u00a3(<span class=\"_ _0\"></span>24)<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>irecto<span class=\"_ _0\"></span>rs have as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:121.43251px;\">the ra<span class=\"_ _0\"></span>nge of re<span class=\"_ _0\"></span>ason<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>le ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>ese lim<span class=\"_ _0\"></span>ited num<span class=\"_ _0\"></span>ber </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:108.43251px;\">of cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n fac<span class=\"_ _0\"></span>ts and c<span class=\"_ _0\"></span>ircum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces t<span class=\"_ _0\"></span>hat were p<span class=\"_ _0\"></span>resent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:95.43251px;\"><span class=\"_ _399\">and k</span><span class=\"_ _0\"></span>nown at t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. A<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th any co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ying </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:82.43251px;\">long<span class=\"_ _0\"></span>-term contract<span class=\"_ _6\"></span> ac<span class=\"_ _0\"></span>counting, t<span class=\"_ _6\"></span>hese contracts are<span class=\"_ _6\"></span> also affected </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:69.43251px;\"><span class=\"_ _399\">by a var</span><span class=\"_ _0\"></span>iet<span class=\"_ _0\"></span>y of unc<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>inties t<span class=\"_ _0\"></span>hat de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd on fu<span class=\"_ _0\"></span>ture events, a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:56.43251px;\"><span class=\"_ _399\">so of</span><span class=\"_ _0\"></span>ten nee<span class=\"_ _0\"></span>d to be revis<span class=\"_ _0\"></span>ed as c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s prog<span class=\"_ _0\"></span>ress.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:717.26245px;\">2 Principal accounting policies<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:701.01245px;\">2.<span class=\"_ _1\"></span>27 Ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d key s<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"ff4e\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.009376526px; bottom:688.01245px;\">cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:671.76245px;\">b<span class=\"_ _6\"></span>) Non-underlying<span class=\"_ _6\"></span> items (judgement)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:658.76245px;\">No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items a<span class=\"_ _0\"></span>re items of fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e whi<span class=\"_ _0\"></span>ch the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:645.76245px;\">Grou<span class=\"_ _0\"></span>p beli<span class=\"_ _0\"></span>eves shou<span class=\"_ _0\"></span>ld be p<span class=\"_ _0\"></span>resented s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>ratel<span class=\"_ _0\"></span>y on the fa<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:632.76245px;\">inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt to assist i<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:619.76245px;\">per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>chieve<span class=\"_ _0\"></span>d by the Gro<span class=\"_ _0\"></span>up. D<span class=\"_ _0\"></span>etermini<span class=\"_ _0\"></span>ng wh<span class=\"_ _0\"></span>ether an i<span class=\"_ _0\"></span>tem is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:606.76245px;\">par<span class=\"_ _0\"></span>t of u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing ite<span class=\"_ _0\"></span>ms or no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items re<span class=\"_ _0\"></span>quires j<span class=\"_ _0\"></span>udg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:593.76245px;\">A total no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing lo<span class=\"_ _0\"></span>ss af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>ax of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>5m) w<span class=\"_ _0\"></span>as </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:580.76245px;\">cha<span class=\"_ _0\"></span>rged to th<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt for the yea<span class=\"_ _0\"></span>r end<span class=\"_ _0\"></span>ed 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:567.76245px;\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2. Refer to Note 10.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:545.01245px;\">c) Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s me<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d at f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e thr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ugh O<span class=\"_ _0\"></span>CI </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:532.01245px;\">(judgement and estimate)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:519.01245px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a31<span class=\"_ _6\"></span>,<span class=\"_ _0\"></span>32<span class=\"_ _0\"></span>5m) of P<span class=\"_ _0\"></span>PP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:506.01245px;\">asset<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cted b<span class=\"_ _0\"></span>y the Gro<span class=\"_ _0\"></span>up\u2019s subsidi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, joint venture and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:493.01245px;\">asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es were cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d as fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets me<span class=\"_ _0\"></span>asured a<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:480.01245px;\">fair val<span class=\"_ _0\"></span>ue throu<span class=\"_ _0\"></span>gh O<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>. Jud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent is req<span class=\"_ _0\"></span>uired in d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ning th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:467.01245px;\">app<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate cl<span class=\"_ _0\"></span>assi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of thes<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s and h<span class=\"_ _0\"></span>ence t<span class=\"_ _0\"></span>he ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nting </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:454.01245px;\">treatm<span class=\"_ _0\"></span>ent requ<span class=\"_ _0\"></span>ired<span class=\"_ _0\"></span>. In the o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal ph<span class=\"_ _0\"></span>ase th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the<span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:441.01245px;\">fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset<span class=\"_ _0\"></span>s is me<span class=\"_ _0\"></span>asured a<span class=\"_ _0\"></span>t eac<span class=\"_ _0\"></span>h repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate by di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unting t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:428.01245px;\">future va<span class=\"_ _0\"></span>lue of the c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h flows a<span class=\"_ _0\"></span>lloc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>et. A ran<span class=\"_ _0\"></span>ge </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:415.01245px;\">of disc<span class=\"_ _0\"></span>ount r<span class=\"_ _0\"></span>ates is use<span class=\"_ _0\"></span>d from 4<span class=\"_ _0\"></span>.6% to 10.0% (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 1.8% to 7<span class=\"_ _17\"></span>.<span class=\"_ _0\"></span>2%), </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:402.01245px;\">whic<span class=\"_ _0\"></span>h reflec<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>e prevaili<span class=\"_ _0\"></span>ng risk-<span class=\"_ _0\"></span>free interes<span class=\"_ _0\"></span>t rates an<span class=\"_ _0\"></span>d the di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ferent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:389.01245px;\">risk prof<span class=\"_ _0\"></span>iles of th<span class=\"_ _0\"></span>e vari<span class=\"_ _0\"></span>ous c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>ons. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>se repre<span class=\"_ _0\"></span>sent key sourc<span class=\"_ _0\"></span>es </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:376.01245px;\">of estim<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n unc<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. R<span class=\"_ _0\"></span>efer to Note 4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:356.51245px;\">A \u00a3127<span class=\"_ _6\"></span>m l<span class=\"_ _0\"></span>oss w<span class=\"_ _0\"></span>as taken to othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>preh<span class=\"_ _0\"></span>ensive i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:343.51245px;\">(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m los<span class=\"_ _0\"></span>s) and a cu<span class=\"_ _0\"></span>mulat<span class=\"_ _0\"></span>ive fair v<span class=\"_ _0\"></span>alue g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _0\"></span>8m h<span class=\"_ _0\"></span>ad ar<span class=\"_ _0\"></span>isen </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:330.51245px;\">on the<span class=\"_ _0\"></span>se fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets as a resu<span class=\"_ _0\"></span>lt of mar<span class=\"_ _0\"></span>ket-<span class=\"_ _0\"></span>related m<span class=\"_ _0\"></span>oveme<span class=\"_ _0\"></span>nts in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:317.51245px;\">the fai<span class=\"_ _0\"></span>r value of t<span class=\"_ _0\"></span>hese fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls13f ws126\" style=\"left:0.009376526px; bottom:304.51245px;\">\u00a3305m<span class=\"_ _6\"></span> ga<span class=\"_ _6\"></span>in<span class=\"_ _6\"></span>).<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:281.76245px;\">d) Pr<span class=\"_ _0\"></span>ovi<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s (<span class=\"_ _0\"></span>jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>te)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:268.76245px;\">Provi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s are liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of unc<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain timi<span class=\"_ _0\"></span>ng or am<span class=\"_ _0\"></span>ount an<span class=\"_ _0\"></span>d therefore in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:255.76245px;\">mak<span class=\"_ _0\"></span>ing a reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e estim<span class=\"_ _0\"></span>ate of the qu<span class=\"_ _0\"></span>antum a<span class=\"_ _0\"></span>nd timin<span class=\"_ _0\"></span>g of lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:242.76245px;\">judg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt is ap<span class=\"_ _0\"></span>plie<span class=\"_ _0\"></span>d and re<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>evalu<span class=\"_ _0\"></span>ated at e<span class=\"_ _0\"></span>ach re<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ting d<span class=\"_ _0\"></span>ate. Th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:229.76248px;\">rang<span class=\"_ _0\"></span>e of potent<span class=\"_ _0\"></span>ial ou<span class=\"_ _0\"></span>tcom<span class=\"_ _0\"></span>es on c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns as a resul<span class=\"_ _0\"></span>t of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:216.76248px;\">unce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in future event<span class=\"_ _0\"></span>s cou<span class=\"_ _0\"></span>ld resul<span class=\"_ _0\"></span>t in a mater<span class=\"_ _0\"></span>iall<span class=\"_ _0\"></span>y po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>ve or neg<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:203.76248px;\">swin<span class=\"_ _0\"></span>g to profit<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y and c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:184.26248px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered t<span class=\"_ _0\"></span>he natu<span class=\"_ _0\"></span>re of these e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ates and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:719.1527px;\">con<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>hat it is p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e, on the b<span class=\"_ _0\"></span>asis of ex<span class=\"_ _0\"></span>istin<span class=\"_ _0\"></span>g know<span class=\"_ _0\"></span>led<span class=\"_ _0\"></span>ge, t<span class=\"_ _0\"></span>hat </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:706.1527px;\">outc<span class=\"_ _0\"></span>omes w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the nex<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r may be d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent from t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:693.1527px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s as<span class=\"_ _0\"></span>sump<span class=\"_ _0\"></span>tions a<span class=\"_ _0\"></span>nd jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lied as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:680.1527px;\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and c<span class=\"_ _0\"></span>ould re<span class=\"_ _0\"></span>quire a m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt to the c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:667.1527px;\">of asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>n the nex<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>. A<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sed in N<span class=\"_ _0\"></span>ote </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:654.1527px;\">26<span class=\"_ _0\"></span>, the m<span class=\"_ _0\"></span>ajor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of the G<span class=\"_ _0\"></span>roup\u2019s provisi<span class=\"_ _0\"></span>on ba<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>e relates to c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:641.1527px;\">provis<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>, whic<span class=\"_ _0\"></span>h inc<span class=\"_ _0\"></span>lude l<span class=\"_ _0\"></span>oss p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons, d<span class=\"_ _0\"></span>efect an<span class=\"_ _0\"></span>d war<span class=\"_ _0\"></span>rant<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:628.1527px;\">provis<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>, where e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ates are ma<span class=\"_ _0\"></span>de arou<span class=\"_ _0\"></span>nd forec<span class=\"_ _0\"></span>ast c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:615.1527px;\">judg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nts are ma<span class=\"_ _0\"></span>de on t<span class=\"_ _0\"></span>iming a<span class=\"_ _0\"></span>nd wh<span class=\"_ _0\"></span>ether i<span class=\"_ _0\"></span>t is prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le the<span class=\"_ _0\"></span>re will </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:602.1527px;\">be an o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>flow of fu<span class=\"_ _0\"></span>ture ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mic be<span class=\"_ _0\"></span>nefit<span class=\"_ _0\"></span>. Co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t lo<span class=\"_ _0\"></span>ss prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:589.1527px;\">may als<span class=\"_ _0\"></span>o inc<span class=\"_ _0\"></span>lude e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ates aroun<span class=\"_ _0\"></span>d var<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>le co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on as d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:576.1527px;\">in Note 2.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>7(a). However<span class=\"_ _6\"></span>, du<span class=\"_ _0\"></span>e to the level of u<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, c<span class=\"_ _0\"></span>omb<span class=\"_ _0\"></span>inati<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:563.1527px;\">of vari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es and t<span class=\"_ _0\"></span>iming a<span class=\"_ _0\"></span>cros<span class=\"_ _0\"></span>s a larg<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio of c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>lex cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts at </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:550.1527px;\">dif<span class=\"_ _0\"></span>ferent st<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es of thei<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t life, it is im<span class=\"_ _0\"></span>pra<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ble to prov<span class=\"_ _0\"></span>ide a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:537.1527px;\">qua<span class=\"_ _0\"></span>ntita<span class=\"_ _0\"></span>tive an<span class=\"_ _0\"></span>alys<span class=\"_ _0\"></span>is of the a<span class=\"_ _0\"></span>ggre<span class=\"_ _0\"></span>gated j<span class=\"_ _0\"></span>udg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nts tha<span class=\"_ _0\"></span>t are app<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>d at </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:524.1527px;\">a por<span class=\"_ _1\"></span>tfol<span class=\"_ _0\"></span>io level.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:504.6527px;\">T<span class=\"_ _6\"></span>o the ex<span class=\"_ _0\"></span>tent th<span class=\"_ _0\"></span>at the se<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sed in N<span class=\"_ _0\"></span>ote 2.<span class=\"_ _0\"></span>27(a) af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:491.6527px;\">los<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>mak<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>, this w<span class=\"_ _0\"></span>ill have an i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:478.6527px;\">provis<span class=\"_ _0\"></span>ions in t<span class=\"_ _0\"></span>he nex<span class=\"_ _0\"></span>t fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al year.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:455.9027px;\">e) Ret<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ef<span class=\"_ _1\"></span>it ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns (<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:442.9027px;\">Det<span class=\"_ _0\"></span>ails of th<span class=\"_ _0\"></span>e Group\u2019s define<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n sch<span class=\"_ _0\"></span>emes a<span class=\"_ _0\"></span>re set out in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:429.9027px;\">Note 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>bles s<span class=\"_ _0\"></span>howin<span class=\"_ _0\"></span>g the se<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>y of the pen<span class=\"_ _0\"></span>sion </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:416.9027px;\">sche<span class=\"_ _0\"></span>me ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns and a<span class=\"_ _0\"></span>ssets to d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:397.4027px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he net retirem<span class=\"_ _0\"></span>ent ben<span class=\"_ _0\"></span>efit as<span class=\"_ _0\"></span>sets rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:343.57272px; bottom:384.4027px;\">on the G<span class=\"_ _0\"></span>roup\u2019s bala<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet were \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>31<span class=\"_ _6\"></span>m). T<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:371.4027px;\">of cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n the ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>rial a<span class=\"_ _0\"></span>ssum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying t<span class=\"_ _0\"></span>he sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s\u2019 </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:358.4027px;\">obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>nd dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rates an<span class=\"_ _0\"></span>d the di<span class=\"_ _0\"></span>ffere<span class=\"_ _0\"></span>nces b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:345.4027px;\">and ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l returns o<span class=\"_ _0\"></span>n the sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>es\u2019 asset<span class=\"_ _0\"></span>s are cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ied a<span class=\"_ _0\"></span>s actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:332.4027px;\">gain<span class=\"_ _0\"></span>s and lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s. Dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised n<span class=\"_ _0\"></span>et actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:319.4027px;\">los<span class=\"_ _0\"></span>ses of \u00a3<span class=\"_ _0\"></span>51<span class=\"_ _17\"></span>m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>105<span class=\"_ _0\"></span>m ga<span class=\"_ _0\"></span>ins) in O<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g its sh<span class=\"_ _0\"></span>are of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:306.4027px;\">act<span class=\"_ _0\"></span>uari<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>ains an<span class=\"_ _0\"></span>d loss<span class=\"_ _0\"></span>es ari<span class=\"_ _0\"></span>sing in j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:286.9027px;\">Jud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent is ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ed wh<span class=\"_ _0\"></span>en ass<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>ng the re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on of the p<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:273.9027px;\">surp<span class=\"_ _0\"></span>lus. A<span class=\"_ _0\"></span>ny sur<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>us of defi<span class=\"_ _0\"></span>cit c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ions to th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:260.9027px;\">Pensi<span class=\"_ _0\"></span>on Fund (<span class=\"_ _0\"></span>BB<span class=\"_ _0\"></span>PF<span class=\"_ _0\"></span>) an<span class=\"_ _0\"></span>d the R<span class=\"_ _0\"></span>ailw<span class=\"_ _0\"></span>ays Pens<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me (R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S) wo<span class=\"_ _0\"></span>uld </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:247.90271px;\">be rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble by w<span class=\"_ _0\"></span>ay of a refund as<span class=\"_ _0\"></span>, acc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ing to the rel<span class=\"_ _0\"></span>evant tr<span class=\"_ _0\"></span>ust </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:234.90271px;\">dee<span class=\"_ _0\"></span>d and r<span class=\"_ _0\"></span>ules d<span class=\"_ _0\"></span>ocu<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as the un<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al rig<span class=\"_ _0\"></span>ht to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:221.90268px;\">the sur<span class=\"_ _0\"></span>plu<span class=\"_ _0\"></span>s and c<span class=\"_ _0\"></span>ontrols t<span class=\"_ _0\"></span>he ru<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f of t<span class=\"_ _0\"></span>he ben<span class=\"_ _0\"></span>efit o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns on<span class=\"_ _0\"></span>ce all </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:208.90268px;\">other o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons of th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F and R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S have b<span class=\"_ _0\"></span>een set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed. </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:154.36249px;\">3 E<span class=\"_ _0\"></span>xch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:141.36249px;\">Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing key exchang<span class=\"_ _0\"></span>e rates were a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lied in t<span class=\"_ _0\"></span>hese f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents:<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:118.61249px;\">Av<span class=\"_ _6\"></span>erage rates<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.009376526px; bottom:104.31247px;\">\u00a31 buys<span class=\"_ _249\"> </span><span class=\"ls139 ws120\">2022<span class=\"_ _9a\"> </span><span class=\"ff4e ls13a ws121\">2<span class=\"_ _0\"></span>021<span class=\"_ _142\"> </span><span class=\"ls13b ws122\">Change<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:88.98288px;\">US$<span class=\"_ _24a\"> </span><span class=\"ff4d ls9e wsb3\">1.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _b0\"> </span></span><span class=\"ls1b4 ws110\">1.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>7<span class=\"_ _ce\"> </span><span class=\"lse ws93\">(<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)%<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:74.95328px;\">HK$<span class=\"_ _24a\"> </span><span class=\"ff4d lsbd ws97\">9<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>2<span class=\"_ _a0\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _c0\"> </span><span class=\"lsff wse6\">(<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>.1)<span class=\"_ _0\"></span>%<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:46.35327px;\">Closing rates<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.009376526px; bottom:32.053284px;\">\u00a31 buys<span class=\"_ _249\"> </span><span class=\"ls139 ws120\">2022<span class=\"_ _9a\"> </span><span class=\"ff4e ls13a ws121\">2<span class=\"_ _0\"></span>021<span class=\"_ _142\"> </span><span class=\"ls13b ws122\">Change<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:16.723694px;\">US$<span class=\"_ _24a\"> </span><span class=\"ff4d ls9e wsb3\">1.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _b0\"> </span></span><span class=\"ls1b4 ws110\">1.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _c8\"> </span>(<span class=\"_ _0\"></span>11.<span class=\"_ _6\"></span>1)<span class=\"_ _0\"></span>%<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:2.6940918px;\">HK$<span class=\"_ _24a\"> </span><span class=\"ff4d ls8e wse2\">9.39<span class=\"_ _a0\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>2<span class=\"_ _d2\"> </span>(10<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>)%<span class=\"_ _399\"> </span></span></div>4 R<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _399\"> </span>4.<span class=\"_ _6\"></span>1 N<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ovi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d 4.<span class=\"_ _6\"></span>1.<span class=\"_ _17\"></span>1 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nt enc<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>s ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to the p<span class=\"_ _0\"></span>hysic<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion of as<span class=\"_ _0\"></span>sets p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed to pu<span class=\"_ _0\"></span>blic a<span class=\"_ _0\"></span>nd pri<span class=\"_ _0\"></span>vate cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s. Revenu<span class=\"_ _0\"></span>e gene<span class=\"_ _0\"></span>rated in t<span class=\"_ _0\"></span>his seg<span class=\"_ _0\"></span>ment is m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red over tim<span class=\"_ _0\"></span>e as co<span class=\"_ _0\"></span>ntrol p<span class=\"_ _0\"></span>asse<span class=\"_ _0\"></span>s to the cus<span class=\"_ _0\"></span>tomer a<span class=\"_ _0\"></span>s the as<span class=\"_ _0\"></span>set is co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>ucte<span class=\"_ _0\"></span>d. Pro<span class=\"_ _0\"></span>gress i<span class=\"_ _0\"></span>s measu<span class=\"_ _0\"></span>red by referenc<span class=\"_ _0\"></span>e to the co<span class=\"_ _0\"></span>st inc<span class=\"_ _0\"></span>urre<span class=\"_ _0\"></span>d on the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act to d<span class=\"_ _0\"></span>ate co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>red to the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s end of job fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t (the i<span class=\"_ _0\"></span>nput metho<span class=\"_ _0\"></span>d). Pay<span class=\"_ _0\"></span>ment ter<span class=\"_ _0\"></span>ms are b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n a sch<span class=\"_ _0\"></span>edu<span class=\"_ _0\"></span>le of valu<span class=\"_ _0\"></span>e that is s<span class=\"_ _0\"></span>et out in th<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t and fa<span class=\"_ _0\"></span>irl<span class=\"_ _0\"></span>y reflec<span class=\"_ _0\"></span>t the tim<span class=\"_ _0\"></span>ing an<span class=\"_ _0\"></span>d per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce deli<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y. Contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h custo<span class=\"_ _0\"></span>mers a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>ypi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>lly ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unted for as o<span class=\"_ _0\"></span>ne pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>PO<span class=\"_ _0\"></span>).<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ts<span class=\"_ _ba\"> </span><span class=\"ls130 ws119\">T<span class=\"_ _6\"></span>ypical contract length<span class=\"_ _119\"> </span><span class=\"ls3 ws0\">N<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e, t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g o<span class=\"_ _0\"></span>f sa<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sf<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n of p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nt p<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></span></span>Buildings <span class=\"_ _c0\"> </span><span class=\"ff4e ls3 ws0\">12 t<span class=\"_ _6\"></span>o 3<span class=\"_ _1\"></span>6 months<span class=\"_ _11c\"> </span>Th<span class=\"_ _0\"></span>e Group c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cts b<span class=\"_ _0\"></span>uild<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s whic<span class=\"_ _0\"></span>h incl<span class=\"_ _0\"></span>ude c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l, hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are, e<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on, reta<span class=\"_ _0\"></span>il and </span>resid<span class=\"_ _0\"></span>ential a<span class=\"_ _0\"></span>ssets<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t of i<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, the Gro<span class=\"_ _0\"></span>up prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s a rang<span class=\"_ _0\"></span>e of ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g desi<span class=\"_ _0\"></span>gn an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>/or bui<span class=\"_ _0\"></span>ld, m<span class=\"_ _0\"></span>ech<span class=\"_ _0\"></span>anic<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d ele<span class=\"_ _0\"></span>ctr<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring<span class=\"_ _0\"></span>, shel<span class=\"_ _0\"></span>l and c<span class=\"_ _0\"></span>ore and<span class=\"_ _0\"></span>/o<span class=\"_ _0\"></span>r fit-<span class=\"_ _1\"></span>out and inter<span class=\"_ _0\"></span>ior refur<span class=\"_ _0\"></span>bish<span class=\"_ _0\"></span>ment. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup\u2019s custome<span class=\"_ _0\"></span>rs in thi<span class=\"_ _0\"></span>s area are a mi<span class=\"_ _0\"></span>x of pri<span class=\"_ _0\"></span>vate and p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c entiti<span class=\"_ _0\"></span>es.<span class=\"_ _0\"></span> Th<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t leng<span class=\"_ _0\"></span>th d<span class=\"_ _0\"></span>epe<span class=\"_ _0\"></span>nds o<span class=\"_ _0\"></span>n the co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lexit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d sc<span class=\"_ _0\"></span>ale of th<span class=\"_ _0\"></span>e buil<span class=\"_ _0\"></span>ding a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts entere<span class=\"_ _0\"></span>d into for these s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>ypi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>lly fi<span class=\"_ _0\"></span>xed pri<span class=\"_ _0\"></span>ce.<span class=\"_ _399\"> </span>In mos<span class=\"_ _0\"></span>t inst<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>es, th<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t wit<span class=\"_ _0\"></span>h the cu<span class=\"_ _0\"></span>stomer i<span class=\"_ _0\"></span>s asse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d to only c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>in one P<span class=\"_ _0\"></span>O as t<span class=\"_ _0\"></span>he ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s provid<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng tho<span class=\"_ _0\"></span>se wh<span class=\"_ _0\"></span>ere the Gro<span class=\"_ _0\"></span>up is al<span class=\"_ _0\"></span>so provi<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g desi<span class=\"_ _0\"></span>gn ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s, are hig<span class=\"_ _0\"></span>hly inter<span class=\"_ _0\"></span>relate<span class=\"_ _0\"></span>d. H<span class=\"_ _0\"></span>owever<span class=\"_ _6\"></span>, for c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pes of c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s, ser<span class=\"_ _1\"></span>vic<span class=\"_ _0\"></span>es relat<span class=\"_ _0\"></span>ing to fit-<span class=\"_ _1\"></span>out a<span class=\"_ _0\"></span>nd interi<span class=\"_ _0\"></span>or refur<span class=\"_ _0\"></span>bishm<span class=\"_ _0\"></span>ent may so<span class=\"_ _0\"></span>metim<span class=\"_ _0\"></span>es be a<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>sed a<span class=\"_ _0\"></span>s a sep<span class=\"_ _0\"></span>arate P<span class=\"_ _0\"></span>O.<span class=\"_ _399\"> </span>Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _bd\"> </span><span class=\"ff4e ls3 ws0\">1 to 3 mo<span class=\"_ _0\"></span>nths for </span>small<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>scale infrastructure works 24 to 6<span class=\"_ _0\"></span>0 month<span class=\"_ _0\"></span>s for large<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>scale complex construction<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p provid<span class=\"_ _0\"></span>es c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tion s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices for t<span class=\"_ _0\"></span>hree ma<span class=\"_ _0\"></span>in t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>es of infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure asset<span class=\"_ _0\"></span>s: highwa<span class=\"_ _0\"></span>ys, rail<span class=\"_ _0\"></span>ways an<span class=\"_ _0\"></span>d other l<span class=\"_ _0\"></span>arge<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ale infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ture ass<span class=\"_ _0\"></span>ets suc<span class=\"_ _0\"></span>h as was<span class=\"_ _0\"></span>te, water and e<span class=\"_ _0\"></span>nerg<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>ants.<span class=\"_ _399\"> </span>Hig<span class=\"_ _0\"></span>hways rep<span class=\"_ _0\"></span>resent the G<span class=\"_ _0\"></span>roup\u2019s acti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies in c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ting m<span class=\"_ _0\"></span>otor<span class=\"_ _0\"></span>way<span class=\"_ _0\"></span>s in the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, US an<span class=\"_ _0\"></span>d Ho<span class=\"_ _0\"></span>ng Kong<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>udes a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties su<span class=\"_ _0\"></span>ch as d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>n and co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion of ro<span class=\"_ _0\"></span>ads<span class=\"_ _0\"></span>, wid<span class=\"_ _0\"></span>enin<span class=\"_ _0\"></span>g of existin<span class=\"_ _0\"></span>g motor<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ays or c<span class=\"_ _0\"></span>onver<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g existin<span class=\"_ _0\"></span>g motor<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ays. T<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ain cu<span class=\"_ _0\"></span>stomer<span class=\"_ _0\"></span>s are gover<span class=\"_ _0\"></span>nme<span class=\"_ _0\"></span>nt bo<span class=\"_ _0\"></span>dies<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Railway construc<span class=\"_ _0\"></span>tion ser<span class=\"_ _0\"></span>vices include desig<span class=\"_ _0\"></span>n and managing the constructio<span class=\"_ _0\"></span>n of railway syst<span class=\"_ _6\"></span>ems deli<span class=\"_ _0\"></span>verin<span class=\"_ _0\"></span>g maj<span class=\"_ _0\"></span>or mult<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>iplin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, trac<span class=\"_ _0\"></span>k work<span class=\"_ _0\"></span>, el<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>rifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d powe<span class=\"_ _0\"></span>r supp<span class=\"_ _0\"></span>ly. The Gro<span class=\"_ _0\"></span>up ser<span class=\"_ _0\"></span>ves b<span class=\"_ _0\"></span>oth pu<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>c and pr<span class=\"_ _0\"></span>ivate r<span class=\"_ _0\"></span>ailw<span class=\"_ _0\"></span>ays inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng hig<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>eed p<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>eng<span class=\"_ _0\"></span>er rail<span class=\"_ _0\"></span>ways<span class=\"_ _0\"></span>, freight a<span class=\"_ _0\"></span>nd mixe<span class=\"_ _0\"></span>d traf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>c routes, d<span class=\"_ _0\"></span>ense c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>uter net<span class=\"_ _0\"></span>wor<span class=\"_ _0\"></span>ks, met<span class=\"_ _0\"></span>ros and li<span class=\"_ _0\"></span>ght ra<span class=\"_ _0\"></span>il.<span class=\"_ _399\"> </span>Ot<span class=\"_ _0\"></span>her infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure asset<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>lude c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, de<span class=\"_ _0\"></span>sign a<span class=\"_ _0\"></span>nd bui<span class=\"_ _0\"></span>ld ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s on lar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>sca<span class=\"_ _0\"></span>le co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ex asset<span class=\"_ _0\"></span>s pred<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>antly s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>icin<span class=\"_ _0\"></span>g the wa<span class=\"_ _0\"></span>ste, water an<span class=\"_ _0\"></span>d energ<span class=\"_ _0\"></span>y se<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts e<span class=\"_ _0\"></span>ntered into relati<span class=\"_ _0\"></span>ng to thes<span class=\"_ _0\"></span>e infras<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture a<span class=\"_ _0\"></span>ssets c<span class=\"_ _0\"></span>an t<span class=\"_ _0\"></span>ake the form of f<span class=\"_ _0\"></span>ixed<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>pri<span class=\"_ _0\"></span>ce, cost-<span class=\"_ _0\"></span>plus or target-<span class=\"_ _1\"></span>cost contracts with shared pain<span class=\"_ _0\"></span>/gain mechanisms. C<span class=\"_ _0\"></span>ontract lengths var<span class=\"_ _0\"></span>y acc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ing to the size an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>mplex<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of the a<span class=\"_ _0\"></span>sset bu<span class=\"_ _0\"></span>ild an<span class=\"_ _0\"></span>d can r<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e from a few mont<span class=\"_ _0\"></span>hs for small<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>ale infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure works to fou<span class=\"_ _0\"></span>r to five year<span class=\"_ _0\"></span>s for lar<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>scal<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ex const<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n works<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>In mos<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ses, t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t its<span class=\"_ _0\"></span>elf rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>s a singl<span class=\"_ _0\"></span>e P<span class=\"_ _0\"></span>O where o<span class=\"_ _0\"></span>nly th<span class=\"_ _0\"></span>e des<span class=\"_ _0\"></span>ign an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on elem<span class=\"_ _0\"></span>ents are c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d. In so<span class=\"_ _0\"></span>me ins<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, the co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct wi<span class=\"_ _0\"></span>th the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er will i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de m<span class=\"_ _0\"></span>aintenan<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span> of the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted ass<span class=\"_ _0\"></span>et. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p ass<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>s the ma<span class=\"_ _0\"></span>intenan<span class=\"_ _0\"></span>ce ele<span class=\"_ _0\"></span>ment as a s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>rate P<span class=\"_ _0\"></span>O and<span class=\"_ _0\"></span> revenue from t<span class=\"_ _0\"></span>his P<span class=\"_ _0\"></span>O is reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nt. Refer to N<span class=\"_ _0\"></span>ote 4.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>4.<span class=\"_ _6\"></span>1.2 S<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s wo<span class=\"_ _0\"></span>rk in thi<span class=\"_ _0\"></span>s segm<span class=\"_ _0\"></span>ent sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ts exis<span class=\"_ _0\"></span>ting as<span class=\"_ _0\"></span>sets t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h maint<span class=\"_ _0\"></span>ainin<span class=\"_ _0\"></span>g, up<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>adin<span class=\"_ _0\"></span>g and m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ging s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces a<span class=\"_ _0\"></span>cros<span class=\"_ _0\"></span>s utili<span class=\"_ _0\"></span>ties an<span class=\"_ _0\"></span>d infras<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>. Revenue g<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>ated in th<span class=\"_ _0\"></span>is seg<span class=\"_ _0\"></span>ment is m<span class=\"_ _0\"></span>easure<span class=\"_ _0\"></span>d over tim<span class=\"_ _0\"></span>e as co<span class=\"_ _0\"></span>ntrol pa<span class=\"_ _0\"></span>sses to th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer as a<span class=\"_ _0\"></span>nd wh<span class=\"_ _0\"></span>en ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s are provi<span class=\"_ _0\"></span>ded<span class=\"_ _0\"></span>. Pro<span class=\"_ _0\"></span>gres<span class=\"_ _0\"></span>s is mea<span class=\"_ _0\"></span>sured by referenc<span class=\"_ _0\"></span>e to the c<span class=\"_ _0\"></span>ost in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t to date co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>red to the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s end of job fore<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>st (th<span class=\"_ _0\"></span>e inpu<span class=\"_ _0\"></span>t metho<span class=\"_ _0\"></span>d). Pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s are str<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ured as mi<span class=\"_ _0\"></span>leston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s set out in t<span class=\"_ _0\"></span>he resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ts<span class=\"_ _ba\"> </span>Na<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e, t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g of s<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f p<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d si<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t pa<span class=\"_ _0\"></span>ym<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt t<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Utilities <span class=\"_ _118\"> </span><span class=\"ff4e ls3 ws0\">Wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>es sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s to vario<span class=\"_ _0\"></span>us t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pes of u<span class=\"_ _0\"></span>tilit<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s. </span>For c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng powe<span class=\"_ _0\"></span>r tran<span class=\"_ _0\"></span>smiss<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d dist<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span>s, the G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ts an<span class=\"_ _0\"></span>d maint<span class=\"_ _0\"></span>ains e<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>y n<span class=\"_ _0\"></span>etw<span class=\"_ _0\"></span>orks<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g repl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>ment or n<span class=\"_ _0\"></span>ew buil<span class=\"_ _0\"></span>d of overhe<span class=\"_ _0\"></span>ad lin<span class=\"_ _0\"></span>es, un<span class=\"_ _0\"></span>derg<span class=\"_ _0\"></span>round c<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ling<span class=\"_ _0\"></span>, c<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e tunne<span class=\"_ _0\"></span>ls and of<span class=\"_ _0\"></span>fsh<span class=\"_ _0\"></span>ore win<span class=\"_ _0\"></span>d far<span class=\"_ _0\"></span>m mainten<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e. Co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts e<span class=\"_ _0\"></span>ntered into are nor<span class=\"_ _0\"></span>mal<span class=\"_ _0\"></span>ly fi<span class=\"_ _0\"></span>xed<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e and c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct le<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ths c<span class=\"_ _0\"></span>an var<span class=\"_ _1\"></span>y from 1<span class=\"_ _6\"></span>2 to 3<span class=\"_ _0\"></span>6 m<span class=\"_ _0\"></span>onths<span class=\"_ _0\"></span>, and up to 2<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s for off<span class=\"_ _0\"></span>shore w<span class=\"_ _0\"></span>ind far<span class=\"_ _0\"></span>m ma<span class=\"_ _0\"></span>intenan<span class=\"_ _0\"></span>ce co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. Eac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t is no<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>lly as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sed to co<span class=\"_ _0\"></span>ntai<span class=\"_ _0\"></span>n one P<span class=\"_ _0\"></span>O. However, where a contract contains both a construc<span class=\"_ _0\"></span>tion phase and a maintenance phase, these are<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sessed to contain two separate POs<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>For c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ng uti<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>sets, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p provi<span class=\"_ _0\"></span>des s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces su<span class=\"_ _0\"></span>ch as ren<span class=\"_ _0\"></span>ewal, u<span class=\"_ _0\"></span>pgr<span class=\"_ _0\"></span>ade a<span class=\"_ _0\"></span>nd exp<span class=\"_ _0\"></span>ansio<span class=\"_ _0\"></span>n of und<span class=\"_ _0\"></span>ergro<span class=\"_ _0\"></span>und main p<span class=\"_ _0\"></span>ipe<span class=\"_ _0\"></span>lines for a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span>in the g<span class=\"_ _0\"></span>as net<span class=\"_ _0\"></span>wor<span class=\"_ _0\"></span>k. W<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin the w<span class=\"_ _0\"></span>ater net<span class=\"_ _0\"></span>wor<span class=\"_ _0\"></span>k, se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de cl<span class=\"_ _0\"></span>ean an<span class=\"_ _0\"></span>d waste wa<span class=\"_ _0\"></span>ter main<span class=\"_ _0\"></span>s renewal a<span class=\"_ _0\"></span>nd rep<span class=\"_ _0\"></span>air, metering and t<span class=\"_ _0\"></span>reatme<span class=\"_ _0\"></span>nt faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s. C<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ally d<span class=\"_ _0\"></span>elive<span class=\"_ _0\"></span>red throu<span class=\"_ _0\"></span>gh fr<span class=\"_ _0\"></span>amewor<span class=\"_ _0\"></span>k agre<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s whic<span class=\"_ _0\"></span>h are nor<span class=\"_ _0\"></span>mall<span class=\"_ _0\"></span>y gr<span class=\"_ _0\"></span>anted on a reg<span class=\"_ _0\"></span>ulato<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y cyc<span class=\"_ _0\"></span>le pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of five ye<span class=\"_ _0\"></span>ars for w<span class=\"_ _0\"></span>ater cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts an<span class=\"_ _0\"></span>d eight ye<span class=\"_ _0\"></span>ars for g<span class=\"_ _0\"></span>as c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>. Ind<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>l instr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tions d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>vered un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e fram<span class=\"_ _0\"></span>ework a<span class=\"_ _0\"></span>greem<span class=\"_ _0\"></span>ents c<span class=\"_ _0\"></span>an va<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y in size and d<span class=\"_ _0\"></span>urat<span class=\"_ _0\"></span>ion bu<span class=\"_ _0\"></span>t usua<span class=\"_ _0\"></span>lly l<span class=\"_ _0\"></span>ast bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en one to si<span class=\"_ _0\"></span>x weeks for sm<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>r proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s or up to on<span class=\"_ _0\"></span>e to two ye<span class=\"_ _0\"></span>ars for m<span class=\"_ _0\"></span>ajo<span class=\"_ _0\"></span>r proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>. Ea<span class=\"_ _0\"></span>ch inst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n is ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted for as a se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate PO. Pay<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>re nor<span class=\"_ _0\"></span>mall<span class=\"_ _0\"></span>y set ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ing to a sc<span class=\"_ _0\"></span>hed<span class=\"_ _0\"></span>ule of rates o<span class=\"_ _0\"></span>r are co<span class=\"_ _0\"></span>st reimb<span class=\"_ _0\"></span>urs<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e and m<span class=\"_ _0\"></span>ay inc<span class=\"_ _0\"></span>lude a p<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>/g<span class=\"_ _0\"></span>ain ele<span class=\"_ _0\"></span>ment. Infrastruc<span class=\"_ _0\"></span>ture <span class=\"_ _23\"> </span><span class=\"ff4e ls3 ws0\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p provi<span class=\"_ _0\"></span>des m<span class=\"_ _0\"></span>aintenan<span class=\"_ _0\"></span>ce, as<span class=\"_ _0\"></span>set and n<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>work m<span class=\"_ _0\"></span>anag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt and d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>n ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of hi<span class=\"_ _0\"></span>ghways<span class=\"_ _0\"></span>, rail<span class=\"_ _0\"></span>ways an<span class=\"_ _0\"></span>d </span>other p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>cly av<span class=\"_ _0\"></span>aila<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>ssets<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he custo<span class=\"_ _0\"></span>mer in t<span class=\"_ _0\"></span>his area of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p is mai<span class=\"_ _0\"></span>nly g<span class=\"_ _0\"></span>overnm<span class=\"_ _0\"></span>ent bo<span class=\"_ _0\"></span>die<span class=\"_ _0\"></span>s. T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>s of cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t incl<span class=\"_ _0\"></span>ude a fixed sc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>dule of r<span class=\"_ _0\"></span>ates, fi<span class=\"_ _0\"></span>xed<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e, tar<span class=\"_ _0\"></span>get-<span class=\"_ _1\"></span>cos<span class=\"_ _0\"></span>t arra<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>st-<span class=\"_ _1\"></span>plus. Co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t term<span class=\"_ _0\"></span>s rang<span class=\"_ _0\"></span>e from 1 to 25 ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. Wh<span class=\"_ _0\"></span>ere co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e a lifec<span class=\"_ _0\"></span>ycle e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nt, thi<span class=\"_ _0\"></span>s is acc<span class=\"_ _0\"></span>ounte<span class=\"_ _0\"></span>d for as a sep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>te <span class=\"_ _399\">PO a</span><span class=\"_ _0\"></span>nd rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised w<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e work is d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>vered.<span class=\"_ _399\"> </span>4 R<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>4.<span class=\"_ _6\"></span>1 N<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ovi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>4.<span class=\"_ _17\"></span>1.3 I<span class=\"_ _6\"></span>nf<span class=\"_ _0\"></span>rastruc<span class=\"_ _0\"></span>ture Inv<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>stment<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p invests d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tly in a v<span class=\"_ _0\"></span>ariet<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>ssets<span class=\"_ _0\"></span>, pred<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>antl<span class=\"_ _0\"></span>y cons<span class=\"_ _0\"></span>istin<span class=\"_ _0\"></span>g of infras<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture as<span class=\"_ _0\"></span>sets w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>ere are op<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>tunitie<span class=\"_ _0\"></span>s to mana<span class=\"_ _0\"></span>ge <span class=\"_ _399\">the as</span><span class=\"_ _0\"></span>set up<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>etion of c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up als<span class=\"_ _0\"></span>o invests i<span class=\"_ _0\"></span>n real est<span class=\"_ _0\"></span>ate t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe as<span class=\"_ _0\"></span>sets, i<span class=\"_ _0\"></span>n par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icul<span class=\"_ _0\"></span>ar pr<span class=\"_ _0\"></span>ivate resi<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>al and s<span class=\"_ _0\"></span>tud<span class=\"_ _0\"></span>ent acc<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span>s. Revenu<span class=\"_ _0\"></span>e gen<span class=\"_ _0\"></span>erate<span class=\"_ _0\"></span>d in this se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nt is from th<span class=\"_ _0\"></span>e provisi<span class=\"_ _0\"></span>on of co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, mainten<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e and ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices <span class=\"_ _399\">and als</span><span class=\"_ _0\"></span>o from th<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion of rent<span class=\"_ _0\"></span>al inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>trateg<span class=\"_ _0\"></span>y is to ho<span class=\"_ _0\"></span>ld the<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>ets until o<span class=\"_ _0\"></span>ptim<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>es are ac<span class=\"_ _0\"></span>hieved t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span><span class=\"_ _399\">al of matu</span><span class=\"_ _0\"></span>re asset<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s of s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s <span class=\"_ _32\"> </span>Na<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e, t<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>f s<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n o<span class=\"_ _0\"></span>f pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t pay<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>s Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e conce<span class=\"_ _0\"></span>ssion<span class=\"_ _0\"></span>s Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ope<span class=\"_ _0\"></span>rates a U<span class=\"_ _0\"></span>K and U<span class=\"_ _0\"></span>S por<span class=\"_ _1\"></span>tfoli<span class=\"_ _0\"></span>o of ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion as<span class=\"_ _0\"></span>sets c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>ets in the ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>s, he<span class=\"_ _0\"></span>althc<span class=\"_ _0\"></span>are, s<span class=\"_ _0\"></span>tude<span class=\"_ _0\"></span>nt acc<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, bio<span class=\"_ _0\"></span>mas<span class=\"_ _0\"></span>s and w<span class=\"_ _0\"></span>aste and of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>hore tr<span class=\"_ _0\"></span>ansmis<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>ecto<span class=\"_ _0\"></span>rs. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unts for t<span class=\"_ _0\"></span>hese as<span class=\"_ _0\"></span>sets un<span class=\"_ _0\"></span>der I<span class=\"_ _0\"></span>FR<span class=\"_ _0\"></span>IC 12 Ser<span class=\"_ _0\"></span>vice C<span class=\"_ _0\"></span>oncession Ar<span class=\"_ _0\"></span>rangements. Wh<span class=\"_ _0\"></span>ere the G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ts an<span class=\"_ _0\"></span>d maint<span class=\"_ _0\"></span>ains t<span class=\"_ _0\"></span>hese as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>, the t<span class=\"_ _0\"></span>wo se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es are d<span class=\"_ _0\"></span>eeme<span class=\"_ _0\"></span>d to be se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ate per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span> and ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unted for se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ately. If the mai<span class=\"_ _0\"></span>ntenanc<span class=\"_ _0\"></span>e ph<span class=\"_ _0\"></span>ase inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>es a lifec<span class=\"_ _0\"></span>ycle e<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nt, thi<span class=\"_ _0\"></span>s is co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>ered to be a s<span class=\"_ _0\"></span>epa<span class=\"_ _0\"></span>rate P<span class=\"_ _0\"></span>O. Co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t term<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>n be up to 4<span class=\"_ _0\"></span>0 ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Group re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>s revenue over ti<span class=\"_ _0\"></span>me usin<span class=\"_ _0\"></span>g the in<span class=\"_ _0\"></span>put met<span class=\"_ _0\"></span>hod<span class=\"_ _0\"></span>. C<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tion is p<span class=\"_ _0\"></span>aid<span class=\"_ _0\"></span> throug<span class=\"_ _0\"></span>h a fixed u<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt cha<span class=\"_ _0\"></span>rge sp<span class=\"_ _0\"></span>read over t<span class=\"_ _0\"></span>he life of the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>. Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>om t<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e is p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Bu<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>r Ut<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s in N<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>te 4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>. Management se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es The Group provides real estate<span class=\"_ _6\"></span> man<span class=\"_ _0\"></span>agement serv<span class=\"_ _0\"></span>ices such as propert<span class=\"_ _0\"></span>y development and asset<span class=\"_ _6\"></span> m<span class=\"_ _0\"></span>anagement ser<span class=\"_ _0\"></span>vices. Contract<span class=\"_ _0\"></span> terms c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e up to 5<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nises revenu<span class=\"_ _0\"></span>e over time a<span class=\"_ _0\"></span>s and w<span class=\"_ _0\"></span>hen ser<span class=\"_ _1\"></span>vice i<span class=\"_ _0\"></span>s deli<span class=\"_ _0\"></span>vered to the c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>er<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>om t<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e is p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n No<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 4.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng de<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also d<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>s hou<span class=\"_ _0\"></span>sing uni<span class=\"_ _0\"></span>ts on l<span class=\"_ _0\"></span>and th<span class=\"_ _0\"></span>at is ow<span class=\"_ _0\"></span>ned by t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p. Revenu<span class=\"_ _0\"></span>e is reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed on t<span class=\"_ _0\"></span>he sa<span class=\"_ _0\"></span>le of ind<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>l unit<span class=\"_ _0\"></span>s at the p<span class=\"_ _0\"></span>oint in ti<span class=\"_ _0\"></span>me wh<span class=\"_ _0\"></span>en co<span class=\"_ _0\"></span>ntrol of the a<span class=\"_ _0\"></span>sset is tr<span class=\"_ _0\"></span>ansfer<span class=\"_ _0\"></span>red to the p<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>ser. This is de<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>d to be wh<span class=\"_ _0\"></span>en an uncondition<span class=\"_ _0\"></span>al sale is achieved.<span class=\"_ _399\"> </span>Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>om t<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e is p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d w<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>in B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n No<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 4.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>4.2 Disaggregation of<span class=\"_ _6\"></span> revenue<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p present<span class=\"_ _0\"></span>s a dis<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ation of i<span class=\"_ _0\"></span>ts un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng revenue a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>rdin<span class=\"_ _0\"></span>g to the pr<span class=\"_ _0\"></span>imar<span class=\"_ _1\"></span>y geo<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>phic<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>arkets in w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p op<span class=\"_ _0\"></span>erates a<span class=\"_ _0\"></span>s well as th<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>es of as<span class=\"_ _0\"></span>sets ser<span class=\"_ _1\"></span>vic<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e Group<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e nature of th<span class=\"_ _0\"></span>e var<span class=\"_ _0\"></span>ious se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p is expl<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>d in Note 4<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>his dis<span class=\"_ _0\"></span>agg<span class=\"_ _0\"></span>rega<span class=\"_ _0\"></span>tion of u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing revenue i<span class=\"_ _0\"></span>s also p<span class=\"_ _0\"></span>resented a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ordin<span class=\"_ _0\"></span>g to the Gro<span class=\"_ _0\"></span>up\u2019s repor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e segm<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>s desc<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>ote 5<span class=\"_ _0\"></span>. For t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ear e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span>Revenue<span class=\"_ _6\"></span> by primary geographical mark<span class=\"_ _6\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Kingdom<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>States<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f worl<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates <span class=\"_ _19\"> </span><span class=\"ff4d lsb4 ws87\">2<span class=\"_ _0\"></span>,761<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>50<span class=\"_ _a3\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>71<span class=\"_ _a3\"> </span><span class=\"ls36 ws35\">7<span class=\"_ _59\"></span>,482<span class=\"_ _399\"> </span></span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _80\"> </span><span class=\"ff4d lsb4 ws87\">2<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>61<span class=\"_ _142\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _142\"> </span><span class=\"lsf wsd\">6,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>09<span class=\"_ _399\"> </span></span></span></span></span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates <span class=\"_ _f3\"> </span><span class=\"ff4d lsa2 ws2a\">98<span class=\"_ _0\"></span>2<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _3f\"> </span>7<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">989<span class=\"_ _399\"> </span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _100\"> </span><span class=\"ff4d lsa2 ws2a\">982<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>6<span class=\"_ _9c\"> </span></span>988<span class=\"_ _399\"> </span></span>Infrastructure Investments<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates <span class=\"_ _18d\"> </span><span class=\"ff4d lsfa ws127\">151<span class=\"_ _9c\"> </span><span class=\"lsa9 ws23\">304<span class=\"_ _3f\"> </span></span></span><span class=\"ff4d\">5<span class=\"_ _9a\"> </span><span class=\"ls1b7 ws13b\">460<span class=\"_ _399\"> </span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _24b\"> </span><span class=\"ff4d lsa2 ws2a\">53<span class=\"_ _9c\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _1\"></span>9<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9a\"> </span><span class=\"ls40 ws26\">232<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal revenue<span class=\"_ _399\"> </span>Rev<span class=\"_ _6\"></span>enue including<span class=\"_ _6\"></span> s<span class=\"_ _0\"></span>hare<span class=\"_ _6\"></span> of joint v<span class=\"_ _6\"></span>entures and<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sociates <span class=\"_ _77\"> </span><span class=\"ls1a3 ws193\">3<span class=\"_ _6\"></span>,894<span class=\"_ _142\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>3<span class=\"_ _b2\"> </span><span class=\"lsbd ws97\">8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>31<span class=\"_ _399\"> </span></span></span></span></span>Group rev<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _195\"> </span><span class=\"lsa3 ws124\">3,79<span class=\"_ _0\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>82<span class=\"_ _0\"></span>4<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _a3\"> </span><span class=\"ls13e ws125\">7,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></span></span>Re<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e by t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>f a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Buildings<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Utilities<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d associates <span class=\"_ _24c\"> </span><span class=\"ff4d ls34 ws33\">3,8<span class=\"_ _0\"></span>78<span class=\"_ _142\"> </span><span class=\"lsaf ws9a\">2,960<span class=\"_ _9a\"> </span>639<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _b2\"> </span><span class=\"ls36 ws35\">7<span class=\"_ _17\"></span>,482<span class=\"_ _399\"> </span></span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _9d\"> </span><span class=\"ff4d ls34 ws33\">3,38<span class=\"_ _0\"></span>7<span class=\"_ _a0\"> </span><span class=\"ls2a ws3c\">2,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>01<span class=\"_ _82\"> </span><span class=\"ls7b ws13c\">616<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _142\"> </span><span class=\"lsf wsd\">6,<span class=\"_ _0\"></span>40<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></span></span></span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d associates <span class=\"_ _de\"> </span><span class=\"ff4d ls3 ws0\">5<span class=\"_ _9a\"> </span><span class=\"lsb5 ws9f\">625<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">349<span class=\"_ _2d\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _9a\"> </span></span>98<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _24d\"> </span><span class=\"ff4d ls3 ws0\">5<span class=\"_ _9a\"> </span><span class=\"lsb5 ws9f\">625<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">348<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _9c\"> </span></span>988<span class=\"_ _399\"> </span></span></span></span>Infrastructure Investments<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d associates <span class=\"_ _24e\"> </span><span class=\"ff4d ls99 ws8f\">2<span class=\"_ _0\"></span>91 </span>+<span class=\"_ _399\"> </span>15<span class=\"_ _0\"></span>4<span class=\"_ _2d\"> </span>15<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls1b7 ws13b\">460<span class=\"_ _399\"> </span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _65\"> </span><span class=\"ff4d lsb0 ws9b\">229<span class=\"_ _6\"></span> </span>+<span class=\"_ _399\"> </span>3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls40 ws26\">232<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal revenue<span class=\"_ _399\"> </span>Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd associates <span class=\"_ _24f\"> </span><span class=\"ls127 ws95\">4<span class=\"_ _1\"></span>,17<span class=\"_ _0\"></span>4<span class=\"_ _a3\"> </span><span class=\"lsa3 ws124\">3<span class=\"_ _0\"></span>,73<span class=\"_ _0\"></span>9<span class=\"_ _b2\"> </span><span class=\"lsa4 ws86\">1,0<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _78\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _a0\"> </span><span class=\"lsbd ws97\">8<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>931<span class=\"_ _399\"> </span></span></span></span></span></span>Group rev<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _97\"> </span><span class=\"lsaa ws140\">3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>21<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls1a3 ws193\">964<span class=\"_ _99\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _a3\"> </span><span class=\"ls13e ws125\">7,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></span></span></span>Ti<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Investments<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ove<span class=\"_ _0\"></span>r time <span class=\"_ _250\"> </span><span class=\"ff4d ls13e ws125\">7,<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>5<span class=\"_ _82\"> </span><span class=\"lsa2 ws2a\">984<span class=\"_ _9a\"> </span><span class=\"lsa9 ws23\">430<span class=\"_ _142\"> </span><span class=\"ls1b9 ws1ae\">8,889<span class=\"_ _399\"> </span></span></span></span></span>At a poi<span class=\"_ _0\"></span>nt in time <span class=\"_ _23d\"> </span><span class=\"ff4d\">7<span class=\"_ _3f\"> </span>5<span class=\"_ _2d\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _95\"> </span><span class=\"ls252 ws3b\">42<span class=\"_ _399\"> </span></span></span></span>Rev<span class=\"_ _6\"></span>enue including<span class=\"_ _6\"></span> s<span class=\"_ _0\"></span>hare<span class=\"_ _6\"></span> of joint v<span class=\"_ _6\"></span>entures and<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sociates<span class=\"_ _1c5\"> </span><span class=\"ls36 ws35\">7<span class=\"_ _17\"></span>,482<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">989<span class=\"_ _fd\"> </span><span class=\"ls1b7 ws13b\">460<span class=\"_ _a0\"> </span><span class=\"lsbd ws97\">8<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>931<span class=\"_ _399\"> </span></span></span></span></span>Ove<span class=\"_ _0\"></span>r time <span class=\"_ _251\"> </span><span class=\"ff4d lsf wsd\">6,4<span class=\"_ _0\"></span>02<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">983<span class=\"_ _9c\"> </span><span class=\"lsa8 ws96\">202<span class=\"_ _b2\"> </span><span class=\"ls13e ws125\">7,<span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _399\"> </span></span></span></span></span>At a poi<span class=\"_ _0\"></span>nt in time <span class=\"_ _23d\"> </span><span class=\"ff4d\">7<span class=\"_ _3f\"> </span>5<span class=\"_ _2d\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _95\"> </span><span class=\"ls252 ws3b\">42<span class=\"_ _399\"> </span></span></span></span>Group rev<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _135\"> </span><span class=\"lsf wsd\">6,4<span class=\"_ _0\"></span>09<span class=\"_ _9c\"> </span><span class=\"lsa2 ws2a\">988<span class=\"_ _9a\"> </span><span class=\"ls40 ws26\">232<span class=\"_ _b2\"> </span><span class=\"ls13e ws125\">7,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></span></span>+ <span class=\"_ _2c\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me of \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng sh<span class=\"_ _0\"></span>are o<span class=\"_ _0\"></span>f joi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>tes o<span class=\"_ _0\"></span>r \u00a316<span class=\"_ _0\"></span>m excl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng s<span class=\"_ _0\"></span>hare o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntur<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>4 R<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>4.2 Disaggregation of<span class=\"_ _6\"></span> revenue<span class=\"ff4e ls28 ws24\"> contin<span class=\"_ _0\"></span>ued<span class=\"_ _399\"> </span></span>For t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ear e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _399\"> </span>Revenue<span class=\"_ _6\"></span> by primary geographical mark<span class=\"_ _6\"></span>et<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Kingdom<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Sta<span class=\"_ _0\"></span>tes<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Res<span class=\"_ _0\"></span>t of world<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates <span class=\"_ _1de\"> </span><span class=\"ls91 ws85\">2,5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _a0\"> </span><span class=\"ls63 wsa1\">3<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>41<span class=\"_ _77\"> </span><span class=\"lsa4 ws86\">816<span class=\"_ _a3\"> </span><span class=\"ls131 ws12a\">6<span class=\"_ _1\"></span>,74<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _252\"> </span><span class=\"ls91 ws85\">2,5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _a0\"> </span><span class=\"ls2c ws9d\">3,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>24<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _a0\"> </span><span class=\"ls71 ws6b\">5,920<span class=\"_ _399\"> </span></span></span></span></span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates <span class=\"_ _172\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>9<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _a0\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _80\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>9<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>7<span class=\"_ _b2\"> </span></span>1,0<span class=\"_ _3b\"></span>4<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span>Infrastructure Investments<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates <span class=\"_ _162\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _0\"></span>5<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">295<span class=\"_ _3f\"> </span></span></span>8<span class=\"_ _9a\"> </span><span class=\"ls38 ws37\">468<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _105\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">181<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal revenue<span class=\"_ _399\"> </span>Rev<span class=\"_ _6\"></span>enue including<span class=\"_ _6\"></span> s<span class=\"_ _0\"></span>hare<span class=\"_ _6\"></span> of joint v<span class=\"_ _6\"></span>entures and<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sociates <span class=\"_ _f8\"> </span><span class=\"ff4e lsa4 ws86\">3<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _142\"> </span><span class=\"lsf8 wse1\">3,6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls140 ws128\">8<span class=\"_ _1\"></span>51<span class=\"_ _a0\"> </span><span class=\"lsb5 ws9f\">8,280<span class=\"_ _399\"> </span></span></span></span></span>Group rev<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _253\"> </span><span class=\"ff4e lsf8 wse1\">3,6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>3<span class=\"_ _a1\"> </span><span class=\"ls2e ws2c\">3,5<span class=\"_ _0\"></span>05<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _12\"> </span><span class=\"lsb5 ws9f\">7<span class=\"_ _59\"></span>,202<span class=\"_ _399\"> </span></span></span></span></span>Re<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e by t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>f a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Buildings<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Utilities<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d associates <span class=\"_ _17c\"> </span><span class=\"lsa4 ws86\">3<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _142\"> </span><span class=\"ls91 ws85\">2,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _fd\"> </span><span class=\"ls13f ws126\">630<span class=\"_ _78\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _12\"> </span><span class=\"ls131 ws12a\">6<span class=\"_ _1\"></span>,74<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _254\"> </span><span class=\"ls2c ws9d\">3,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>91<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>9<span class=\"_ _3b\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">6<span class=\"_ _3b\"></span>11<span class=\"_ _11c\"> </span>11<span class=\"_ _b2\"> </span><span class=\"ls71 ws6b\">5,920<span class=\"_ _399\"> </span></span></span></span></span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d associates <span class=\"_ _255\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">578<span class=\"_ _fd\"> </span><span class=\"ls155 ws141\">469<span class=\"_ _99\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _256\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">578<span class=\"_ _1da\"> </span><span class=\"ls151 wsee\">4<span class=\"_ _0\"></span>49<span class=\"_ _99\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span>Infrastructure Investments<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d associates <span class=\"_ _1e8\"> </span><span class=\"lsfc ws18f\">319<span class=\"_ _0\"></span><span class=\"ff4d ls3 ws0\"> </span></span>+<span class=\"_ _399\"> </span>13<span class=\"_ _0\"></span>2<span class=\"_ _2e\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _9a\"> </span><span class=\"ls38 ws37\">468<span class=\"_ _399\"> </span></span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _65\"> </span><span class=\"lsf9 ws29\">232<span class=\"_ _6\"></span><span class=\"ff4d ls3 ws0\"> </span></span>+<span class=\"_ _399\"> </span>3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">236<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal revenue<span class=\"_ _399\"> </span>Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd associates <span class=\"_ _148\"> </span><span class=\"ff4e lsf wsd\">4,0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _142\"> </span>3,0<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _119\"> </span><span class=\"ls158 ws146\">1,11<span class=\"_ _1\"></span>4<span class=\"_ _2d\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _142\"> </span><span class=\"lsb5 ws9f\">8,280<span class=\"_ _399\"> </span></span></span></span></span>Group rev<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _97\"> </span><span class=\"ff4e lsf8 wse1\">3,623<span class=\"_ _a1\"> </span><span class=\"ls91 ws85\">2,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _a0\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _78\"> </span><span class=\"ls28 ws24\">31<span class=\"_ _b2\"> </span><span class=\"lsb5 ws9f\">7<span class=\"_ _17\"></span>,202<span class=\"_ _399\"> </span></span></span></span></span></span>Ti<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Investments<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ove<span class=\"_ _0\"></span>r time <span class=\"_ _257\"> </span><span class=\"ls131 ws12a\">6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4<span class=\"_ _9c\"> </span><span class=\"ls39 ws38\">436<span class=\"_ _142\"> </span><span class=\"lsb5 ws9f\">8,245<span class=\"_ _399\"> </span></span></span></span></span>At a poi<span class=\"_ _0\"></span>nt in time <span class=\"_ _23d\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></span>Rev<span class=\"_ _6\"></span>enue including<span class=\"_ _6\"></span> s<span class=\"_ _0\"></span>hare<span class=\"_ _6\"></span> of joint v<span class=\"_ _6\"></span>entures and<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sociates<span class=\"_ _d1\"> </span><span class=\"ff4e ls131 ws12a\">6<span class=\"_ _1\"></span>,74<span class=\"_ _1\"></span>6<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _3b\"></span>6<span class=\"_ _9a\"> </span><span class=\"ls38 ws37\">468<span class=\"_ _a1\"> </span><span class=\"lsb5 ws9f\">8,280<span class=\"_ _399\"> </span></span></span></span></span>Ove<span class=\"_ _0\"></span>r time <span class=\"_ _257\"> </span><span class=\"lsfc ws18f\">5,<span class=\"_ _1\"></span>919<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4<span class=\"_ _3b\"></span>4<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">204<span class=\"_ _aa\"> </span><span class=\"ls9f ws194\">7,1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _399\"> </span></span></span></span></span>At a poi<span class=\"_ _0\"></span>nt in time <span class=\"_ _23d\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></span>Group rev<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _135\"> </span><span class=\"ff4e ls71 ws6b\">5,<span class=\"_ _0\"></span>920<span class=\"_ _a0\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>4<span class=\"_ _1\"></span>6<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">236<span class=\"_ _b2\"> </span><span class=\"lsb5 ws9f\">7<span class=\"_ _17\"></span>,202<span class=\"_ _399\"> </span></span></span></span></span>+ <span class=\"_ _2c\"> </span>I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me of \u00a3<span class=\"_ _1\"></span>38<span class=\"_ _0\"></span>m i<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re of jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s or \u00a312m exc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g sha<span class=\"_ _0\"></span>re of j<span class=\"_ _0\"></span>oint v<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ures a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>iate<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>4.3 T<span class=\"_ _59\"></span>ransac<span class=\"_ _0\"></span>tion price<span class=\"_ _6\"></span> allocated to<span class=\"_ _6\"></span> the remaining<span class=\"_ _6\"></span> per<span class=\"_ _0\"></span>formance<span class=\"_ _6\"></span> obligations (<span class=\"_ _6\"></span>excluding<span class=\"_ _6\"></span> joint v<span class=\"_ _6\"></span>entures and associates<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>2023<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>2024<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>2025<span class=\"_ _399\"> </span>onwar<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _258\"> </span><span class=\"lsae ws99\">5,49<span class=\"_ _0\"></span>8<span class=\"_ _a0\"> </span>3,470<span class=\"_ _b2\"> </span><span class=\"lsa4 ws86\">2,7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _e\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"> </span>9<span class=\"_ _3b\"></span>2<span class=\"_ _399\"> </span></span></span></span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices <span class=\"_ _10a\"> </span><span class=\"ls141 ws129\">668<span class=\"_ _1da\"> </span><span class=\"ls13f ws126\">405<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _a0\"> </span><span class=\"ls91 ws85\">2,3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></span></span></span>Infrastructure Inv<span class=\"_ _6\"></span>estments <span class=\"_ _10b\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>4<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>4<span class=\"_ _a0\"> </span><span class=\"ls91 ws85\">2,0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal transac<span class=\"_ _0\"></span>tion price allocated to<span class=\"_ _6\"></span> remaining per<span class=\"_ _0\"></span>formance obligations<span class=\"_ _4a\"> </span><span class=\"ls2c ws9d\">6,<span class=\"_ _1\"></span>270<span class=\"_ _b2\"> </span><span class=\"ls7b ws13c\">3,<span class=\"_ _1\"></span>916<span class=\"_ _b2\"> </span><span class=\"ls9a ws8b\">5,<span class=\"_ _1\"></span>913<span class=\"_ _b1\"> </span></span>16<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span>Th<span class=\"_ _0\"></span>e total tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion pr<span class=\"_ _0\"></span>ice a<span class=\"_ _0\"></span>lloc<span class=\"_ _0\"></span>ated to t<span class=\"_ _0\"></span>he remai<span class=\"_ _0\"></span>ning p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>manc<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s repres<span class=\"_ _0\"></span>ents the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ted revenue to be e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p for disti<span class=\"_ _0\"></span>nct g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as prom<span class=\"_ _0\"></span>ised to d<span class=\"_ _0\"></span>eliver to i<span class=\"_ _0\"></span>ts cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hese in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de pro<span class=\"_ _0\"></span>mises w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>re par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>iall<span class=\"_ _0\"></span>y sati<span class=\"_ _0\"></span>sfie<span class=\"_ _0\"></span>d at the p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>d end o<span class=\"_ _0\"></span>r thos<span class=\"_ _0\"></span>e whic<span class=\"_ _0\"></span>h are uns<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ied b<span class=\"_ _0\"></span>ut whi<span class=\"_ _0\"></span>ch the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ing. I<span class=\"_ _0\"></span>n der<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ng this t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e, any elem<span class=\"_ _0\"></span>ent of vari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e revenue is es<span class=\"_ _0\"></span>timate<span class=\"_ _0\"></span>d at a valu<span class=\"_ _0\"></span>e that is h<span class=\"_ _0\"></span>ighl<span class=\"_ _0\"></span>y prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le not to revers<span class=\"_ _0\"></span>e in the fu<span class=\"_ _0\"></span>ture. Th<span class=\"_ _0\"></span>e trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pric<span class=\"_ _0\"></span>e ab<span class=\"_ _0\"></span>ove do<span class=\"_ _0\"></span>es not inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e any esti<span class=\"_ _0\"></span>mated revenu<span class=\"_ _0\"></span>e to be ea<span class=\"_ _0\"></span>rne<span class=\"_ _0\"></span>d on fr<span class=\"_ _0\"></span>amewor<span class=\"_ _0\"></span>k cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts for w<span class=\"_ _0\"></span>hich a f<span class=\"_ _0\"></span>irm ord<span class=\"_ _0\"></span>er or i<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion has not b<span class=\"_ _0\"></span>een re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved from t<span class=\"_ _0\"></span>he cus<span class=\"_ _0\"></span>tomer.<span class=\"_ _399\"> </span>Segment analysis<span class=\"_ _399\"> </span>Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e seg<span class=\"_ _0\"></span>ments of t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up: <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"lsa3 ws4\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vice<span class=\"_ _0\"></span>s \u2013 activities resulting in the ph<span class=\"_ _6\"></span>ysic<span class=\"_ _0\"></span>al construc<span class=\"_ _0\"></span>tion of an asset;</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">Sup<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s \u2013 act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties w<span class=\"_ _0\"></span>hich su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t exi<span class=\"_ _0\"></span>sting a<span class=\"_ _0\"></span>ssets o<span class=\"_ _0\"></span>r func<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns suc<span class=\"_ _0\"></span>h as ass<span class=\"_ _0\"></span>et mainten<span class=\"_ _0\"></span>ance a<span class=\"_ _0\"></span>nd refur<span class=\"_ _0\"></span>bishm<span class=\"_ _0\"></span>ent; an<span class=\"_ _0\"></span>d</span> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls2c ws34\">Infrast<span class=\"_ _6\"></span>ruc<span class=\"_ _0\"></span>ture<span class=\"_ _6\"></span> Investmen<span class=\"_ _6\"></span>ts \u2013 acquisition, operati<span class=\"_ _6\"></span>on and disposal of i<span class=\"_ _6\"></span>nfrastructure<span class=\"_ _6\"></span> assets such as<span class=\"_ _6\"></span> roads, hospitals, student<span class=\"_ _6\"></span> acc<span class=\"_ _0\"></span>ommodation, </span>milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g, mu<span class=\"_ _0\"></span>ltifa<span class=\"_ _0\"></span>mily res<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nces<span class=\"_ _0\"></span>, of<span class=\"_ _0\"></span>fsho<span class=\"_ _0\"></span>re trans<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>on net<span class=\"_ _0\"></span>wor<span class=\"_ _0\"></span>ks, wa<span class=\"_ _0\"></span>ste and bi<span class=\"_ _0\"></span>oma<span class=\"_ _0\"></span>ss an<span class=\"_ _0\"></span>d other c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>ons. T<span class=\"_ _0\"></span>his s<span class=\"_ _0\"></span>egm<span class=\"_ _0\"></span>ent also<span class=\"_ _0\"></span> incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up\u2019s housing d<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment d<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>5.<span class=\"_ _6\"></span>1 T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p<span class=\"_ _399\"> </span>In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t \u2013 pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e by a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Investments<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Corporate<span class=\"_ _399\"> </span>activities 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates<span class=\"_ _259\"> </span><span class=\"ff4d ls36 ws35\">7<span class=\"_ _59\"></span>,482<span class=\"_ _fd\"> </span><span class=\"lsa2 ws2a\">989<span class=\"_ _9a\"> </span><span class=\"ls1b7 ws13b\">460<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lsbd ws97\">8,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>31<span class=\"_ _399\"> </span></span></span></span></span></span>Sha<span class=\"_ _0\"></span>re of revenue of joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _c6\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _aa\"> </span><span class=\"ls7a ws1ad\">(2<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>8)<span class=\"_ _7b\"> </span></span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _25\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _25a\"> </span><span class=\"ff4d lsf wsd\">6,4<span class=\"_ _0\"></span>09<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">98<span class=\"_ _0\"></span>8<span class=\"_ _9a\"> </span><span class=\"ls40 ws26\">232<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls13e ws125\">7,<span class=\"_ _3b\"></span>6<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>9<span class=\"_ _399\"> </span></span></span></span></span></span>Group operati<span class=\"_ _6\"></span>ng profit<span class=\"_ _0\"></span>/(loss)<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>12<span class=\"_ _0\"></span>9<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">83<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _fd\"> </span><span class=\"ls9c ws91\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _12c\"> </span><span class=\"ls98 ws5a\">174<span class=\"_ _399\"> </span></span></span></span></span>Sha<span class=\"_ _0\"></span>re of results of j<span class=\"_ _0\"></span>oint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates<span class=\"_ _c7\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Profit/(loss) from operat<span class=\"_ _6\"></span>ions<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>14<span class=\"_ _0\"></span>9<span class=\"_ _2d\"> </span><span class=\"ls145 ws12e\">83<span class=\"_ _99\"> </span><span class=\"ls8c ws8d\">81<span class=\"_ _f9\"> </span><span class=\"ls9c ws91\">(<span class=\"_ _0\"></span>34)<span class=\"_ _41\"> </span><span class=\"ls87 ws7e\">279<span class=\"_ _399\"> </span></span></span></span></span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erlying items:<span class=\"_ _1b5\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span>\u2013 amor<span class=\"_ _1\"></span>tisat<span class=\"_ _0\"></span>ion of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets<span class=\"_ _18c\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _16f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _399\"> </span></span></span>\u2013 other n<span class=\"_ _0\"></span>et ope<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g inc<span class=\"_ _0\"></span>ome <span class=\"_ _80\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span>1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Profit/(loss) from operat<span class=\"_ _6\"></span>ions<span class=\"_ _20f\"> </span><span class=\"ff4d lsb4 ws87\">150<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">83<span class=\"_ _99\"> </span><span class=\"ls3 ws0\">76<span class=\"_ _40\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _41\"> </span><span class=\"lsf8 wse1\">275<span class=\"_ _399\"> </span></span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _25b\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _7b\"> </span><span class=\"ls71 ws6b\">50<span class=\"_ _399\"> </span></span></span>Finance costs<span class=\"_ _108\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _c\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _140\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _40\"> </span><span class=\"ls2e ws2c\">287<span class=\"_ _399\"> </span></span>1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span>In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t \u2013 pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e by a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Investments<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Corporate<span class=\"_ _399\"> </span>activities 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>6<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls38 ws37\">468<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _a0\"> </span><span class=\"lsb5 ws9f\">8,280<span class=\"_ _399\"> </span></span></span></span></span>Sha<span class=\"_ _0\"></span>re of revenue of joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _e1\"> </span><span class=\"ls73 ws6d\">(<span class=\"_ _0\"></span>826)<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">(20)<span class=\"_ _aa\"> </span><span class=\"lsf9 ws29\">(23<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span></span></span></span>\u2013<span class=\"_ _c0\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>5,920<span class=\"_ _a0\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>6<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _0\"></span>6<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lsb5 ws9f\">7<span class=\"_ _17\"></span>,202<span class=\"_ _399\"> </span></span></span></span></span>Group operati<span class=\"_ _6\"></span>ng profit<span class=\"_ _0\"></span>/(loss)<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>47<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">101<span class=\"_ _78\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _207\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _b0\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span></span></span></span>Sha<span class=\"_ _0\"></span>re of results of j<span class=\"_ _0\"></span>oint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates<span class=\"_ _25c\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _245\"> </span></span>1<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span>Profit/(loss) from operat<span class=\"_ _6\"></span>ions<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>79<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>2<span class=\"_ _2d\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _f8\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></span></span></span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erlying items:<span class=\"_ _399\"> </span>\u2013 amor<span class=\"_ _1\"></span>tisat<span class=\"_ _0\"></span>ion of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets<span class=\"_ _fe\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span>\u2013 set<span class=\"_ _0\"></span>tlem<span class=\"_ _0\"></span>ent cha<span class=\"_ _0\"></span>rge foll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g resolu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n with D<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>J<span class=\"_ _20c\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls63 wsa1\">(<span class=\"_ _1\"></span>41)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _75\"> </span><span class=\"ls63 wsa1\">(<span class=\"_ _1\"></span>41)<span class=\"_ _399\"> </span></span>\u2013  <span class=\"_ _b\"></span>provisi<span class=\"_ _0\"></span>on rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised fo<span class=\"_ _0\"></span>r recti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n work<span class=\"_ _0\"></span>s to be ca<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ed ou<span class=\"_ _0\"></span>t on a developmen<span class=\"_ _6\"></span>t in London<span class=\"_ _102\"> </span><span class=\"ls3c ws3a\">(42)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _40\"> </span></span>(42)<span class=\"_ _399\"> </span></span>\u2013 other n<span class=\"_ _0\"></span>et ope<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g expe<span class=\"_ _0\"></span>nses<span class=\"_ _25d\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _95\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _1b\"> </span></span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _75\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>(49<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span><span class=\"lsa9 ws23\">(<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span></span>(4<span class=\"_ _0\"></span>6)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Profit/(loss) from operat<span class=\"_ _6\"></span>ions<span class=\"_ _25e\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _99\"> </span></span>97<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _f9\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _40\"> </span></span></span>97<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _25f\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _399\"> </span></span>Finance costs<span class=\"_ _260\"> </span><span class=\"ls71 ws6b\">(49<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _150\"> </span><span class=\"ff4e ls40 ws26\">87<span class=\"_ _399\"> </span></span>1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s by a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Investments<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Corporate<span class=\"_ _399\"> </span>activities 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Contract assets<span class=\"_ _261\"> </span><span class=\"ff4d lsa8 ws96\">209<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">62<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsa9 ws23\">300<span class=\"_ _399\"> </span></span></span></span></span></span>Contract liabilit<span class=\"_ _6\"></span>ies \u2013 curren<span class=\"_ _6\"></span>t<span class=\"_ _262\"> </span><span class=\"ff4d ls28 ws24\">(5<span class=\"_ _0\"></span>50)<span class=\"_ _ae\"> </span><span class=\"ls143 ws12c\">(11<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _78\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _118\"> </span><span class=\"lsc0 ws1a9\">(6<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>3)<span class=\"_ _399\"> </span></span></span></span></span></span>Inventor<span class=\"_ _0\"></span>ies<span class=\"_ _22d\"> </span><span class=\"ff4d ls71 ws6b\">50<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _99\"> </span>32<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s \u2013 curre<span class=\"_ _0\"></span>nt<span class=\"_ _1d9\"> </span><span class=\"ff4d lsa9 ws23\">730<span class=\"_ _2d\"> </span><span class=\"ls99 ws8f\">91<span class=\"_ _99\"> </span><span class=\"ls91 ws85\">37<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">23<span class=\"_ _9c\"> </span><span class=\"ls8c ws8d\">8<span class=\"_ _0\"></span>81<span class=\"_ _399\"> </span></span></span></span></span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es \u2013 cur<span class=\"_ _0\"></span>rent<span class=\"_ _169\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _ae\"> </span><span class=\"ls1ad ws1a1\">(17<span class=\"_ _0\"></span>1)<span class=\"_ _9a\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>4)<span class=\"_ _95\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _b1\"> </span><span class=\"ls36 ws35\">(<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>,595<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Provi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s \u2013 curre<span class=\"_ _0\"></span>nt<span class=\"_ _263\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _9c\"> </span></span></span>(14<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span>Working<span class=\"_ _6\"></span> c<span class=\"_ _0\"></span>apital<span class=\"_ _399\"> </span>*<span class=\"_ _399\"> </span>(1<span class=\"_ _0\"></span>,11<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _ae\"> </span><span class=\"ls1ad ws1a1\">(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1)<span class=\"_ _40\"> </span><span class=\"ls36 ws35\">45<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _113\"> </span></span></span></span>(1<span class=\"_ _0\"></span>,1<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>otal assets<span class=\"_ _10b\"> </span><span class=\"ff4d lsaf ws9a\">2,34<span class=\"_ _0\"></span>2<span class=\"_ _fd\"> </span><span class=\"ls39 ws38\">443<span class=\"_ _fd\"> </span><span class=\"ls154 ws13f\">940<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _12\"> </span><span class=\"ls127 ws95\">5<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _399\"> </span></span></span></span></span></span>T<span class=\"_ _6\"></span>otal liab<span class=\"_ _0\"></span>ilities<span class=\"_ _264\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>21)<span class=\"_ _119\"> </span><span class=\"ls8c ws8d\">(378)<span class=\"_ _aa\"> </span><span class=\"ls9a ws8b\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>47)<span class=\"_ _aa\"> </span><span class=\"ls9c ws91\">(59<span class=\"_ _0\"></span>4)<span class=\"_ _b1\"> </span><span class=\"ls1e ws30\">(3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Net<span class=\"_ _6\"></span> assets<span class=\"_ _14b\"> </span><span class=\"ls8c ws8d\">(79)<span class=\"_ _f9\"> </span><span class=\"ls252 ws3b\">65<span class=\"_ _9a\"> </span><span class=\"ls2e ws2c\">593<span class=\"_ _9a\"> </span><span class=\"lsb5 ws9f\">804<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span></span></span>* <span class=\"_ _4\"> </span>Includes non-<span class=\"_ _0\"></span>operating ite<span class=\"_ _6\"></span>ms and current<span class=\"_ _6\"></span> working capital.<span class=\"_ _399\"> </span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls9d ws1e\" style=\"left:0.0066986084px; bottom:765.3964px;\">5 Segment analysis<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:749.1464px;\">5.<span class=\"_ _6\"></span>1 T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>ued<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:705.59644px;\">As<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s by a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:367.76227px; bottom:734.84644px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:383.20938px; bottom:725.09644px;\">Ser<span class=\"_ _0\"></span>vices </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:396.19028px; bottom:715.34644px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:705.59644px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:449.25693px; bottom:734.84644px;\">Support<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:446.35px; bottom:725.09644px;\">Ser<span class=\"_ _0\"></span>vices </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:459.75574px; bottom:715.34644px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:705.59644px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:491.77734px; bottom:734.84644px;\">Infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:495.5031px; bottom:725.09644px;\">Investments<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:715.34644px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:705.59644px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:566.811px; bottom:734.84644px;\">Corporate<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:569.8587px; bottom:725.09644px;\">activities </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:715.34644px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:705.59644px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:725.09644px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:715.34644px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:705.59644px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:690.9169px;\">Contract assets<span class=\"_ _265\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _0\"></span>2<span class=\"_ _2d\"> </span><span class=\"ls38 ws37\">60<span class=\"_ _95\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>14<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:677.53723px;\">Contract liabilit<span class=\"_ _6\"></span>ies \u2013 curren<span class=\"_ _6\"></span>t<span class=\"_ _262\"> </span><span class=\"lsa9 ws23\">(565)<span class=\"_ _86\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _118\"> </span><span class=\"lsaf ws9a\">(669<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:664.15765px;\">Inventor<span class=\"_ _0\"></span>ies<span class=\"_ _123\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _99\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:650.12805px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s \u2013 curre<span class=\"_ _0\"></span>nt<span class=\"_ _1d9\"> </span><span class=\"ls29 ws25\">70<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>9<span class=\"_ _2d\"> </span><span class=\"ls28 ws24\">31<span class=\"_ _78\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _9a\"> </span><span class=\"ls13f ws126\">865<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:636.09845px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es \u2013 cur<span class=\"_ _0\"></span>rent<span class=\"_ _17c\"> </span><span class=\"lsf8 wse1\">(1<span class=\"_ _6\"></span>,<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>72)<span class=\"_ _119\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ls40 ws26\">(87)<span class=\"_ _95\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _b1\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:622.7189px;\">Provi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s \u2013 curre<span class=\"_ _0\"></span>nt<span class=\"_ _214\"> </span><span class=\"lsfb ws13a\">(14<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _2d\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _95\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _82\"> </span></span></span>(14<span class=\"_ _0\"></span>)<span class=\"_ _109\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>174<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:608.6894px;\">Work<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al*<span class=\"_ _266\"> </span><span class=\"ff4e ls38 ws37\">(999<span class=\"_ _6\"></span>)<span class=\"_ _119\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"lsfb ws13a\">(15<span class=\"_ _0\"></span>)<span class=\"_ _2d\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _b4\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>,11<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:594.6598px;\">T<span class=\"_ _6\"></span>otal assets<span class=\"_ _fc\"> </span><span class=\"ls156 ws143\">2<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _3b\"></span>8<span class=\"_ _82\"> </span><span class=\"ls35 ws34\">497<span class=\"_ _9a\"> </span>9<span class=\"_ _0\"></span>97<span class=\"_ _12\"> </span></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>4<span class=\"_ _a0\"> </span><span class=\"ls2e ws2c\">4,8<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:580.6302px;\">T<span class=\"_ _6\"></span>otal liab<span class=\"_ _0\"></span>ilities<span class=\"_ _264\"> </span><span class=\"lsf9 ws29\">(2<span class=\"_ _6\"></span>,237)<span class=\"_ _aa\"> </span><span class=\"lsae ws99\">(390)<span class=\"_ _aa\"> </span>(399)<span class=\"_ _30\"> </span><span class=\"ls153 ws13e\">(444<span class=\"_ _6\"></span>)<span class=\"_ _ab\"> </span><span class=\"lsae ws99\">(3,4<span class=\"_ _6\"></span>70)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:566.6006px;\">Net<span class=\"_ _6\"></span> assets<span class=\"_ _14b\"> </span><span class=\"ff4e ls73 ws6d\">(79)<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"ls13f ws126\">598<span class=\"_ _9a\"> </span><span class=\"ls35 ws34\">750<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws7e\" style=\"left:0.0066986084px; bottom:543.20056px;\">* <span class=\"_ _4\"> </span>Includes non-<span class=\"_ _0\"></span>operating items<span class=\"_ _6\"></span> and current w<span class=\"_ _6\"></span>ork<span class=\"_ _0\"></span>ing capital.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:493.15057px;\">Other information<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:362.6399px; bottom:522.4006px;\">Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:382.198px; bottom:512.6506px;\">Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:396.19028px; bottom:502.90057px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:402.72888px; bottom:493.15057px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:444.38712px; bottom:522.4006px;\">Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:444.38712px; bottom:512.6506px;\">Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75574px; bottom:502.90057px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:493.15057px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:486.4319px; bottom:522.4006px;\">Infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:491.77734px; bottom:512.6506px;\">Investments<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:502.90057px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:493.15057px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:563.1299px; bottom:522.4006px;\">Corporate<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:566.811px; bottom:512.6506px;\">activities </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:502.90057px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:493.15057px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:646.3632px; bottom:512.6506px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:646.3632px; bottom:502.90057px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.35535px; bottom:493.15057px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:477.82098px;\">C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture on p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant and e<span class=\"_ _0\"></span>quip<span class=\"_ _0\"></span>ment (<span class=\"_ _0\"></span>Note 16)<span class=\"_ _17f\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _78\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>3<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">31<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:463.79138px;\">C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture on i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets (N<span class=\"_ _0\"></span>ote 15)<span class=\"_ _143\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:449.76178px;\">Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n (N<span class=\"_ _0\"></span>ote 16, Note 17 and Note 18)<span class=\"_ _14a\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _99\"> </span><span class=\"lscc ws94\">41<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">2<span class=\"_ _78\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">83<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:435.73218px;\">Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:422.73218px;\">as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span> (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _1\"></span>4.<span class=\"_ _1\"></span>2)<span class=\"_ _1b5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:368.1322px;\">Other information<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:367.76227px; bottom:397.3822px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:383.20938px; bottom:387.6322px;\">Ser<span class=\"_ _0\"></span>vices </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:396.19028px; bottom:377.8822px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:368.1322px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:449.25693px; bottom:397.3822px;\">Support<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:446.35px; bottom:387.6322px;\">Ser<span class=\"_ _0\"></span>vices </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:459.75574px; bottom:377.8822px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:368.1322px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:491.77734px; bottom:397.3822px;\">Infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:495.5031px; bottom:387.6322px;\">Investments<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:377.8822px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:368.1322px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:566.811px; bottom:397.3822px;\">Corporate<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:569.8587px; bottom:387.6322px;\">activities </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:377.8822px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:368.1322px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:387.6322px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:377.8822px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:368.1322px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:352.8026px;\">C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture on p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant and e<span class=\"_ _0\"></span>quip<span class=\"_ _0\"></span>ment (<span class=\"_ _0\"></span>Note 16)<span class=\"_ _17f\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _78\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _139\"> </span></span></span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:338.773px;\">C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture on i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets (N<span class=\"_ _0\"></span>ote 15)<span class=\"_ _143\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:324.7434px;\">Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n (N<span class=\"_ _0\"></span>ote 16, Note 17 and Note 18)<span class=\"_ _267\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">37<span class=\"_ _245\"> </span></span></span>2<span class=\"_ _2d\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _2d\"> </span><span class=\"ls73 ws6d\">79<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:310.7138px;\">Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2)<span class=\"_ _115\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:296.6842px;\">Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:283.6842px;\">as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span> (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _1\"></span>4.<span class=\"_ _1\"></span>2)<span class=\"_ _1b5\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>9<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>9<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:229.0842px;\">Performance by geographic<span class=\"_ _6\"></span> de<span class=\"_ _0\"></span>stination<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls87 ws7e\" style=\"left:450.50272px; bottom:258.3342px;\">Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:441.17133px; bottom:248.5842px;\">Kingdom<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75574px; bottom:238.8342px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:229.0842px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:513.261px; bottom:258.3342px;\">Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:515.3874px; bottom:248.5842px;\">States<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:238.8342px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:229.0842px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:575.7854px; bottom:258.3342px;\">Re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsf wsd\" style=\"left:579.3161px; bottom:248.5842px;\">worl<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:238.8342px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:229.0842px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:646.3632px; bottom:248.5842px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:646.3632px; bottom:238.8342px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.35535px; bottom:229.0842px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:213.75458px;\">Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates<span class=\"_ _98\"> </span><span class=\"ff4d ls1a3 ws193\">3,894<span class=\"_ _a1\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _b2\"> </span><span class=\"lsa4 ws86\">1,0<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _b2\"> </span><span class=\"lsbd ws97\">8,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>31<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:199.72498px;\">Sha<span class=\"_ _0\"></span>re of revenue of joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _1fe\"> </span><span class=\"ff4d ls7a ws1ad\">(98)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(13<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _e\"> </span>(1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:185.69537px;\">Grou<span class=\"_ _0\"></span>p revenue<span class=\"_ _268\"> </span><span class=\"ff4d lsa3 ws124\">3,79<span class=\"_ _0\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _b2\"> </span><span class=\"ls13e ws125\">7,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:131.0954px;\">Performance by geographic<span class=\"_ _6\"></span> de<span class=\"_ _0\"></span>stination<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:453.69644px; bottom:160.3454px;\">Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:444.38712px; bottom:150.5954px;\">Kingdom<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:459.75574px; bottom:140.8454px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:131.0954px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:515.3874px; bottom:160.3454px;\">Uni<span class=\"_ _0\"></span>ted </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:517.04956px; bottom:150.5954px;\">Sta<span class=\"_ _0\"></span>tes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:140.8454px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:131.0954px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:577.1148px; bottom:160.3454px;\">Res<span class=\"_ _0\"></span>t of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls159 ws147\" style=\"left:582.20483px; bottom:150.5954px;\">world<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:140.8454px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:131.0954px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:150.5954px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:140.8454px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:131.0954px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:115.76578px;\">Revenue in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:264.28748px; bottom:119.22897px;\">1<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa4 ws86\" style=\"left:450.50272px; bottom:115.76578px;\">3<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _142\"> </span><span class=\"lsf8 wse1\">3,6<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls140 ws128\">8<span class=\"_ _1\"></span>51<span class=\"_ _a0\"> </span><span class=\"lsb5 ws9f\">8,280<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:101.73633px;\">Sha<span class=\"_ _0\"></span>re of revenue of joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _269\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _0\"></span>11<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _118\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>1)<span class=\"_ _119\"> </span><span class=\"ls87 ws7e\">(8<span class=\"_ _0\"></span>37)<span class=\"_ _1b3\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:87.706726px;\">Grou<span class=\"_ _0\"></span>p revenue</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:68.04545px; bottom:91.16992px;\">1<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf8 wse1\" style=\"left:449.25693px; bottom:87.706726px;\">3,6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>3<span class=\"_ _a1\"> </span><span class=\"ls2e ws2c\">3,5<span class=\"_ _0\"></span>05<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _12\"> </span><span class=\"lsb5 ws9f\">7<span class=\"_ _59\"></span>,202<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:64.3067px;\">1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.0066986084px; bottom:41.5567px;\">Major<span class=\"_ _6\"></span> cus<span class=\"_ _0\"></span>tomers<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.556702px;\">Inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in Gro<span class=\"_ _0\"></span>up revenue are revenu<span class=\"_ _0\"></span>es of \u00a31,9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31,2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m) from th<span class=\"_ _0\"></span>e US G<span class=\"_ _0\"></span>overnm<span class=\"_ _0\"></span>ent and \u00a3<span class=\"_ _1\"></span>2,6<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2,<span class=\"_ _0\"></span>374m) from t<span class=\"_ _0\"></span>he UK </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.556717px;\">Gover<span class=\"_ _0\"></span>nment<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch are th<span class=\"_ _0\"></span>e Group\u2019s two l<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>est cus<span class=\"_ _0\"></span>tomer<span class=\"_ _0\"></span>s, thro<span class=\"_ _0\"></span>ugh mu<span class=\"_ _0\"></span>ltip<span class=\"_ _0\"></span>le ce<span class=\"_ _0\"></span>ntral an<span class=\"_ _0\"></span>d regi<span class=\"_ _0\"></span>onal b<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese revenue<span class=\"_ _0\"></span>s are incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.556717px;\">result<span class=\"_ _0\"></span>s acros<span class=\"_ _0\"></span>s all thre<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nts.<span class=\"_ _399\"> </span></div>5 Segment analysis<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>5.2 Infrastructure<span class=\"_ _6\"></span> Investments<span class=\"_ _399\"> </span>Group<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>ventures<span class=\"_ _6\"></span> and<span class=\"_ _399\"> </span>associates<span class=\"_ _399\"> </span>(No<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 19.<span class=\"_ _0\"></span>2) +<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Group<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Sh<span class=\"_ _0\"></span>are of j<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>ventures<span class=\"_ _6\"></span> and<span class=\"_ _399\"> </span>associates<span class=\"_ _399\"> </span>(N<span class=\"_ _0\"></span>ote 19<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>) +<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Underlying<span class=\"_ _6\"></span> profit/(<span class=\"_ _6\"></span>loss)<span class=\"_ _6\"></span> from operations<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>UK<span class=\"_ _399\"> </span>^<span class=\"_ _399\"> </span>3<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>4<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span>6<span class=\"_ _3f\"> </span>1<span class=\"_ _89\"> </span>7<span class=\"_ _399\"> </span></span>Nor<span class=\"_ _0\"></span>th Amer<span class=\"_ _0\"></span>ica<span class=\"_ _195\"> </span><span class=\"ff4d ls7b ws13c\">18<span class=\"_ _78\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _1f9\"> </span></span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _75\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _78\"> </span>14<span class=\"_ _2d\"> </span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span></span></span>Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 34.<span class=\"_ _0\"></span>2/<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4.3)<span class=\"_ _26a\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _2d\"> </span>70<span class=\"_ _1f9\"> </span></span><span class=\"ff4e\"> <span class=\"_ _c4\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _3f\"> </span></span>9<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">35</span></span></span> <span class=\"_ _26b\"> </span><span class=\"ff4d lsaa ws140\">21<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _9a\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _72\"> </span></span></span></span> <span class=\"_ _c4\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _2d\"> </span></span>71<span class=\"_ _399\"> </span></span>Bid<span class=\"_ _0\"></span>ding c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>s and over<span class=\"_ _0\"></span>hea<span class=\"_ _0\"></span>ds<span class=\"_ _94\"> </span><span class=\"ff4d ls20 ws88\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _f9\"> </span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _33\"> </span></span></span> <span class=\"_ _9c\"> </span><span class=\"lsf8 wse1\">(22)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _40\"> </span><span class=\"lsf8 wse1\">(22)</span> <span class=\"_ _104\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _f9\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _99\"> </span><span class=\"ls8c ws8d\">81<span class=\"_ _1f9\"> </span></span></span></span><span class=\"ff4e\"> <span class=\"_ _c4\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _99\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _399\"> </span></span></span></span></span>Net assets/(<span class=\"_ _6\"></span>liabilities)<span class=\"_ _1d4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _c3\"> </span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></span>UK<span class=\"_ _399\"> </span>^<span class=\"_ _399\"> </span>384<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">524<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ls29 ws25\">370<span class=\"_ _9c\"> </span></span></span><span class=\"ff4e\">220<span class=\"_ _fd\"> </span><span class=\"ls13f ws126\">59<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></span></span>Nor<span class=\"_ _0\"></span>th Amer<span class=\"_ _0\"></span>ica<span class=\"_ _26c\"> </span><span class=\"ff4d ls7b ws13c\">124<span class=\"_ _82\"> </span>18<span class=\"_ _0\"></span>7<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">3<span class=\"_ _0\"></span>11<span class=\"_ _218\"> </span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>0<span class=\"_ _82\"> </span><span class=\"ls140 ws128\">2<span class=\"_ _0\"></span>51</span></span></span></span> <span class=\"_ _1c9\"> </span><span class=\"ff4d ls71 ws6b\">508<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">327<span class=\"_ _9a\"> </span><span class=\"lsb5 ws9f\">835<span class=\"_ _24\"> </span></span></span></span> <span class=\"_ _b0\"> </span><span class=\"ls28 ws24\">4<span class=\"_ _1\"></span>31<span class=\"_ _77\"> </span><span class=\"ls63 wsa1\">410<span class=\"_ _82\"> </span>8<span class=\"_ _1\"></span>41<span class=\"_ _399\"> </span></span></span>No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs n<span class=\"_ _0\"></span>et of asso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ents (<span class=\"_ _0\"></span>Note 27<span class=\"_ _0\"></span>)<span class=\"_ _1d9\"> </span><span class=\"ff4d lsaa ws140\">(2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _118\"> </span><span class=\"lsaa ws140\">(24<span class=\"_ _1\"></span>2)<span class=\"_ _2c\"> </span></span></span> <span class=\"_ _119\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _1\"></span>3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _41\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal Infrastructure In<span class=\"_ _6\"></span>vestments net assets<span class=\"_ _26d\"> </span><span class=\"ls71 ws6b\">266<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">327<span class=\"_ _9a\"> </span><span class=\"ls2e ws2c\">593<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>8<span class=\"_ _77\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls13f ws126\">598<span class=\"_ _399\"> </span></span></span></span></span></span></span></span>+ <span class=\"_ _33\"> </span>Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s sh<span class=\"_ _0\"></span>are o<span class=\"_ _0\"></span>f the re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ts of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>tes is d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d net o<span class=\"_ _0\"></span>f inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e, fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce c<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ts an<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on.<span class=\"_ _399\"> </span>^ <span class=\"_ _2c\"> </span>Including Ireland. 1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span>6 Profit/<span class=\"_ _17\"></span>(loss<span class=\"_ _6\"></span>) from operatio<span class=\"_ _6\"></span>ns<span class=\"_ _399\"> </span>6.<span class=\"_ _6\"></span>1 Pr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/(los<span class=\"_ _0\"></span>s) f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s is s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g/(cre<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng)<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant and e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pment<span class=\"_ _26e\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _99\"> </span></span><span class=\"ls2c ws9d\">24<span class=\"_ _399\"> </span></span>Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of rig<span class=\"_ _0\"></span>ht-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>use a<span class=\"_ _0\"></span>ssets<span class=\"_ _26f\"> </span><span class=\"ff4d ls154 ws13f\">54<span class=\"_ _95\"> </span></span><span class=\"ls2d ws2b\">54<span class=\"_ _399\"> </span></span>Depreciation of inv<span class=\"_ _6\"></span>estment proper<span class=\"_ _0\"></span>ties<span class=\"_ _22a\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _89\"> </span><span class=\"ff4e\">1<span class=\"_ _399\"> </span></span></span>Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of othe<span class=\"_ _0\"></span>r intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets<span class=\"_ _270\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _2d\"> </span></span><span class=\"lsfc ws18f\">18<span class=\"_ _399\"> </span></span>Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t ful<span class=\"_ _0\"></span>filme<span class=\"_ _0\"></span>nt asset<span class=\"_ _0\"></span>s<span class=\"_ _271\"> </span><span class=\"ff4d lsb4 ws87\">15<span class=\"_ _78\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span>Net (c<span class=\"_ _0\"></span>redit<span class=\"_ _0\"></span>) of tr<span class=\"_ _0\"></span>ade re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vabl<span class=\"_ _0\"></span>es imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>n<span class=\"_ _bc\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span></span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _399\"> </span></span>Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent of pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>, pl<span class=\"_ _0\"></span>ant and e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pment<span class=\"_ _124\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _3f\"> </span></span>2<span class=\"_ _399\"> </span>Profi<span class=\"_ _0\"></span>t on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>ty, plant an<span class=\"_ _0\"></span>d equ<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>ent<span class=\"_ _272\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Gove<span class=\"_ _0\"></span>rnm<span class=\"_ _0\"></span>ent gr<span class=\"_ _0\"></span>ant in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _273\"> </span><span class=\"ff4d lsb4 ws87\">(6)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>st of inventor<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d as an ex<span class=\"_ _0\"></span>pens<span class=\"_ _0\"></span>e<span class=\"_ _274\"> </span><span class=\"ff4d lsb4 ws87\">15<span class=\"_ _0\"></span>4<span class=\"_ _82\"> </span></span><span class=\"ls94 ws145\">17<span class=\"_ _1\"></span>8<span class=\"_ _399\"> </span></span>Auditor\u2019<span class=\"_ _6\"></span>s remune<span class=\"_ _6\"></span>ration<span class=\"_ _275\"> </span><span class=\"ff4d ls3 ws0\">5<span class=\"_ _3f\"> </span><span class=\"ff4e\">4<span class=\"_ _399\"> </span></span></span>6.<span class=\"_ _0\"></span>2 A<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>is o<span class=\"_ _0\"></span>f au<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tor<span class=\"_ _1\"></span>\u2019s rem<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s as aud<span class=\"_ _0\"></span>itor to the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany<span class=\"_ _10d\"> </span><span class=\"ff4d lsbd ws97\">0.7<span class=\"_ _40\"> </span></span><span class=\"ls87 ws7e\">0.6<span class=\"_ _399\"> </span></span>Ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s as aud<span class=\"_ _0\"></span>itor to Gro<span class=\"_ _0\"></span>up sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s<span class=\"_ _276\"> </span><span class=\"ff4d lsf wsd\">3.4<span class=\"_ _40\"> </span></span><span class=\"ls9b wse4\">2.9<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l au<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t f<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>es<span class=\"_ _277\"> </span><span class=\"ls13e ws125\">4<span class=\"_ _1\"></span>.1<span class=\"_ _c4\"> </span><span class=\"ff4e ls40 ws26\">3<span class=\"_ _0\"></span>.5<span class=\"_ _399\"> </span></span></span>Audit-<span class=\"_ _0\"></span>related assurance f<span class=\"_ _6\"></span>ees<span class=\"_ _87\"> </span><span class=\"ff4d ls5 ws4\">0.8<span class=\"_ _f9\"> </span></span><span class=\"ls87 ws7e\">0.5<span class=\"_ _399\"> </span></span>Other assurance fees<span class=\"_ _201\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-a<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t fe<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _278\"> </span><span class=\"ls5 ws4\">0.8<span class=\"_ _40\"> </span><span class=\"ff4e ls87 ws7e\">0.5<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l fe<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s in r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to a<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>s<span class=\"_ _108\"> </span><span class=\"ls2e ws2c\">4.9<span class=\"_ _40\"> </span><span class=\"ff4e lsa8 ws96\">4.0<span class=\"_ _399\"> </span></span></span>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>7 Emp<span class=\"_ _0\"></span>loyee c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span>7<span class=\"_ _17\"></span>.<span class=\"_ _17\"></span>1 Group<span class=\"_ _399\"> </span>Em<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>loy<span class=\"_ _0\"></span>ee c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s du<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Wages and salaries<span class=\"_ _8f\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _30\"> </span></span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>8<span class=\"_ _3b\"></span>7<span class=\"_ _399\"> </span></span>Redundancy costs<span class=\"_ _277\"> </span><span class=\"ff4d ls3 ws0\">4<span class=\"_ _2d\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span>Soci<span class=\"_ _0\"></span>al securit<span class=\"_ _0\"></span>y costs<span class=\"_ _279\"> </span><span class=\"ff4d lsa2 ws2a\">98<span class=\"_ _99\"> </span></span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span>Pensi<span class=\"_ _0\"></span>on co<span class=\"_ _0\"></span>sts (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _27a\"> </span><span class=\"ff4d ls36 ws35\">63<span class=\"_ _95\"> </span></span><span class=\"ls38 ws37\">60<span class=\"_ _399\"> </span></span>Sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 35<span class=\"_ _0\"></span>)<span class=\"_ _27b\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _2d\"> </span></span><span class=\"ls50 ws4d\">12</span> <span class=\"_ _27c\"> </span><span class=\"ff4d ls37 ws36\">1<span class=\"_ _6\"></span>,444<span class=\"_ _142\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span>Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge n<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r of G<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oye<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>Number<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>Number<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _27d\"> </span><span class=\"ff4d lsaf ws9a\">1<span class=\"_ _6\"></span>2,<span class=\"_ _0\"></span>233<span class=\"_ _b1\"> </span><span class=\"ff4e ls50 ws4d\">12<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>7<span class=\"_ _399\"> </span></span></span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _27e\"> </span><span class=\"ff4d lsa3 ws124\">3,79<span class=\"_ _0\"></span>4<span class=\"_ _142\"> </span></span><span class=\"ls2e ws2c\">3,5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span>Infrastructure Inv<span class=\"_ _6\"></span>estments<span class=\"_ _27f\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _12\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>14<span class=\"_ _399\"> </span></span>Corporate<span class=\"_ _280\"> </span><span class=\"ff4d ls4e ws3\">14<span class=\"_ _0\"></span>5<span class=\"_ _77\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>2</span> <span class=\"_ _281\"> </span><span class=\"ff4d ls13e ws125\">1<span class=\"_ _0\"></span>7,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>8<span class=\"_ _b5\"> </span></span><span class=\"ls156 ws143\">1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>7<span class=\"_ _399\"> </span></span>Det<span class=\"_ _0\"></span>aile<span class=\"_ _0\"></span>d disc<span class=\"_ _0\"></span>losure<span class=\"_ _0\"></span>s of items of remu<span class=\"_ _0\"></span>nerat<span class=\"_ _0\"></span>ion, i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g thos<span class=\"_ _0\"></span>e acc<span class=\"_ _0\"></span>ruin<span class=\"_ _0\"></span>g und<span class=\"_ _0\"></span>er the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s equit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment arr<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s can b<span class=\"_ _0\"></span>e found w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the Re<span class=\"_ _0\"></span>muner<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t on p<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>s 1<span class=\"_ _6\"></span>4<span class=\"_ _0\"></span>2 to 167<span class=\"_ _17\"></span>. 7<span class=\"_ _17\"></span>.<span class=\"_ _0\"></span>2 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny did n<span class=\"_ _0\"></span>ot have any em<span class=\"_ _0\"></span>ployee<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>id not in<span class=\"_ _0\"></span>cur any em<span class=\"_ _0\"></span>plo<span class=\"_ _0\"></span>yee cos<span class=\"_ _0\"></span>ts in th<span class=\"_ _0\"></span>e year (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il). Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Empl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent Ltd, whic<span class=\"_ _0\"></span>h was es<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>blish<span class=\"_ _0\"></span>ed in F<span class=\"_ _0\"></span>ebr<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 2013, remain<span class=\"_ _0\"></span>s the em<span class=\"_ _0\"></span>ploy<span class=\"_ _0\"></span>ing ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y for the B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y G<span class=\"_ _0\"></span>roup\u2019s UK emp<span class=\"_ _0\"></span>loyee<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>8 Inv<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ment inc<span class=\"_ _0\"></span>ome<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Subordinat<span class=\"_ _6\"></span>ed debt int<span class=\"_ _6\"></span>erest r<span class=\"_ _6\"></span>eceivable<span class=\"_ _282\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _99\"> </span></span><span class=\"lsf9 ws29\">23<span class=\"_ _399\"> </span></span>Interest rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e on PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 21)<span class=\"_ _283\"> </span><span class=\"ff4d\">2<span class=\"_ _3f\"> </span></span>5<span class=\"_ _399\"> </span>Fair v<span class=\"_ _0\"></span>alue g<span class=\"_ _0\"></span>ain on inves<span class=\"_ _0\"></span>tment a<span class=\"_ _0\"></span>sset <span class=\"_ _189\"> </span><span class=\"ff4d\">6<span class=\"_ _3f\"> </span></span>9<span class=\"_ _399\"> </span>Interest rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d on b<span class=\"_ _0\"></span>ank de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>its<span class=\"_ _284\"> </span><span class=\"ff4d\">8<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span>Ot<span class=\"_ _0\"></span>her interes<span class=\"_ _0\"></span>t recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>le and s<span class=\"_ _0\"></span>imila<span class=\"_ _0\"></span>r inco<span class=\"_ _0\"></span>me<span class=\"_ _23e\"> </span><span class=\"ff4d\">2<span class=\"_ _3f\"> </span></span>1<span class=\"_ _399\"> </span>Net fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome o<span class=\"_ _0\"></span>n pens<span class=\"_ _0\"></span>ion sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _18e\"> </span><span class=\"ff4d\">5<span class=\"_ _3f\"> </span></span>1<span class=\"_ _399\"> </span>50<span class=\"_ _95\"> </span><span class=\"ff4e ls39 ws38\">39<span class=\"_ _399\"> </span></span>9 Fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse borro<span class=\"_ _6\"></span>w<span class=\"_ _0\"></span>ings<span class=\"_ _137\"> </span><span class=\"ls3 ws0\">\u2013 b<span class=\"_ _0\"></span>ank lo<span class=\"_ _0\"></span>ans an<span class=\"_ _0\"></span>d overdra<span class=\"_ _0\"></span>ft<span class=\"_ _0\"></span>s<span class=\"_ _d3\"> </span><span class=\"ff4d\">9<span class=\"_ _78\"> </span></span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span>US private placement<span class=\"_ _285\"> </span><span class=\"ls3 ws0\">\u2013 fina<span class=\"_ _0\"></span>nce c<span class=\"_ _0\"></span>ost<span class=\"_ _226\"> </span><span class=\"ff4d lsb4 ws87\">15<span class=\"_ _2d\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span></span>Interest on l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es (N<span class=\"_ _0\"></span>ote 28<span class=\"_ _0\"></span>)<span class=\"_ _189\"> </span><span class=\"ff4d\">6<span class=\"_ _3f\"> </span></span>6<span class=\"_ _399\"> </span>Other interest<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>ayable<span class=\"_ _1c8\"> </span><span class=\"ls3 ws0\">\u2013 commit<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s<span class=\"_ _63\"> </span><span class=\"ff4d\">2<span class=\"_ _3f\"> </span></span>2<span class=\"_ _399\"> </span></span>\u2013 let<span class=\"_ _0\"></span>ter of cred<span class=\"_ _0\"></span>it fees<span class=\"_ _22f\"> </span><span class=\"ff4d\">2<span class=\"_ _3f\"> </span></span>2<span class=\"_ _399\"> </span>\u2013 other fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e ch<span class=\"_ _0\"></span>arges<span class=\"_ _24d\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span></span>4<span class=\"_ _399\"> </span>Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates<span class=\"_ _58\"> </span>\u2013 l<span class=\"_ _0\"></span>oans <span class=\"_ _21f\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _3f\"> </span></span>4<span class=\"_ _399\"> </span>\u2013 accrued interest<span class=\"_ _1d2\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _78\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span>38<span class=\"_ _95\"> </span><span class=\"ff4e ls151 wsee\">49<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>e imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent of lo<span class=\"_ _0\"></span>ans to joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates of \u00a3nil (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>4m) an<span class=\"_ _0\"></span>d acc<span class=\"_ _0\"></span>rue<span class=\"_ _0\"></span>d interest re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e of \u00a3<span class=\"_ _0\"></span>2m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a310m<span class=\"_ _0\"></span>) relate to expe<span class=\"_ _0\"></span>cted c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>s asse<span class=\"_ _0\"></span>ssme<span class=\"_ _0\"></span>nts pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ed. A<span class=\"_ _0\"></span>ll of t<span class=\"_ _0\"></span>hese im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nts relate to sub<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d debt a<span class=\"_ _0\"></span>nd ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>ed interes<span class=\"_ _0\"></span>t recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>le from j<span class=\"_ _0\"></span>oint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates held<span class=\"_ _6\"></span> w<span class=\"_ _0\"></span>ithin the Inf<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>astructure Inv<span class=\"_ _6\"></span>estments segment.<span class=\"_ _399\"> </span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:807.3652px;\">10 Non-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ms<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.39667px; bottom:793.0652px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:783.3152px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:793.0652px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:783.3152px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:767.9856px;\">Items (<span class=\"_ _6\"></span>charged ag<span class=\"_ _6\"></span>ains<span class=\"_ _0\"></span>t)<span class=\"_ _6\"></span>/<span class=\"_ _6\"></span>credited to<span class=\"_ _6\"></span> prof<span class=\"_ _0\"></span>it<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls156 ws143\" style=\"left:0.009376526px; bottom:754.606px;\">1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _b4\"> </span><span class=\"ff4e ls3 ws0\">A<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>ion of ac<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>red inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble as<span class=\"_ _0\"></span>sets<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsb4 ws87\" style=\"left:593.0603px; bottom:755.256px;\">(6)<span class=\"_ _95\"> </span><span class=\"ff4e lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8a ws81\" style=\"left:0.009376526px; bottom:741.2264px;\">10.<span class=\"_ _1\"></span>2<span class=\"_ _10f\"> </span><span class=\"ff4e ls5 ws4\">O<span class=\"_ _0\"></span>ther non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>underly<span class=\"_ _0\"></span>ing items:<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:727.8468px;\">\u2013 relea<span class=\"_ _0\"></span>se of ind<span class=\"_ _0\"></span>emnit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons rel<span class=\"_ _0\"></span>ating to s<span class=\"_ _0\"></span>ale of H<span class=\"_ _0\"></span>eer<span class=\"_ _1\"></span>y Internat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al Inc<span class=\"_ _0\"></span>. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:728.4968px;\">2<span class=\"_ _3f\"> </span><span class=\"ff4e\">6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:714.4672px;\">\u2013 grant i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me rep<span class=\"_ _0\"></span>aid in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to UK Jo<span class=\"_ _0\"></span>b Retenti<span class=\"_ _0\"></span>on Sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:715.1172px;\">\u2013<span class=\"_ _c4\"> </span><span class=\"ff4e lsfc ws18f\">(19<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:701.7376px;\">\u2013  <span class=\"_ _b\"></span>set<span class=\"_ _0\"></span>tlem<span class=\"_ _0\"></span>ent cha<span class=\"_ _0\"></span>rge foll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g resolu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n with D<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>J in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to hand<span class=\"_ _0\"></span>ling of wo<span class=\"_ _0\"></span>rk ord<span class=\"_ _0\"></span>ers w<span class=\"_ _0\"></span>ithin B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:59.685097px; bottom:688.7376px;\">Beat<span class=\"_ _0\"></span>ty C<span class=\"_ _0\"></span>ommunities<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:689.3876px;\">\u2013<span class=\"_ _75\"> </span><span class=\"ff4e ls63 wsa1\">(<span class=\"_ _0\"></span>41)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:675.12415px;\">\u2013 provis<span class=\"_ _0\"></span>ion rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised fo<span class=\"_ _0\"></span>r rect<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on work<span class=\"_ _0\"></span>s to be c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>ied ou<span class=\"_ _0\"></span>t on a deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>ment in L<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:675.7741px;\">\u2013<span class=\"_ _40\"> </span><span class=\"ff4e ls3c ws3a\">(42)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:661.5107px;\">\u2013 relea<span class=\"_ _0\"></span>se of ac<span class=\"_ _0\"></span>cru<span class=\"_ _0\"></span>al relat<span class=\"_ _0\"></span>ing to sa<span class=\"_ _0\"></span>le of Pa<span class=\"_ _0\"></span>rson<span class=\"_ _0\"></span>s Brin<span class=\"_ _0\"></span>ckerhof<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:662.16064px;\">\u2013<span class=\"_ _3f\"> </span><span class=\"ff4e\">1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:52.250526px; bottom:648.78107px;\">T<span class=\"_ _6\"></span>otal other non-<span class=\"_ _1\"></span>underlying items<span class=\"_ _286\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _f9\"> </span></span><span class=\"lsa9 ws23\">(9<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:635.4015px;\">Ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on <span class=\"_ _287\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _119\"> </span><span class=\"ff4e ls3b ws12f\">(10<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8a ws81\" style=\"left:0.009376526px; bottom:621.3719px;\">10.<span class=\"_ _1\"></span>3<span class=\"_ _10f\"> </span><span class=\"ff4e ls3 ws0\">T<span class=\"_ _6\"></span>a<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>/(ch<span class=\"_ _0\"></span>arge): </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:607.3423px;\">\u2013 imp<span class=\"_ _0\"></span>act of t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate cha<span class=\"_ _0\"></span>nge o<span class=\"_ _0\"></span>n deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s previ<span class=\"_ _0\"></span>ousl<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed thro<span class=\"_ _0\"></span>ugh n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:607.99225px;\">2<span class=\"_ _2d\"> </span><span class=\"ff4e lsfc ws18f\">18<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:593.3127px;\">\u2013 ta<span class=\"_ _0\"></span>x on othe<span class=\"_ _0\"></span>r items ab<span class=\"_ _0\"></span>ove<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls1ad ws1a1\" style=\"left:594.3158px; bottom:593.96265px;\">(1)<span class=\"_ _7b\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:579.2831px;\">\u2013 reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ion of d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>ssets i<span class=\"_ _0\"></span>n the UK<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:579.93304px;\">\u2013<span class=\"_ _78\"> </span><span class=\"ff4e ls158 ws146\">11<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:565.2535px;\">\u2013 ta<span class=\"_ _0\"></span>x on gr<span class=\"_ _0\"></span>ant inc<span class=\"_ _0\"></span>ome rep<span class=\"_ _0\"></span>aid i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to UK J<span class=\"_ _0\"></span>ob Retent<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:565.90344px;\">\u2013<span class=\"_ _3f\"> </span><span class=\"ff4e\">4 </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:551.224px;\">\u2013 ta<span class=\"_ _0\"></span>x on Do<span class=\"_ _1\"></span>J sett<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nt cha<span class=\"_ _0\"></span>rge<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:551.874px;\">\u2013<span class=\"_ _3f\"> </span><span class=\"ff4e\">4<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:537.1944px;\">\u2013 ta<span class=\"_ _0\"></span>x on rec<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion wo<span class=\"_ _0\"></span>rks prov<span class=\"_ _0\"></span>ision<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:597.718px; bottom:537.8444px;\">\u2013<span class=\"_ _3f\"> </span><span class=\"ff4e\">8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:52.250526px; bottom:523.5808px;\">T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>it<span class=\"_ _288\"> </span><span class=\"ff4d\">1<span class=\"_ _99\"> </span></span><span class=\"ls39 ws38\">45<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:510.20117px;\">Ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e ye<span class=\"_ _0\"></span>ar<span class=\"_ _289\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _fd\"> </span><span class=\"ff4e lsa9 ws23\">(55)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls267 ws267\" style=\"left:0.009376526px; bottom:486.15118px;\">1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span> <span class=\"ff4e lse ws0\">The am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rises: c<span class=\"_ _0\"></span>ustome<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a34m); and cus<span class=\"_ _0\"></span>tomer rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nship<span class=\"_ _0\"></span>s \u00a31m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31m)<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:468.6012px;\">Th<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>rge was re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the fo<span class=\"_ _0\"></span>llowi<span class=\"_ _0\"></span>ng se<span class=\"_ _0\"></span>gment<span class=\"_ _0\"></span>s: Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>nil); an<span class=\"_ _0\"></span>d Infras<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts \u00a3<span class=\"_ _0\"></span>5m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m).<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls156 ws143\" style=\"left:0.009376526px; bottom:451.0512px;\">1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span> <span class=\"ff4e ls3 ws0\">On 27 O<span class=\"_ _0\"></span>ctob<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>, the G<span class=\"_ _0\"></span>roup di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sed of i<span class=\"_ _0\"></span>ts 10<span class=\"_ _0\"></span>0% interest in H<span class=\"_ _0\"></span>eer<span class=\"_ _1\"></span>y Interna<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>al Inc (<span class=\"_ _0\"></span>He<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>). As pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of the g<span class=\"_ _0\"></span>ain on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:438.70117px;\">reco<span class=\"_ _0\"></span>rded<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>roup re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d ind<span class=\"_ _0\"></span>emnit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons rel<span class=\"_ _0\"></span>ating to sever<span class=\"_ _0\"></span>al proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch were in<span class=\"_ _0\"></span>demni<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e sal<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:426.3512px;\">Thi<span class=\"_ _0\"></span><span class=\"_ _399\">s estim</span><span class=\"_ _0\"></span>ate was su<span class=\"_ _0\"></span>bjec<span class=\"_ _0\"></span>t to fin<span class=\"_ _0\"></span>al ong<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g neg<span class=\"_ _0\"></span>otiati<span class=\"_ _0\"></span>ons w<span class=\"_ _0\"></span>ith var<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>s client<span class=\"_ _0\"></span>s. F<span class=\"_ _0\"></span>ollow<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of thes<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>, a fina<span class=\"_ _0\"></span>l reas<span class=\"_ _0\"></span>sessm<span class=\"_ _0\"></span>ent of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:414.00122px;\">this prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>n was c<span class=\"_ _0\"></span>ondu<span class=\"_ _0\"></span>cted re<span class=\"_ _0\"></span>sultin<span class=\"_ _0\"></span>g in a \u00a3<span class=\"_ _0\"></span>2m rele<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m). </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:395.15118px;\">Th<span class=\"_ _0\"></span>e cred<span class=\"_ _0\"></span>it has b<span class=\"_ _0\"></span>een re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces s<span class=\"_ _0\"></span>egm<span class=\"_ _0\"></span>ent.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:376.3012px;\">1<span class=\"_ _6\"></span>0.2.2<span class=\"_ _6\"></span><span class=\"ff4e lse ws0\"> In 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed gr<span class=\"_ _0\"></span>ant inc<span class=\"_ _0\"></span>ome of \u00a3<span class=\"_ _0\"></span>19m in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of the U<span class=\"_ _0\"></span>K Gover<span class=\"_ _0\"></span>nment<span class=\"_ _0\"></span>\u2019s Job Retent<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me (J<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>S), whi<span class=\"_ _0\"></span>ch was p<span class=\"_ _0\"></span>resente<span class=\"_ _0\"></span>d </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:363.95117px;\">with<span class=\"_ _0\"></span>in non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying i<span class=\"_ _0\"></span>tems to avoid d<span class=\"_ _0\"></span>istor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing the u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>manc<span class=\"_ _0\"></span>e of the G<span class=\"_ _0\"></span>roup. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>quent<span class=\"_ _0\"></span>ly rep<span class=\"_ _0\"></span>aid thi<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>ome in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21 and, in<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws9d\" style=\"left:0.009376526px; bottom:351.6012px;\">line w<span class=\"_ _0\"></span>ith the t<span class=\"_ _0\"></span>reatm<span class=\"_ _0\"></span>ent ad<span class=\"_ _0\"></span>opted at 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0, the G<span class=\"_ _0\"></span>roup p<span class=\"_ _0\"></span>resented i<span class=\"_ _0\"></span>ts vol<span class=\"_ _0\"></span>untar<span class=\"_ _1\"></span>y refund of the g<span class=\"_ _0\"></span>rant in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>hin no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:332.75122px;\">Th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nts were rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the foll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g segm<span class=\"_ _0\"></span>ents: C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es \u00a313m; Su<span class=\"_ _0\"></span>ppo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m; and C<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate \u00a31<span class=\"_ _6\"></span>m<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls14c wsa0\" style=\"left:0.009376526px; bottom:313.90118px;\">10.<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span> <span class=\"ff4e ls20 ws0\">In Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21, the Group th<span class=\"_ _0\"></span>rough i<span class=\"_ _0\"></span>ts sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>y B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>munit<span class=\"_ _0\"></span>ies (B<span class=\"_ _0\"></span>BC<span class=\"_ _0\"></span>), reach<span class=\"_ _0\"></span>ed a reso<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>on wi<span class=\"_ _0\"></span>th the U<span class=\"_ _0\"></span>S De<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ment of </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:301.55118px;\">Just<span class=\"_ _0\"></span>ice (<span class=\"_ _0\"></span>Do<span class=\"_ _1\"></span>J) foll<span class=\"_ _0\"></span>owing t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>etion of i<span class=\"_ _0\"></span>ts invest<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tion into s<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ific p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ve fees imp<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>y clai<span class=\"_ _0\"></span>med by B<span class=\"_ _0\"></span>BC b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>3 a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:289.2012px;\">2019 related to ma<span class=\"_ _0\"></span>intenan<span class=\"_ _0\"></span>ce wor<span class=\"_ _0\"></span>k at cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain U<span class=\"_ _0\"></span>S milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng inst<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s. A<span class=\"_ _0\"></span>s par<span class=\"_ _1\"></span>t of the reso<span class=\"_ _0\"></span>lutio<span class=\"_ _0\"></span>n, BB<span class=\"_ _0\"></span>C agre<span class=\"_ _0\"></span>ed to pay a s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>leme<span class=\"_ _0\"></span>nt totallin<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:276.8512px;\">US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>se cos<span class=\"_ _0\"></span>ts were rec<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ed wi<span class=\"_ _0\"></span>thin no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing item<span class=\"_ _0\"></span>s, net of prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns alrea<span class=\"_ _0\"></span>dy h<span class=\"_ _0\"></span>eld in t<span class=\"_ _0\"></span>he previ<span class=\"_ _0\"></span>ous yea<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up pres<span class=\"_ _0\"></span>ented thi<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:264.5012px;\">with<span class=\"_ _0\"></span>in non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying i<span class=\"_ _0\"></span>tems due to th<span class=\"_ _0\"></span>e size and n<span class=\"_ _0\"></span>ature of this c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:245.65118px;\">Thi<span class=\"_ _0\"></span>s cha<span class=\"_ _0\"></span>rge was re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s seg<span class=\"_ _0\"></span>ment.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8a ws81\" style=\"left:0.009376526px; bottom:226.80118px;\">10.<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>4 <span class=\"ff4e ls3 ws0\">I<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed a prov<span class=\"_ _0\"></span>ision of \u00a3<span class=\"_ _0\"></span>42m in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to recti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n works to b<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rrie<span class=\"_ _0\"></span>d out o<span class=\"_ _0\"></span>n a devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent in Lo<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span>n whi<span class=\"_ _0\"></span>ch </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:214.4512px;\">was c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted by the G<span class=\"_ _0\"></span>roup b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween 2<span class=\"_ _0\"></span>013 and 2016. T<span class=\"_ _0\"></span>he rec<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion wo<span class=\"_ _0\"></span>rk will i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e repl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>ment of ston<span class=\"_ _0\"></span>e pan<span class=\"_ _0\"></span>els af<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>xed to the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:202.1012px;\">fa\u00e7<span class=\"_ _0\"></span>ade of t<span class=\"_ _0\"></span>he devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment to meet p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce req<span class=\"_ _0\"></span>uireme<span class=\"_ _0\"></span>nts. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>n was c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ulate<span class=\"_ _0\"></span>d in line w<span class=\"_ _0\"></span>ith a met<span class=\"_ _0\"></span>hod<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>y bas<span class=\"_ _0\"></span>ed on a<span class=\"_ _0\"></span>n inde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:189.75119px;\">expe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t\u2019s asses<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt of the rec<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d an est<span class=\"_ _0\"></span>imate of c<span class=\"_ _0\"></span>osts a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted wit<span class=\"_ _0\"></span>h any potent<span class=\"_ _0\"></span>ial c<span class=\"_ _0\"></span>onse<span class=\"_ _0\"></span>quenti<span class=\"_ _0\"></span>al dis<span class=\"_ _0\"></span>rupt<span class=\"_ _0\"></span>ion to the d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:177.40118px;\">as a result of t<span class=\"_ _0\"></span>hese re<span class=\"_ _0\"></span>ctif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n works<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e provis<span class=\"_ _0\"></span>ion di<span class=\"_ _0\"></span>d not inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e potenti<span class=\"_ _0\"></span>al rec<span class=\"_ _0\"></span>overie<span class=\"_ _0\"></span>s from third p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup pre<span class=\"_ _0\"></span>sented th<span class=\"_ _0\"></span>is wit<span class=\"_ _0\"></span>hin </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:165.05118px;\">non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tems due to th<span class=\"_ _0\"></span>e size of the defec<span class=\"_ _0\"></span>t prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:146.2012px;\">Thi<span class=\"_ _0\"></span>s cha<span class=\"_ _0\"></span>rge was re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices s<span class=\"_ _0\"></span>egm<span class=\"_ _0\"></span>ent.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8a ws81\" style=\"left:0.009376526px; bottom:127.3512px;\">10.<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5 <span class=\"ff4e ls3 ws0\">T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup es<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>blish<span class=\"_ _0\"></span>ed an a<span class=\"_ _0\"></span>ccr<span class=\"_ _0\"></span>ual in re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to sep<span class=\"_ _0\"></span>arat<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>osts i<span class=\"_ _0\"></span>ncur<span class=\"_ _0\"></span>red as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>ale of P<span class=\"_ _0\"></span>arso<span class=\"_ _0\"></span>ns Br<span class=\"_ _0\"></span>inckerh<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f in Oc<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:115.00119px;\">2014. In 20<span class=\"_ _0\"></span>21, the Group rel<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>d \u00a31m of this acc<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>l follow<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of works rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to this sa<span class=\"_ _0\"></span>le. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:96.151184px;\">Thi<span class=\"_ _0\"></span>s cred<span class=\"_ _0\"></span>it was re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in C<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls156 ws143\" style=\"left:0.009376526px; bottom:77.30118px;\">1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>.<span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>.1<span class=\"_ _1\"></span> <span class=\"ff4e ls3 ws0\">Th<span class=\"_ _0\"></span>ere is an ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>al defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x cre<span class=\"_ _0\"></span>dit of \u00a3<span class=\"_ _0\"></span>2m to revalu<span class=\"_ _0\"></span>e deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets previ<span class=\"_ _0\"></span>ousl<span class=\"_ _0\"></span>y reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed thro<span class=\"_ _0\"></span>ugh n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tems due </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:64.95119px;\">to a cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x rate ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e ena<span class=\"_ _0\"></span>cted in t<span class=\"_ _0\"></span>he UK (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>18m). </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lscc ws94\" style=\"left:0.009376526px; bottom:46.101196px;\">10.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span> <span class=\"ff4e lse ws0\">The rem<span class=\"_ _0\"></span>ainin<span class=\"_ _0\"></span>g non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying i<span class=\"_ _0\"></span>tems rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s operat<span class=\"_ _0\"></span>ing prof<span class=\"_ _0\"></span>it gave r<span class=\"_ _0\"></span>ise to a ta<span class=\"_ _0\"></span>x ch<span class=\"_ _0\"></span>arge of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m w<span class=\"_ _0\"></span>hich w<span class=\"_ _0\"></span>as reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ainl<span class=\"_ _0\"></span>y </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:33.75119px;\">on the a<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>isati<span class=\"_ _0\"></span>on of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il).<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.009376526px; bottom:14.901199px;\">1<span class=\"_ _6\"></span>0.3.3<span class=\"_ _6\"></span> <span class=\"ff4e ls20 ws0\">In 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21 the Grou<span class=\"_ _0\"></span>p rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _17\"></span>1m net movement on d<span class=\"_ _0\"></span>eferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s for ta<span class=\"_ _0\"></span>x los<span class=\"_ _0\"></span>ses in no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nder<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing item<span class=\"_ _0\"></span>s follow<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ion </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:2.5511932px;\">of act<span class=\"_ _0\"></span>uari<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>ains an<span class=\"_ _0\"></span>d loss<span class=\"_ _0\"></span>es in th<span class=\"_ _0\"></span>e Group\u2019s pensi<span class=\"_ _0\"></span>on sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:686.22144px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:630.9589px;\">10 Non-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>ms<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8a ws81\" style=\"left:0.0066986084px; bottom:618.60895px;\">10.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span><span class=\"ff4e ls3 ws0\"> As ex<span class=\"_ _0\"></span>pla<span class=\"_ _0\"></span>ined i<span class=\"_ _0\"></span>n Note 10.<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>2, a no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing ch<span class=\"_ _0\"></span>arge of \u00a3<span class=\"_ _0\"></span>19m wa<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in 2<span class=\"_ _0\"></span>021 in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to grant in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e repa<span class=\"_ _0\"></span>id und<span class=\"_ _0\"></span>er the U<span class=\"_ _0\"></span>K </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:606.259px;\">Gover<span class=\"_ _0\"></span>nment<span class=\"_ _0\"></span>\u2019s JRS<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his exp<span class=\"_ _0\"></span>ense g<span class=\"_ _0\"></span>ave rise to a t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>redit of \u00a3<span class=\"_ _0\"></span>4m.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls8a ws81\" style=\"left:0.0066986084px; bottom:587.40894px;\">10.<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span><span class=\"ff4e ls20 ws0\"> A<span class=\"_ _0\"></span>s expl<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>ote 10.2.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>, a non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e of \u00a341<span class=\"_ _17\"></span>m w<span class=\"_ _0\"></span>as rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21 in relati<span class=\"_ _0\"></span>on to the res<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>ith the D<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>J. T<span class=\"_ _0\"></span>his<span class=\"_ _0\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:575.05896px;\">expe<span class=\"_ _0\"></span>nse gave r<span class=\"_ _0\"></span>ise to a ta<span class=\"_ _0\"></span>x cre<span class=\"_ _0\"></span>dit of \u00a34<span class=\"_ _0\"></span>m.<span class=\"_ _0\"></span> </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf8 wse1\" style=\"left:0.0066986084px; bottom:556.2089px;\">10.3.6 <span class=\"ff4e ls20 ws0\">As exp<span class=\"_ _0\"></span>lain<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>ote 10.2.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>, a non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e of \u00a342m w<span class=\"_ _0\"></span>as reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21 in relatio<span class=\"_ _0\"></span>n to the rec<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tion wo<span class=\"_ _0\"></span>rks to be c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>d out </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:543.85895px;\">on a devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent in Lo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>on. T<span class=\"_ _0\"></span>his exp<span class=\"_ _0\"></span>ense g<span class=\"_ _0\"></span>ave ris<span class=\"_ _0\"></span>e to a tax c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:513.9589px;\">1<span class=\"_ _17\"></span>1 In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>axe<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:497.70892px;\">1<span class=\"_ _6\"></span>1.<span class=\"_ _17\"></span>1 I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e/(<span class=\"_ _6\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>it)<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:432.98782px; bottom:473.65894px;\">Underlying<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:455.06805px; bottom:463.90894px;\">it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ms </div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:476.5534px; bottom:466.50635px;\">1 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75574px; bottom:454.15894px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:444.40894px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls166 ws154\" style=\"left:483.15692px; bottom:483.40894px;\">Non-underlying</div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:515.3874px; bottom:473.65894px;\"> it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ms </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:503.98694px; bottom:463.90894px;\">(No<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 10) </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:454.15894px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:444.40894px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:582.20483px; bottom:463.90894px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:454.15894px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:444.40894px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:463.90894px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:454.15894px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:444.40894px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:429.07935px;\">T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l UK t<span class=\"_ _0\"></span>ax<span class=\"_ _1b8\"> </span><span class=\"ff4d lsc0 ws1a9\">(33)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _fd\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span></span></span></span><span class=\"lsf9 ws29\">(67)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:415.04974px;\">T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>UK t<span class=\"_ _0\"></span>ax<span class=\"_ _10e\"> </span><span class=\"ff4d lsa2 ws2a\">34<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">1<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">35<span class=\"_ _2d\"> </span></span></span><span class=\"lsfb ws13a\">15<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:401.02014px;\">T<span class=\"_ _17\"></span>otal tax charg<span class=\"_ _6\"></span>e/<span class=\"_ _6\"></span>(credit)</div><div class=\"t m0 h10d ff4d fs17 fc2 sc0 ls3 ws26d\" style=\"left:123.35889px; bottom:404.48334px;\"> x<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:471.69168px; bottom:401.02014px;\">1<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _40\"> </span><span class=\"ff4e lsf8 wse1\">(52)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:387.64056px;\">UK c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _276\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:375.56097px;\">\u2013 cur<span class=\"_ _0\"></span>rent ta<span class=\"_ _0\"></span>x <span class=\"_ _14e\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:361.53137px;\">\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _195\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span></span><span class=\"lsa9 ws23\">(5)</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:347.5019px;\"> <span class=\"_ _28a\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _58\"> </span></span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:335.4223px;\">No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-U<span class=\"_ _0\"></span>K c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _28b\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:323.3427px;\">\u2013 cur<span class=\"_ _0\"></span>rent ta<span class=\"_ _0\"></span>x<span class=\"_ _28c\"> </span><span class=\"ff4d ls40 ws26\">32<span class=\"_ _40\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _3f\"> </span></span></span></span>6<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:309.3131px;\">\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _28d\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _2d\"> </span></span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:295.93347px;\"> <span class=\"_ _28e\"> </span><span class=\"ff4d lsb0 ws9b\">29<span class=\"_ _40\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _3f\"> </span></span></span></span>5<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:281.90387px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>ax <span class=\"_ _28f\"> </span><span class=\"lsbd ws97\">31<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _75\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _139\"> </span></span></span></span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:267.87427px;\">UK d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _290\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:254.49469px;\">\u2013 orig<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d revers<span class=\"_ _0\"></span>al of temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es <span class=\"_ _1d9\"> </span><span class=\"ff4d ls28 ws24\">(20)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _fd\"> </span>(2<span class=\"_ _0\"></span>2)<span class=\"_ _fd\"> </span></span></span><span class=\"ls35 ws34\">(<span class=\"_ _0\"></span>27)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:241.11511px;\">\u2013 UK corporation tax rat<span class=\"_ _6\"></span>e change<span class=\"_ _291\"> </span><span class=\"ff4d ls1b4 ws110\">(13<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c4\"> </span></span>(1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span></span><span class=\"lsa9 ws23\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:227.73547px;\">\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _25d\"> </span><span class=\"ff4d lsaa ws140\">(<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _7b\"> </span></span></span>\u2013</div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:213.70587px;\"> <span class=\"_ _292\"> </span><span class=\"ff4d ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _fd\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>7)<span class=\"_ _1da\"> </span></span></span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>62)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:200.3263px;\">No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-U<span class=\"_ _0\"></span>K d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"_ _129\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:188.2467px;\">\u2013 orig<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d revers<span class=\"_ _0\"></span>al of temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es<span class=\"_ _13f\"> </span><span class=\"ff4d\">4<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _78\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _78\"> </span></span></span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:174.86719px;\">\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _293\"> </span><span class=\"ff4d\">1<span class=\"_ _3f\"> </span>2<span class=\"_ _3f\"> </span>3<span class=\"_ _139\"> </span></span>\u2013</div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:161.48761px;\"> <span class=\"_ _28a\"> </span><span class=\"ff4d\">5<span class=\"_ _2d\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _99\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _2d\"> </span></span></span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:148.10803px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x<span class=\"_ _28b\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _40\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ff4e lsf8 wse1\">(52)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:134.72842px;\">T<span class=\"_ _17\"></span>otal tax charg<span class=\"_ _6\"></span>e/<span class=\"_ _6\"></span>(credit)</div><div class=\"t m0 h10d ff4d fs17 fc2 sc0 ls3 ws26d\" style=\"left:123.35889px; bottom:138.19162px;\"> x<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:471.69168px; bottom:134.72842px;\">1<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _40\"> </span><span class=\"ff4e lsf8 wse1\">(52)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:111.97827px;\">x <span class=\"_ _1cd\"> </span>E<span class=\"_ _0\"></span>xcl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing j<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t vent<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:97.24332px;\">1 <span class=\"_ _4\"> </span>Be<span class=\"_ _0\"></span>fore n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>tems (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.1<span class=\"_ _6\"></span>0 a<span class=\"_ _0\"></span>nd 10<span class=\"_ _0\"></span>).<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:80.55832px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d a \u00a31<span class=\"_ _6\"></span>m t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m) wit<span class=\"_ _0\"></span>hin non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g items in th<span class=\"_ _0\"></span>e year. Refer to Notes 10.3<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1 to 10.3<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:61.05832px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ta<span class=\"_ _0\"></span>x char<span class=\"_ _0\"></span>ge/<span class=\"_ _0\"></span>(cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>) exclud<span class=\"_ _0\"></span>es amo<span class=\"_ _0\"></span>unts for j<span class=\"_ _0\"></span>oint ventures a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates (refer to N<span class=\"_ _0\"></span>ote 1<span class=\"_ _6\"></span>9<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2), except w<span class=\"_ _0\"></span>here t<span class=\"_ _0\"></span>ax is lev<span class=\"_ _0\"></span>ied a<span class=\"_ _0\"></span>t the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:48.05832px;\">Grou<span class=\"_ _0\"></span><span class=\"_ _399\">p level</span><span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.55832px;\">In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the G<span class=\"_ _0\"></span>roup t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e/<span class=\"_ _0\"></span>(cred<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>), tax of \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m has b<span class=\"_ _0\"></span>een c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ted (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>27m ch<span class=\"_ _0\"></span>arge<span class=\"_ _0\"></span>d) di<span class=\"_ _0\"></span>rect<span class=\"_ _0\"></span>ly to other c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.558319px;\">com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>sing: a t<span class=\"_ _0\"></span>ax cre<span class=\"_ _0\"></span>dit of \u00a3<span class=\"_ _0\"></span>19m for sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>24m c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e); and a t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>redit i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of j<span class=\"_ _0\"></span>oint ventures a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5m </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.558319px;\">(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m charg<span class=\"_ _0\"></span>e). T<span class=\"_ _6\"></span>ax c<span class=\"_ _0\"></span>redit of \u00a3<span class=\"_ _1\"></span>2m (2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>nil) h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed di<span class=\"_ _0\"></span>rect<span class=\"_ _0\"></span>ly in e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to share<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>bas<span class=\"_ _0\"></span>ed pa<span class=\"_ _0\"></span>yme<span class=\"_ _0\"></span>nts. Refer to N<span class=\"_ _0\"></span>ote 32.<span class=\"_ _6\"></span>1. </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:769.38745px;\">1<span class=\"_ _17\"></span>1 In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>axe<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:753.13745px;\">1<span class=\"_ _6\"></span>1.2 I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e/(cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t) r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.39667px; bottom:738.83746px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:729.08746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:738.83746px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:729.08746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:713.7579px;\">Profi<span class=\"_ _0\"></span>t before ta<span class=\"_ _0\"></span>xat<span class=\"_ _0\"></span>ion in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing sh<span class=\"_ _0\"></span>are of result<span class=\"_ _0\"></span>s from jo<span class=\"_ _0\"></span>int ventures a<span class=\"_ _0\"></span>nd ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iates <span class=\"_ _9f\"> </span><span class=\"ff4d ls2e ws2c\">287<span class=\"_ _99\"> </span></span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:700.3783px;\">Les<span class=\"_ _0\"></span>s: share of resul<span class=\"_ _0\"></span>ts of joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _10b\"> </span><span class=\"ff4d ls1b4 ws110\">(10<span class=\"_ _1\"></span>5)<span class=\"_ _9a\"> </span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:686.99866px;\">Profi<span class=\"_ _0\"></span>t before ta<span class=\"_ _0\"></span>xat<span class=\"_ _0\"></span>ion<span class=\"_ _1ed\"> </span><span class=\"ff4d ls7b ws13c\">182<span class=\"_ _99\"> </span></span><span class=\"ls13f ws126\">30<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:673.6191px;\">Ad<span class=\"_ _0\"></span>d: non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing ite<span class=\"_ _0\"></span>ms cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d excludin<span class=\"_ _0\"></span>g share of jo<span class=\"_ _0\"></span>int ventures a<span class=\"_ _0\"></span>nd ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iates<span class=\"_ _294\"> </span><span class=\"ff4d\">4<span class=\"_ _9c\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:660.2395px;\">Underlying pro<span class=\"_ _6\"></span>fit befor<span class=\"_ _6\"></span>e taxation for s<span class=\"_ _6\"></span>ubsidiaries</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:224.88284px; bottom:663.7027px;\">1<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls7b ws13c\" style=\"left:586.09357px; bottom:660.2395px;\">18<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span><span class=\"ff4e ls142 ws12b\">13<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:646.85986px;\">T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying p<span class=\"_ _0\"></span>rofit b<span class=\"_ _0\"></span>efore ta<span class=\"_ _0\"></span>xatio<span class=\"_ _0\"></span>n at st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard UK c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x rate of 19% (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 19%)<span class=\"_ _61\"> </span><span class=\"ff4d lsb5 ws9f\">35<span class=\"_ _99\"> </span></span><span class=\"ls3c ws3a\">25<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:633.4804px;\">Ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>or t<span class=\"_ _0\"></span>he e<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f: <span class=\"_ _90\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:620.1008px;\">E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nses n<span class=\"_ _0\"></span>ot ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e for ta<span class=\"_ _0\"></span>x pur<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d other p<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span>anent i<span class=\"_ _0\"></span>tems <span class=\"_ _226\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span></span>4<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:606.7212px;\">Benef<span class=\"_ _0\"></span>it of ta<span class=\"_ _0\"></span>x inc<span class=\"_ _0\"></span>entive<span class=\"_ _0\"></span>s<span class=\"_ _295\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _99\"> </span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:593.3416px;\">T<span class=\"_ _6\"></span>ax l<span class=\"_ _0\"></span>evie<span class=\"_ _0\"></span>d at Grou<span class=\"_ _0\"></span>p level on sh<span class=\"_ _0\"></span>are of joi<span class=\"_ _0\"></span>nt ventures\u2019 and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s\u2019 profits<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:345.7769px; bottom:596.8048px;\">#<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9a ws8b\" style=\"left:590.8718px; bottom:593.3416px;\">13<span class=\"_ _3f\"> </span><span class=\"ff4e ls3 ws0\">5<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:579.96204px;\">Rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nitio<span class=\"_ _0\"></span>n of los<span class=\"_ _0\"></span>ses not p<span class=\"_ _0\"></span>reviou<span class=\"_ _0\"></span>sly rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:224.88284px; bottom:583.42523px;\">*<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9a ws8b\" style=\"left:587.63525px; bottom:579.96204px;\">(4<span class=\"_ _0\"></span>3)<span class=\"_ _fd\"> </span><span class=\"ff4e ls73 ws6d\">(26<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:566.5824px;\">Effe<span class=\"_ _0\"></span>ct of t<span class=\"_ _0\"></span>ax ra<span class=\"_ _0\"></span>tes in non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>UK ju<span class=\"_ _0\"></span>risd<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span>ions<span class=\"_ _296\"> </span><span class=\"ff4d ls7b ws13c\">12<span class=\"_ _3f\"> </span></span>6<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:553.2028px;\">Rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nitio<span class=\"_ _0\"></span>n of UK defer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax at 2<span class=\"_ _0\"></span>5%</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:180.82794px; bottom:556.666px;\">&amp;<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls1b4 ws110\" style=\"left:588.6589px; bottom:553.2028px;\">(12<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ff4e ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:539.8232px;\">Adjustments in respect of pr<span class=\"_ _6\"></span>evious perio<span class=\"_ _0\"></span>ds<span class=\"_ _241\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:525.79364px;\">T<span class=\"_ _17\"></span>otal tax charg<span class=\"_ _6\"></span>e/<span class=\"_ _6\"></span>(credit)<span class=\"_ _6\"></span> on underlying<span class=\"_ _6\"></span> profit<span class=\"_ _106\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _58\"> </span><span class=\"ff4e lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:512.414px;\">Ad<span class=\"_ _0\"></span>d: ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>it in no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 10.3<span class=\"_ _0\"></span>)<span class=\"_ _297\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _fd\"> </span></span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:498.3844px;\">T<span class=\"_ _17\"></span>otal tax credit o<span class=\"_ _6\"></span>n profit from<span class=\"_ _6\"></span> operations<span class=\"_ _10e\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"ff4e lsf8 wse1\">(<span class=\"_ _0\"></span>52)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:475.6344px;\"># <span class=\"_ _4\"> </span>T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e are m<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>th US j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>tes w<span class=\"_ _0\"></span>here t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x is le<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>d at t<span class=\"_ _0\"></span>he Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p leve<span class=\"_ _0\"></span>l rat<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re of jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:460.8994px;\">* <span class=\"_ _4\"> </span>Ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al UK t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m were re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a3197m, of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m we<span class=\"_ _0\"></span>re rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g ite<span class=\"_ _0\"></span>ms).<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:446.1643px;\">1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:431.21173px;\">&amp;</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:3.1451035px; bottom:428.61432px;\"> Th<span class=\"_ _0\"></span>e UK c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate wi<span class=\"_ _0\"></span>ll in<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m 19% to 25% fr<span class=\"_ _0\"></span>om 1 A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23 a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>fore t<span class=\"_ _0\"></span>he ne<span class=\"_ _0\"></span>w defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re rem<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at 2<span class=\"_ _0\"></span>5%. T<span class=\"_ _0\"></span>his in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es \u00a3<span class=\"_ _0\"></span>13m cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21: </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:11.050667px; bottom:417.56433px;\">\u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m) in c<span class=\"_ _0\"></span>onn<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on of U<span class=\"_ _0\"></span>K t<span class=\"_ _0\"></span>ax l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:387.6643px;\">12 Earni<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>are<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:371.4143px;\">Earnings<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:457.635px; bottom:357.11432px;\">Basic<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75726px; bottom:347.36432px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.14844px; bottom:337.61432px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:511.35724px; bottom:357.11432px;\">Diluted<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.7986px; bottom:347.36432px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:528.66656px; bottom:337.61432px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:583.04755px; bottom:357.11432px;\">Basic<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.39667px; bottom:347.36432px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:337.61432px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:640.3274px; bottom:357.11432px;\">Diluted<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:347.36432px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:337.61432px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:322.28473px;\">Earnin<span class=\"_ _0\"></span>gs<span class=\"_ _22a\"> </span><span class=\"ff4d ls2e ws2c\">288<span class=\"_ _9a\"> </span>288<span class=\"_ _9c\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>0<span class=\"_ _82\"> </span>14<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:308.25513px;\">Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e of \u00a31m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31m </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls2a ws3c\" style=\"left:0.009376526px; bottom:295.25513px;\">cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>)<span class=\"_ _8b\"> </span><span class=\"ff4d ls3 ws0\">7<span class=\"_ _245\"> </span>7<span class=\"_ _89\"> </span><span class=\"ff4e\">4<span class=\"_ _3f\"> </span>4<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:281.22552px;\">Ot<span class=\"_ _0\"></span>her no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items \u2013 i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>it of \u00a3<span class=\"_ _0\"></span>2m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _1\"></span>4m)<span class=\"_ _298\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _95\"> </span>(4)<span class=\"_ _c4\"> </span></span><span class=\"ls140 ws128\">51<span class=\"_ _78\"> </span>51<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:267.19592px;\">Underlying earnings<span class=\"_ _1d7\"> </span><span class=\"ls99 ws8f\">2<span class=\"_ _0\"></span>91<span class=\"_ _82\"> </span>291<span class=\"_ _82\"> </span><span class=\"ff4e lsfc ws18f\">19<span class=\"_ _0\"></span>5<span class=\"_ _82\"> </span>19<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:457.635px; bottom:241.84592px;\">Basic<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75726px; bottom:232.09592px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:470.50262px; bottom:222.34592px;\">m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:511.35724px; bottom:241.84592px;\">Diluted<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.7986px; bottom:232.09592px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:532.9466px; bottom:222.34592px;\">m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:583.04755px; bottom:241.84592px;\">Basic<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.39667px; bottom:232.09592px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:595.88153px; bottom:222.34592px;\">m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:640.3274px; bottom:241.84592px;\">Diluted<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:232.09592px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:658.9054px; bottom:222.34592px;\">m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:207.01645px;\">Weighte<span class=\"_ _0\"></span>d averag<span class=\"_ _0\"></span>e numb<span class=\"_ _0\"></span>er of ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y shares<span class=\"_ _1d1\"> </span><span class=\"ff4d ls7b ws13c\">6<span class=\"_ _0\"></span>12<span class=\"_ _9c\"> </span><span class=\"lsa8 ws96\">620<span class=\"_ _9a\"> </span></span></span><span class=\"ls2e ws2c\">6<span class=\"_ _0\"></span>57<span class=\"_ _fd\"> </span><span class=\"ls141 ws129\">664<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:181.66644px;\">Th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>c ear<span class=\"_ _0\"></span>ning<span class=\"_ _0\"></span>s per o<span class=\"_ _0\"></span>rdin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are is ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated by d<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ding t<span class=\"_ _0\"></span>he profi<span class=\"_ _0\"></span>t for the ye<span class=\"_ _0\"></span>ar at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e to equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s by the wei<span class=\"_ _0\"></span>ghted aver<span class=\"_ _0\"></span>age n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:168.66644px;\">of ordin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares ou<span class=\"_ _0\"></span>tst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing du<span class=\"_ _0\"></span>ring t<span class=\"_ _0\"></span>he year, ex<span class=\"_ _6\"></span>c<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ing tre<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares an<span class=\"_ _0\"></span>d shares h<span class=\"_ _0\"></span>eld in t<span class=\"_ _0\"></span>he Emp<span class=\"_ _0\"></span>loyee S<span class=\"_ _0\"></span>hare O<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>ershi<span class=\"_ _0\"></span>p T<span class=\"_ _6\"></span>rus<span class=\"_ _0\"></span>t.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:149.16644px;\">Th<span class=\"_ _0\"></span>e dilute<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>ning<span class=\"_ _0\"></span>s per o<span class=\"_ _0\"></span>rdin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are uses a<span class=\"_ _0\"></span>n adju<span class=\"_ _0\"></span>sted weig<span class=\"_ _0\"></span>hted avera<span class=\"_ _0\"></span>ge num<span class=\"_ _0\"></span>ber of s<span class=\"_ _0\"></span>hares a<span class=\"_ _0\"></span>nd inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>s share<span class=\"_ _0\"></span>s that are p<span class=\"_ _0\"></span>otential<span class=\"_ _0\"></span>ly ou<span class=\"_ _0\"></span>tst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:136.16644px;\">in relat<span class=\"_ _0\"></span>ion to the e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y-<span class=\"_ _1\"></span>sett<span class=\"_ _0\"></span>led sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment a<span class=\"_ _0\"></span>rran<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents d<span class=\"_ _0\"></span>etail<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>5 of the A<span class=\"_ _0\"></span>nnu<span class=\"_ _0\"></span>al Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>nd Ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unts.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:116.66644px;\">Potential d<span class=\"_ _0\"></span>ilut<span class=\"_ _0\"></span>ive ef<span class=\"_ _0\"></span>fect of o<span class=\"_ _0\"></span>rdina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res issu<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e und<span class=\"_ _0\"></span>er eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents is 8<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 7m).<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:93.91644px;\">Earnings per<span class=\"_ _6\"></span> s<span class=\"_ _0\"></span>hare<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:457.635px; bottom:79.616455px;\">Basic<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75726px; bottom:69.866455px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls159 ws147\" style=\"left:454.36005px; bottom:60.116455px;\">Penc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:511.35724px; bottom:79.616455px;\">Diluted<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.7986px; bottom:69.866455px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls159 ws147\" style=\"left:516.94086px; bottom:60.116455px;\">Penc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:583.04755px; bottom:79.616455px;\">Basic<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.39667px; bottom:69.866455px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:580.1535px; bottom:60.116455px;\">Pence<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:640.3274px; bottom:79.616455px;\">Diluted<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:69.866455px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:642.6464px; bottom:60.116455px;\">Pence<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:44.786865px;\">Ear<span class=\"_ _0\"></span>ning<span class=\"_ _0\"></span>s per o<span class=\"_ _0\"></span>rdin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are<span class=\"_ _154\"> </span><span class=\"ff4d lse0 ws92\">46.9<span class=\"_ _118\"> </span>4<span class=\"_ _0\"></span>6.3<span class=\"_ _b0\"> </span></span><span class=\"ls1b4 ws110\">2<span class=\"_ _0\"></span>1.<span class=\"_ _1\"></span>3<span class=\"_ _fd\"> </span><span class=\"lsff wse6\">2<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.1<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:30.757263px;\">Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of ac<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets af<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>ax<span class=\"_ _c5\"> </span><span class=\"ff4d ls9e wsb3\">1.<span class=\"_ _1\"></span>2<span class=\"_ _29\"> </span><span class=\"ls13e ws125\">1<span class=\"_ _0\"></span>.1<span class=\"_ _75\"> </span></span></span><span class=\"ls87 ws7e\">0.6<span class=\"_ _40\"> </span>0.6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:16.727646px;\">Ot<span class=\"_ _0\"></span>her no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items a<span class=\"_ _0\"></span>fte<span class=\"_ _0\"></span>r ta<span class=\"_ _0\"></span>x<span class=\"_ _299\"> </span><span class=\"ff4d lsb4 ws87\">(0.6<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span>(0.6)<span class=\"_ _82\"> </span></span><span class=\"ls1b8 ws1ac\">7.<span class=\"_ _1\"></span>8<span class=\"_ _95\"> </span>7.<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:2.6980438px;\">Underlying earnings<span class=\"_ _6\"></span> pe<span class=\"_ _0\"></span>r ordinary share<span class=\"_ _d6\"> </span><span class=\"ls96 ws89\">4<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _b0\"> </span><span class=\"lsa9 ws23\">4<span class=\"_ _0\"></span>6.8<span class=\"_ _b0\"> </span><span class=\"ff4e ls4e ws3\">29<span class=\"_ _0\"></span>.7<span class=\"_ _b0\"> </span><span class=\"lsf wsd\">29.<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:838.7527px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls1a ws17\" style=\"left:0.0066986084px; bottom:783.4902px;\">1<span class=\"_ _6\"></span>3 Dividen<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:441.17133px; bottom:769.1902px;\">Pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75574px; bottom:759.4402px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls159 ws147\" style=\"left:453.69644px; bottom:749.6902px;\">Penc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lscf wsb7\" style=\"left:508.1078px; bottom:769.1902px;\">Amount<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:759.4402px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:749.6902px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:568.6082px; bottom:769.1902px;\">Per share<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:759.4402px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:579.3161px; bottom:749.6902px;\">Pence<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:635.84644px; bottom:769.1902px;\">Am<span class=\"_ _0\"></span>ount<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:759.4402px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:749.6902px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:734.3606px;\">Pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d d<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e ye<span class=\"_ _0\"></span>ar<span class=\"_ _1b2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:720.331px;\">Interim \u2013 c<span class=\"_ _0\"></span>urrent ye<span class=\"_ _0\"></span>ar<span class=\"_ _23b\"> </span><span class=\"ff4d lsf wsd\">3.5<span class=\"_ _99\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _40\"> </span></span></span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.0<span class=\"_ _2d\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:706.29517px;\">Fina<span class=\"_ _0\"></span>l \u2013 curre<span class=\"_ _0\"></span>nt year<span class=\"_ _10a\"> </span><span class=\"ff4d ls96 ws89\">7.<span class=\"_ _1\"></span>0<span class=\"_ _2d\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _40\"> </span></span></span><span class=\"lsa8 ws96\">6.0<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">37</span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:692.26556px;\"> <span class=\"_ _29a\"> </span><span class=\"ff4d lsbd ws97\">10.<span class=\"_ _0\"></span>5<span class=\"_ _78\"> </span><span class=\"lsb4 ws87\">61<span class=\"_ _40\"> </span></span></span><span class=\"lsf wsd\">9.0<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">56<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:678.23596px;\">Re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s f<span class=\"_ _0\"></span>or t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _29b\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:664.20636px;\">Fina<span class=\"_ _0\"></span>l \u2013 pri<span class=\"_ _0\"></span>or year<span class=\"_ _29c\"> </span><span class=\"ff4d\"> <span class=\"_ _16f\"> </span><span class=\"ls91 ws85\">37<span class=\"_ _3f\"> </span></span></span> <span class=\"_ _1b\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:650.17676px;\">Interim \u2013 c<span class=\"_ _0\"></span>urrent ye<span class=\"_ _0\"></span>ar<span class=\"_ _29d\"> </span><span class=\"ff4d\"> <span class=\"_ _7b\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _89\"> </span></span></span> <span class=\"_ _7b\"> </span><span class=\"lsfc ws18f\">19</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:636.14716px;\"> <span class=\"_ _28a\"> </span><span class=\"ff4d\"> <span class=\"_ _16f\"> </span><span class=\"lsae ws99\">58<span class=\"_ _3f\"> </span></span></span> <span class=\"_ _16f\"> </span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:610.7972px;\">Sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to app<span class=\"_ _0\"></span>roval at the A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual G<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>al Me<span class=\"_ _0\"></span>eting o<span class=\"_ _0\"></span>n 1<span class=\"_ _6\"></span>2 M<span class=\"_ _0\"></span>ay 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3, t<span class=\"_ _0\"></span>he fin<span class=\"_ _0\"></span>al 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end w<span class=\"_ _0\"></span>ill be p<span class=\"_ _0\"></span>aid o<span class=\"_ _0\"></span>n 5 Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 to hold<span class=\"_ _0\"></span>ers o<span class=\"_ _0\"></span>n the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:597.7972px;\">regis<span class=\"_ _0\"></span>ter on 19 May 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 by dire<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>redit o<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, w<span class=\"_ _0\"></span>here no m<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ate has b<span class=\"_ _0\"></span>een g<span class=\"_ _0\"></span>iven<span class=\"_ _0\"></span>, by che<span class=\"_ _0\"></span>que p<span class=\"_ _0\"></span>osted b<span class=\"_ _0\"></span>y 5 Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3. T<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>rdina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res will b<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:584.7972px;\">quoted ex-<span class=\"_ _1\"></span>div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>end on 18 May 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he la<span class=\"_ _0\"></span>st da<span class=\"_ _0\"></span>te for Div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nd Reinve<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt Pla<span class=\"_ _0\"></span>n (D<span class=\"_ _0\"></span>RIP<span class=\"_ _0\"></span>) el<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>ions w<span class=\"_ _0\"></span>ill be 14 June 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 lscf wsb7\" style=\"left:0.0066986084px; bottom:554.89716px;\">1<span class=\"_ _6\"></span>4 Intang<span class=\"_ _6\"></span>ible asset<span class=\"_ _0\"></span>s \u2013<span class=\"_ _6\"></span> goodwill<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:522.68524px; bottom:521.09717px;\">Co<span class=\"_ _0\"></span>st </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:511.34717px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:556.34546px; bottom:540.59717px;\">Accumul<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:561.74347px; bottom:530.84717px;\">impairment<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:579.3161px; bottom:521.09717px;\">los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:511.34717px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:634.7897px; bottom:530.84717px;\">Carr<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:638.4155px; bottom:521.09717px;\">amo<span class=\"_ _0\"></span>unt </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:511.34717px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:496.01758px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _29e\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span><span class=\"ls3c ws3a\">(225<span class=\"_ _0\"></span>)<span class=\"_ _1d\"> </span><span class=\"ls158 ws146\">8<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:481.9881px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _268\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _89\"> </span>6<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:467.9585px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _14e\"> </span><span class=\"lscc ws94\">1,0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _12c\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>)<span class=\"_ _dc\"> </span><span class=\"ls94 ws145\">8<span class=\"_ _0\"></span>17<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:453.9289px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _28f\"> </span><span class=\"ff4d ls20 ws88\">71<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span><span class=\"ls2e ws2c\">59<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:439.8993px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _28c\"> </span><span class=\"ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span><span class=\"ls28 ws24\">(23<span class=\"_ _0\"></span>0)<span class=\"_ _41\"> </span></span></span>876<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.0066986084px; bottom:411.29932px;\">Carr<span class=\"_ _0\"></span>ying amounts of goodwill by segment<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:370.86902px; bottom:396.99927px;\">2022<span class=\"_ _92\"> </span><span class=\"ff4e ls13a ws121\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls87 ws7e\" style=\"left:316.75626px; bottom:380.0993px;\">Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:308.62866px; bottom:370.3493px;\">Kingdom<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:332.41034px; bottom:360.5993px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls87 ws7e\" style=\"left:379.51804px; bottom:380.0993px;\">Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:382.198px; bottom:370.3493px;\">States<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:394.25485px; bottom:360.5993px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:449.25693px; bottom:370.3493px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:457.91583px; bottom:360.5993px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:515.3874px; bottom:380.0993px;\">Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:506.85913px; bottom:370.3493px;\">Kingdom<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:360.5993px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:578.1985px; bottom:380.0993px;\">Unite<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:578.1985px; bottom:370.3493px;\">Sta<span class=\"_ _0\"></span>tes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:589.81177px; bottom:360.5993px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:370.3493px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:360.5993px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:345.2697px;\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _24f\"> </span><span class=\"ff4d ls71 ws6b\">260<span class=\"_ _9a\"> </span><span class=\"ls1b9 ws1ae\">488<span class=\"_ _9c\"> </span><span class=\"ls1e ws30\">74<span class=\"_ _0\"></span>8<span class=\"_ _72\"> </span></span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls73 ws6d\">260<span class=\"_ _9a\"> </span><span class=\"ls145 ws12e\">435<span class=\"_ _fd\"> </span><span class=\"ls152 ws13d\">695<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:331.2401px;\">Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _29f\"> </span><span class=\"ff4d lsa9 ws23\">73<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span></span>73<span class=\"_ _1f9\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"lse0 ws92\">73<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"lse0 ws92\">73<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:317.2105px;\">Infrastructure Inv<span class=\"_ _6\"></span>estments<span class=\"_ _2a0\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">55<span class=\"_ _99\"> </span>55<span class=\"_ _24\"> </span></span><span class=\"ff4e\"> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _95\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _95\"> </span>49<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.0066986084px; bottom:303.1809px;\">Group<span class=\"_ _2a1\"> </span><span class=\"lsf9 ws29\">333<span class=\"_ _fd\"> </span><span class=\"ls154 ws13f\">543<span class=\"_ _9c\"> </span><span class=\"ls3 ws0\">8<span class=\"_ _0\"></span>76<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _41\"> </span><span class=\"ls155 ws141\">333<span class=\"_ _1da\"> </span><span class=\"ls157 ws144\">484<span class=\"_ _82\"> </span><span class=\"ls94 ws145\">8<span class=\"_ _0\"></span>17<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:274.5809px;\">Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>l by c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng u<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>it<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:466.56226px; bottom:260.28088px;\">2022<span class=\"_ _2a2\"> </span><span class=\"ff4e ls13a ws121\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:457.91583px; bottom:223.88089px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:503.98694px; bottom:243.38089px;\">Pre-t<span class=\"_ _0\"></span>ax<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:480.93054px; bottom:233.63089px;\">discount rat<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:524.7773px; bottom:223.88089px;\">%<span class=\"_ _f5\"> </span><span class=\"ff4e ls87 ws7e\">\u00a3m<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls24e ws24f\" style=\"left:639.9126px; bottom:243.38089px;\">Pre<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>x<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:618.55725px; bottom:233.63089px;\">discount rat<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:657.3252px; bottom:223.88089px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:208.5513px;\">UK Re<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>nal an<span class=\"_ _0\"></span>d Engin<span class=\"_ _0\"></span>eer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _2a3\"> </span><span class=\"ff4d ls71 ws6b\">248<span class=\"_ _75\"> </span><span class=\"ls13e ws125\">9<span class=\"_ _1\"></span>.1<span class=\"_ _218\"> </span></span></span> <span class=\"_ _b0\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>8<span class=\"_ _40\"> </span><span class=\"lsf wsd\">9.<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:194.5217px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup In<span class=\"_ _0\"></span>c<span class=\"_ _2a3\"> </span><span class=\"ff4d lsdf wsc8\">464<span class=\"_ _40\"> </span><span class=\"ls8e wse2\">9.3<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _dc\"> </span><span class=\"ls63 wsa1\">414<span class=\"_ _c4\"> </span><span class=\"lsf wsd\">9.3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:180.4921px;\">Rail U<span class=\"_ _0\"></span>K<span class=\"_ _2a4\"> </span><span class=\"ff4d ls145 ws12e\">68<span class=\"_ _f9\"> </span><span class=\"ls8e wse2\">9.<span class=\"_ _0\"></span>3<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _40\"> </span><span class=\"ls38 ws37\">68<span class=\"_ _40\"> </span><span class=\"lsf wsd\">9.3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:166.4625px;\">Balfour Beatt<span class=\"_ _0\"></span>y Investments<span class=\"_ _6\"></span> U<span class=\"_ _0\"></span>S<span class=\"_ _21b\"> </span><span class=\"ff4d lsaf ws9a\">55<span class=\"_ _dc\"> </span><span class=\"ls13e ws125\">1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.1<span class=\"_ _218\"> </span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _207\"> </span><span class=\"lsf wsd\">9.<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:152.43289px;\">Other<span class=\"_ _2a5\"> </span><span class=\"ff4d lscc ws94\">41<span class=\"_ _c4\"> </span><span class=\"ls8e wse2\">9.3<span class=\"_ _1f9\"> </span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _40\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10.<span class=\"_ _1\"></span>2<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.0066986084px; bottom:138.40341px;\">Group total<span class=\"_ _2a6\"> </span><span class=\"ls3 ws0\">876<span class=\"_ _89\"> </span> <span class=\"_ _180\"> </span><span class=\"ff4e\"> <span class=\"_ _1d\"> </span><span class=\"ls94 ws145\">8<span class=\"_ _1\"></span>17<span class=\"_ _89\"> </span></span> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:113.05344px;\">Th<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le amo<span class=\"_ _0\"></span>unt of go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on va<span class=\"_ _0\"></span>lue<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, a key input of w<span class=\"_ _0\"></span>hich is fo<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>ast c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>ws. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup\u2019s cash fl<span class=\"_ _0\"></span>ow forec<span class=\"_ _0\"></span>asts a<span class=\"_ _0\"></span>re </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:100.05344px;\">bas<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>e expe<span class=\"_ _0\"></span>cted f<span class=\"_ _0\"></span>uture revenue<span class=\"_ _0\"></span>s and m<span class=\"_ _0\"></span>argins of e<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>h CG<span class=\"_ _0\"></span>U, givi<span class=\"_ _0\"></span>ng co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion to the c<span class=\"_ _0\"></span>urrent l<span class=\"_ _0\"></span>evel of conf<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ed and a<span class=\"_ _0\"></span>ntici<span class=\"_ _0\"></span>pate<span class=\"_ _0\"></span>d orde<span class=\"_ _0\"></span>rs. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:87.05344px;\">C<span class=\"_ _0\"></span>ash flow fore<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>sts for t<span class=\"_ _0\"></span>he nex<span class=\"_ _0\"></span>t three ye<span class=\"_ _0\"></span>ars are b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n the G<span class=\"_ _0\"></span>roup\u2019s Three<span class=\"_ _1\"></span>-<span class=\"_ _6\"></span>Year Pla<span class=\"_ _0\"></span>n, whi<span class=\"_ _0\"></span>ch cove<span class=\"_ _0\"></span>rs the p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od fro<span class=\"_ _0\"></span>m 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 to 20<span class=\"_ _0\"></span>25. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:74.05344px;\">flow forec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ts for ea<span class=\"_ _0\"></span>ch C<span class=\"_ _0\"></span>GU were c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>iled f<span class=\"_ _0\"></span>rom ea<span class=\"_ _0\"></span>ch of it<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>ent busi<span class=\"_ _0\"></span>ness u<span class=\"_ _0\"></span>nits as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>nnual f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l pla<span class=\"_ _0\"></span>nning p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ss.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:54.553436px;\">Th<span class=\"_ _0\"></span>e other key inp<span class=\"_ _0\"></span>uts in a<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>sing e<span class=\"_ _0\"></span>ach C<span class=\"_ _0\"></span>GU a<span class=\"_ _0\"></span>re its lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>te and dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rate. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rates have b<span class=\"_ _0\"></span>een c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ulate<span class=\"_ _0\"></span>d using t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:41.55342px;\">Weighte<span class=\"_ _0\"></span>d Averag<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>st of C<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal (<span class=\"_ _1\"></span>WACC<span class=\"_ _0\"></span>) meth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, whic<span class=\"_ _0\"></span>h takes a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unt of the G<span class=\"_ _0\"></span>roup\u2019s cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l stru<span class=\"_ _0\"></span>cture (<span class=\"_ _0\"></span>fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al risk<span class=\"_ _0\"></span>) as we<span class=\"_ _0\"></span>ll as the n<span class=\"_ _0\"></span>ature of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.553421px;\">eac<span class=\"_ _0\"></span>h CG<span class=\"_ _0\"></span>U\u2019s busine<span class=\"_ _0\"></span>ss (o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>al ris<span class=\"_ _0\"></span>k). Lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>tes are assu<span class=\"_ _0\"></span>med to b<span class=\"_ _0\"></span>e the est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d future G<span class=\"_ _0\"></span>DP g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th ra<span class=\"_ _0\"></span>tes bas<span class=\"_ _0\"></span>ed on p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>shed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.553421px;\">inde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent fore<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>sts for t<span class=\"_ _0\"></span>he cou<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y or c<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ries i<span class=\"_ _0\"></span>n whic<span class=\"_ _0\"></span>h eac<span class=\"_ _0\"></span>h CG<span class=\"_ _0\"></span>U op<span class=\"_ _0\"></span>erates<span class=\"_ _0\"></span>, less 1.0% to reflec<span class=\"_ _0\"></span>t cur<span class=\"_ _0\"></span>rent eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ic unc<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ainties a<span class=\"_ _0\"></span>nd the<span class=\"_ _0\"></span>ir </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.553421px;\">con<span class=\"_ _0\"></span>sequ<span class=\"_ _0\"></span>ent est<span class=\"_ _0\"></span>imated ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t on pu<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>c sec<span class=\"_ _0\"></span>tor sp<span class=\"_ _0\"></span>endi<span class=\"_ _0\"></span>ng on infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ture.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 lscf wsb7\" style=\"left:0.009376526px; bottom:814.03705px;\">1<span class=\"_ _6\"></span>4 Intang<span class=\"_ _6\"></span>ible asset<span class=\"_ _0\"></span>s \u2013<span class=\"_ _6\"></span> goodwill<span class=\"ff4e ls1f ws1b\"> cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:801.03705px;\">In the d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vatio<span class=\"_ _0\"></span>n of ea<span class=\"_ _0\"></span>ch CG<span class=\"_ _0\"></span>U\u2019s value<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>use, a termi<span class=\"_ _0\"></span>nal va<span class=\"_ _0\"></span>lue is as<span class=\"_ _0\"></span>sume<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed on a mu<span class=\"_ _0\"></span>ltip<span class=\"_ _0\"></span>le of ea<span class=\"_ _0\"></span>rnin<span class=\"_ _0\"></span>gs before intere<span class=\"_ _0\"></span>st and t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he mult<span class=\"_ _0\"></span>iple </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:788.03705px;\">is ap<span class=\"_ _0\"></span>plie<span class=\"_ _0\"></span>d to a termin<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>sh flow, whic<span class=\"_ _0\"></span>h is the no<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>alise<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh flow in t<span class=\"_ _0\"></span>he las<span class=\"_ _0\"></span>t year of th<span class=\"_ _0\"></span>e forec<span class=\"_ _0\"></span>ast p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>d. H<span class=\"_ _0\"></span>owever, due to the lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:775.03705px;\">nature an<span class=\"_ _0\"></span>d the d<span class=\"_ _0\"></span>egre<span class=\"_ _0\"></span>e of predi<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of so<span class=\"_ _0\"></span>me co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>ithin B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts US<span class=\"_ _0\"></span>, the fo<span class=\"_ _0\"></span>reca<span class=\"_ _0\"></span>st pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d use<span class=\"_ _0\"></span>d in the d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vatio<span class=\"_ _0\"></span>n of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:762.03705px;\">this C<span class=\"_ _0\"></span>GU<span class=\"_ _0\"></span>\u2019s value<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>in<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>use ex<span class=\"_ _0\"></span>tend<span class=\"_ _0\"></span>s beyon<span class=\"_ _0\"></span>d the Gro<span class=\"_ _0\"></span>up\u2019s three<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>year c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low forec<span class=\"_ _0\"></span>ast p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od in li<span class=\"_ _0\"></span>ne wi<span class=\"_ _0\"></span>th the du<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of the c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s disc<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ed in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:749.03705px;\">Note 41<span class=\"_ _6\"></span>(e). The EB<span class=\"_ _0\"></span>IT mu<span class=\"_ _0\"></span>ltip<span class=\"_ _0\"></span>le is c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ulate<span class=\"_ _0\"></span>d using t<span class=\"_ _0\"></span>he Go<span class=\"_ _0\"></span>rdon G<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th M<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el an<span class=\"_ _0\"></span>d is a fac<span class=\"_ _0\"></span>tor of the d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>unt rate an<span class=\"_ _0\"></span>d grow<span class=\"_ _0\"></span>th r<span class=\"_ _0\"></span>ate for eac<span class=\"_ _0\"></span>h CG<span class=\"_ _0\"></span>U. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:736.03705px;\">Th<span class=\"_ _0\"></span>e nomi<span class=\"_ _0\"></span>nal ter<span class=\"_ _0\"></span>minal v<span class=\"_ _0\"></span>alue is d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>unted to pres<span class=\"_ _0\"></span>ent valu<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:372.1445px; bottom:715.23706px;\">2022<span class=\"_ _92\"> </span><span class=\"ff4e ls13a ws121\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:295.44308px; bottom:669.0871px;\">Inflation<span class=\"_ _6\"></span> rate<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:338.9654px; bottom:659.3371px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:359.944px; bottom:678.8371px;\">Real growth<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:392.2932px; bottom:669.0871px;\">rate<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:400.9139px; bottom:659.3371px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:437.76538px; bottom:698.3371px;\">Nominal<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:430.95886px; bottom:688.5871px;\">long-term </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:424.89957px; bottom:678.8371px;\">growth rate<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:441.22px; bottom:669.0871px;\">applied<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:462.98047px; bottom:659.3371px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:495.9804px; bottom:669.0871px;\">Inflation<span class=\"_ _6\"></span> rate<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:531.908px; bottom:659.3371px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:559.6031px; bottom:678.8371px;\">Real growth<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:588.6589px; bottom:669.0871px;\">rate<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:595.88153px; bottom:659.3371px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:635.6787px; bottom:698.3371px;\">Nominal<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:631.02026px; bottom:688.5871px;\">long-<span class=\"_ _0\"></span>term </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:624.5585px; bottom:678.8371px;\">grow<span class=\"_ _1\"></span>th rat<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:640.3274px; bottom:669.0871px;\">applied<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:658.9054px; bottom:659.3371px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:644.0075px;\">UK Re<span class=\"_ _0\"></span>gio<span class=\"_ _0\"></span>nal an<span class=\"_ _0\"></span>d Engin<span class=\"_ _0\"></span>eer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _1f6\"> </span><span class=\"ff4d lsb5 ws9f\">2.3<span class=\"_ _40\"> </span><span class=\"ls5 ws4\">0.8<span class=\"_ _75\"> </span><span class=\"ls13e ws125\">3<span class=\"_ _3b\"></span>.1<span class=\"_ _72\"> </span></span></span></span><span class=\"ff4d\"> <span class=\"_ _82\"> </span></span><span class=\"ls9b wse4\">2.3<span class=\"_ _40\"> </span><span class=\"ls87 ws7e\">0.5<span class=\"_ _40\"> </span></span>2.<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:629.9779px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup In<span class=\"_ _0\"></span>c<span class=\"_ _2a7\"> </span><span class=\"ff4d ls1a3 ws193\">2.2<span class=\"_ _40\"> </span><span class=\"lsbd ws97\">0<span class=\"_ _0\"></span>.7<span class=\"_ _40\"> </span><span class=\"lsf9 ws29\">2.9<span class=\"_ _1f9\"> </span></span></span></span><span class=\"ff4d\"> <span class=\"_ _82\"> </span></span><span class=\"ls9b wse4\">2.0<span class=\"_ _f9\"> </span><span class=\"ls87 ws7e\">0.<span class=\"_ _0\"></span>8<span class=\"_ _40\"> </span></span>2.8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:615.9483px;\">Rail U<span class=\"_ _0\"></span>K<span class=\"_ _2a8\"> </span><span class=\"ff4d lsb5 ws9f\">2.3<span class=\"_ _40\"> </span><span class=\"ls5 ws4\">0.8<span class=\"_ _75\"> </span><span class=\"ls13e ws125\">3<span class=\"_ _1\"></span>.1<span class=\"_ _218\"> </span></span></span></span><span class=\"ff4d\"> <span class=\"_ _82\"> </span></span><span class=\"ls9b wse4\">2.3<span class=\"_ _40\"> </span><span class=\"ls87 ws7e\">0.5<span class=\"_ _40\"> </span></span>2.8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:601.9187px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents U<span class=\"_ _0\"></span>S <span class=\"_ _1a1\"> </span><span class=\"ff4d ls1a3 ws193\">2.2<span class=\"_ _40\"> </span><span class=\"lsbd ws97\">0.7<span class=\"_ _40\"> </span><span class=\"lsf9 ws29\">2<span class=\"_ _0\"></span>.9<span class=\"_ _24\"> </span></span></span></span><span class=\"ff4d\"> <span class=\"_ _82\"> </span></span><span class=\"ls9b wse4\">2.0<span class=\"_ _40\"> </span><span class=\"ls87 ws7e\">0.8<span class=\"_ _40\"> </span></span>2.<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:587.8891px;\">Other<span class=\"_ _211\"> </span><span class=\"ff4d lsb5 ws9f\">2.3<span class=\"_ _40\"> </span></span><span class=\"ff4d\">0.8<span class=\"_ _75\"> </span><span class=\"ls13e ws125\">3<span class=\"_ _1\"></span>.1<span class=\"_ _218\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _82\"> </span></span></span></span><span class=\"ls9b wse4\">2.2<span class=\"_ _40\"> </span><span class=\"ls87 ws7e\">0.6<span class=\"_ _40\"> </span></span>2.<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa2 ws2a\" style=\"left:0.009376526px; bottom:559.28906px;\">Sensitivit<span class=\"_ _6\"></span>ies<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:546.28906px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt review is sen<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>ve to chan<span class=\"_ _0\"></span>ges in t<span class=\"_ _0\"></span>he key assum<span class=\"_ _0\"></span>ption<span class=\"_ _0\"></span>s used<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he maj<span class=\"_ _0\"></span>or as<span class=\"_ _0\"></span>sumpti<span class=\"_ _0\"></span>ons th<span class=\"_ _0\"></span>at result i<span class=\"_ _0\"></span>n signi<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:533.28906px;\">sensi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ities a<span class=\"_ _0\"></span>re the dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rate and t<span class=\"_ _0\"></span>he lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term g<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>th rate, an<span class=\"_ _0\"></span>d for cer<span class=\"_ _1\"></span>tain C<span class=\"_ _0\"></span>GUs<span class=\"_ _0\"></span>, cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s to unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ash p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:513.78906px;\">A reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>ossi<span class=\"_ _0\"></span>ble c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e in key assum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns woul<span class=\"_ _0\"></span>d not gi<span class=\"_ _0\"></span>ve rise to an im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irme<span class=\"_ _0\"></span>nt in any of the G<span class=\"_ _0\"></span>roup\u2019s CGUs<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:483.8891px;\">15 Int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s \u2013 ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:317.31516px; bottom:459.83905px;\">Customer<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:318.9445px; bottom:450.08905px;\">contracts<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:342.07214px; bottom:440.33905px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:380.07843px; bottom:459.83905px;\">Customer<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:370.00836px; bottom:450.08905px;\">relationships<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:404.19095px; bottom:440.33905px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:457.635px; bottom:459.83905px;\">Brand<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:454.36005px; bottom:450.08905px;\">names<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:440.33905px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:492.22046px; bottom:469.58905px;\">Infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:495.9804px; bottom:459.83905px;\">Investments<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:501.82562px; bottom:450.08905px;\">intangibles<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:440.33905px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls24e ws24f\" style=\"left:570.3055px; bottom:459.83905px;\">Sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ware<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:570.3055px; bottom:450.08905px;\">and other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:440.33905px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:450.08905px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:440.33905px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:425.00946px;\">Cost<span class=\"_ _261\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:410.97986px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2a9\"> </span><span class=\"lsa4 ws86\">216<span class=\"_ _99\"> </span><span class=\"ls157 ws144\">48<span class=\"_ _245\"> </span></span></span>3<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">235<span class=\"_ _9c\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _1\"></span>2<span class=\"_ _9a\"> </span><span class=\"ls38 ws37\">634<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:396.95026px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2aa\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _3f\"> </span>1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:382.92065px;\">Additions<span class=\"_ _211\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:368.89105px;\">Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>set<span class=\"_ _177\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _99\"> </span>(6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:354.86163px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2ab\"> </span><span class=\"lsfc ws18f\">218<span class=\"_ _99\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _245\"> </span></span></span>3<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">236<span class=\"_ _82\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"ls155 ws141\">633<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:340.83203px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _da\"> </span><span class=\"ff4d ls71 ws6b\">26<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:326.8024px;\">Additions<span class=\"_ _211\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:312.7728px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2ac\"> </span><span class=\"ls71 ws6b\">244<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">55<span class=\"_ _3f\"> </span></span></span>3<span class=\"_ _9c\"> </span><span class=\"ls91 ws85\">237<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>9<span class=\"_ _9c\"> </span><span class=\"lsdf wsc8\">668<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:0.009376526px; bottom:298.7432px;\">Accumulate<span class=\"_ _0\"></span>d amortisa<span class=\"_ _0\"></span>tion<span class=\"_ _37\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:284.71362px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _de\"> </span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>0)<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _95\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _af\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _86\"> </span></span>(3<span class=\"_ _0\"></span>22)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:270.68402px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _91\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _2d\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:256.65442px;\">Char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _1bb\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _78\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _7a\"> </span></span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">(18<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:242.62482px;\">Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>set <span class=\"_ _a6\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>6<span class=\"_ _3f\"> </span>6<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:228.59521px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _269\"> </span><span class=\"lsa4 ws86\">(16<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ls3c ws3a\">(42)<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _c\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _119\"> </span><span class=\"ls87 ws7e\">(3<span class=\"_ _0\"></span>37)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:214.56561px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _1a0\"> </span><span class=\"ff4d ls28 ws24\">(20)<span class=\"_ _c\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _1b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _fd\"> </span></span>(2<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:200.53601px;\">Char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _1bb\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _99\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _9c\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:186.50641px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _c5\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _9c\"> </span></span></span>(1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span>(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3)<span class=\"_ _119\"> </span></span>(376)<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:172.47693px;\">Carrying amo<span class=\"_ _6\"></span>unt<span class=\"_ _2ad\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:158.44733px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _13e\"> </span><span class=\"lsaf ws9a\">55<span class=\"_ _3f\"> </span></span>7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">224<span class=\"_ _3f\"> </span></span>6<span class=\"_ _9c\"> </span><span class=\"lse0 ws92\">292<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:144.41772px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2ae\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _245\"> </span></span>7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls2e ws2c\">228<span class=\"_ _3f\"> </span></span>7<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">29<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:119.55524px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>es cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain a<span class=\"_ _0\"></span>ssets h<span class=\"_ _0\"></span>eld as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>n arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s as Infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure Investm<span class=\"_ _0\"></span>ents int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>re </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:106.55524px;\">the Gro<span class=\"_ _0\"></span>up be<span class=\"_ _0\"></span>ars d<span class=\"_ _0\"></span>ema<span class=\"_ _0\"></span>nd ris<span class=\"_ _0\"></span>k unde<span class=\"_ _0\"></span>r IFR<span class=\"_ _0\"></span>IC 12 Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>rang<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nts. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup ha<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>plete<span class=\"_ _0\"></span>d its I<span class=\"_ _0\"></span>FRI<span class=\"_ _0\"></span>C 12 assets at the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:93.55524px;\">Unive<span class=\"_ _0\"></span>rsit<span class=\"_ _0\"></span>y of S<span class=\"_ _0\"></span>ussex<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ing a sp<span class=\"_ _0\"></span>end of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m) in t<span class=\"_ _0\"></span>he year. The Inf<span class=\"_ _0\"></span>rast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Invest<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets are am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed on a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:80.55524px;\">stra<span class=\"_ _0\"></span>ight-<span class=\"_ _1\"></span>line ba<span class=\"_ _0\"></span>sis over th<span class=\"_ _0\"></span>e life of the pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s 5<span class=\"_ _0\"></span>0 years<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:61.055237px;\">Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets are am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed on a s<span class=\"_ _0\"></span>trai<span class=\"_ _0\"></span>ght-<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ine ba<span class=\"_ _0\"></span>sis over th<span class=\"_ _0\"></span>eir exp<span class=\"_ _0\"></span>ecte<span class=\"_ _0\"></span>d useful l<span class=\"_ _0\"></span>ives, w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h are one to four ye<span class=\"_ _0\"></span>ars for c<span class=\"_ _0\"></span>ustome<span class=\"_ _0\"></span>r cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:48.055237px;\">three to 10 years for cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r relati<span class=\"_ _0\"></span>onshi<span class=\"_ _0\"></span>ps, th<span class=\"_ _0\"></span>ree to seven year<span class=\"_ _0\"></span>s for sof<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ware, a<span class=\"_ _0\"></span>nd up to fi<span class=\"_ _0\"></span>ve years fo<span class=\"_ _0\"></span>r bran<span class=\"_ _0\"></span>d nam<span class=\"_ _0\"></span>es, except fo<span class=\"_ _0\"></span>r custom<span class=\"_ _0\"></span>er </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:35.055237px;\">cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts an<span class=\"_ _0\"></span>d relati<span class=\"_ _0\"></span>onshi<span class=\"_ _0\"></span>ps relat<span class=\"_ _0\"></span>ing to Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th A<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a whic<span class=\"_ _0\"></span>h are amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d on a ba<span class=\"_ _0\"></span>sis ma<span class=\"_ _0\"></span>tching t<span class=\"_ _0\"></span>he returns e<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ned </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:22.055237px;\">over the li<span class=\"_ _0\"></span>fe of the und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts and re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>onshi<span class=\"_ _0\"></span>ps of up to 5<span class=\"_ _0\"></span>0 yea<span class=\"_ _0\"></span>rs. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5552368px;\">Ot<span class=\"_ _0\"></span>her int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ible a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are amor<span class=\"_ _1\"></span>tised ove<span class=\"_ _0\"></span>r per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s up to 10 years.<span class=\"_ _399\"> </span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>1<span class=\"_ _6\"></span>6 Propert<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, plant<span class=\"_ _6\"></span> and equipment<span class=\"_ _399\"> </span>Land and<span class=\"_ _399\"> </span>buildings<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Plant and<span class=\"_ _399\"> </span>equipment<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Assets in<span class=\"_ _399\"> </span>the course of<span class=\"_ _399\"> </span>construction<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t or v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _2af\"> </span><span class=\"ff4e\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _274\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _9a\"> </span><span class=\"ls9b wse4\">261<span class=\"_ _89\"> </span></span></span>6<span class=\"_ _fd\"> </span><span class=\"lsb0 ws9b\">3<span class=\"_ _0\"></span>32<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _fb\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _245\"> </span>2<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _399\"> </span></span>Additions <span class=\"_ _2a4\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _2d\"> </span><span class=\"ls28 ws24\">31<span class=\"_ _89\"> </span></span>2<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></span>Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _17c\"> </span>\u2013 <span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Dispos<span class=\"_ _0\"></span>als<span class=\"_ _2b0\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _fd\"> </span><span class=\"lsae ws99\">(3<span class=\"_ _0\"></span>8)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"ls71 ws6b\">(40<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2b1\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _9a\"> </span><span class=\"ls3c ws3a\">252<span class=\"_ _3f\"> </span></span></span>8<span class=\"_ _9c\"> </span><span class=\"ls3c ws3a\">3<span class=\"_ _0\"></span>25<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _217\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _3f\"> </span>9<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2e\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _17\"></span>ransfers <span class=\"_ _2b2\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>7<span class=\"_ _58\"> </span><span class=\"ls7a ws1ad\">(7)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _399\"> </span></span>Additions <span class=\"_ _2b3\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _2d\"> </span><span class=\"lsbd ws97\">31<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">31<span class=\"_ _399\"> </span></span></span>Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _2b4\"> </span><span class=\"ff4d ls1b4 ws110\">(10<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _7b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Dispos<span class=\"_ _0\"></span>als<span class=\"_ _2b5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _10c\"> </span><span class=\"ls2c ws9d\">57<span class=\"_ _9a\"> </span><span class=\"ls87 ws7e\">277<span class=\"_ _3f\"> </span></span></span>1<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">335<span class=\"_ _399\"> </span></span>Accumulat<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>d depreciation<span class=\"_ _2b6\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _235\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _119\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>19<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _109\"> </span><span class=\"lsf9 ws29\">(23<span class=\"_ _0\"></span>9)<span class=\"_ _399\"> </span></span>Char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _26e\"> </span><span class=\"lsa9 ws23\">(<span class=\"_ _0\"></span>5)<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _40\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Impairment charge<span class=\"_ _2b7\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2e\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _399\"> </span></span></span></span>Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _17c\"> </span>\u2013<span class=\"_ _3f\"> </span>4<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>4<span class=\"_ _399\"> </span>Dispos<span class=\"_ _0\"></span>als<span class=\"_ _2b2\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _399\"> </span></span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _10c\"> </span><span class=\"ls71 ws6b\">(49<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>)<span class=\"_ _7a\"> </span></span></span>\u2013<span class=\"_ _118\"> </span><span class=\"ls35 ws34\">(227<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _264\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span>Char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _2b8\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _fd\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>3)<span class=\"_ _7b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls7a ws1ad\">(27)<span class=\"_ _399\"> </span></span></span>Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _68\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">5<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _399\"> </span></span></span>Dispos<span class=\"_ _0\"></span>als<span class=\"_ _2b5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2b9\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>3)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(18<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span>Carrying amo<span class=\"_ _6\"></span>unt<span class=\"_ _1e6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _10c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">89<span class=\"_ _3f\"> </span></span></span>1<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _23b\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _78\"> </span><span class=\"ls131 ws12a\">74<span class=\"_ _89\"> </span></span></span>8<span class=\"_ _99\"> </span><span class=\"ls1b1 ws1a6\">98<span class=\"_ _399\"> </span></span>E<span class=\"_ _0\"></span>xcept for l<span class=\"_ _0\"></span>and an<span class=\"_ _0\"></span>d asset<span class=\"_ _0\"></span>s in the c<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se of co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on, t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>sts of pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>ty, plant an<span class=\"_ _0\"></span>d equ<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>ent are de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated on a s<span class=\"_ _0\"></span>trai<span class=\"_ _0\"></span>ght-<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ine ba<span class=\"_ _0\"></span>sis over thei<span class=\"_ _0\"></span>r expe<span class=\"_ _0\"></span>cted u<span class=\"_ _0\"></span>seful li<span class=\"_ _0\"></span>ves. Bui<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs are d<span class=\"_ _0\"></span>eprec<span class=\"_ _0\"></span>iated a<span class=\"_ _0\"></span>t 2.5% per a<span class=\"_ _0\"></span>nnum and p<span class=\"_ _0\"></span>lant a<span class=\"_ _0\"></span>nd eq<span class=\"_ _0\"></span>uipm<span class=\"_ _0\"></span>ent is de<span class=\"_ _0\"></span>prec<span class=\"_ _0\"></span>iated a<span class=\"_ _0\"></span>t 4<span class=\"_ _6\"></span>% to 3<span class=\"_ _0\"></span>3% pe<span class=\"_ _0\"></span>r annum<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:650.47455px;\">1<span class=\"_ _6\"></span>7 Ri<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t-o<span class=\"_ _0\"></span>f-u<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:445.4705px; bottom:635.75183px;\">Land and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:445.4705px; bottom:626.00183px;\">buildings<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:616.25183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:507.33868px; bottom:635.75183px;\">Plant and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:501.82562px; bottom:626.00183px;\">equipment<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:616.25183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:581.2048px; bottom:635.75183px;\">Mot<span class=\"_ _0\"></span>or </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:573.6274px; bottom:626.00183px;\">vehicles </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:616.25183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:626.00183px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:616.25183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:600.92224px;\">Co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t or v<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _2af\"> </span><span class=\"ff4e\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:586.89264px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _274\"> </span><span class=\"ls73 ws6d\">79<span class=\"_ _99\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _95\"> </span><span class=\"ls71 ws6b\">78<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">197<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:572.70013px;\">Additions <span class=\"_ _22a\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _78\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _2d\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _99\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:558.67053px;\">Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _2ba\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _82\"> </span><span class=\"ls50 ws4d\">(12<span class=\"_ _1\"></span>)<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _9a\"> </span><span class=\"lsf8 wse1\">(22)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:544.478px;\">Dispos<span class=\"_ _0\"></span>als <span class=\"_ _2bb\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _95\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _95\"> </span></span>(6)<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">(14<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:530.2855px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2b1\"> </span><span class=\"ls38 ws37\">86<span class=\"_ _c\"> </span><span class=\"ls153 ws13e\">44<span class=\"_ _95\"> </span><span class=\"ls1a3 ws193\">92<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">222<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:516.0931px;\">Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _25a\"> </span><span class=\"ff4d ls3 ws0\">6<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:501.90057px;\">Additions <span class=\"_ _22a\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _99\"> </span><span class=\"lse0 ws92\">56<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:487.70807px;\">Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _65\"> </span><span class=\"ff4d ls143 ws12c\">(11)<span class=\"_ _82\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _1da\"> </span><span class=\"ls7a ws1ad\">(27)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:473.51544px;\">Dispos<span class=\"_ _0\"></span>als <span class=\"_ _2bb\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _99\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _9c\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:459.48584px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2bc\"> </span><span class=\"ls36 ws35\">95<span class=\"_ _95\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span><span class=\"ls9a ws8b\">2<span class=\"_ _0\"></span>47<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsaf ws9a\" style=\"left:0.009376526px; bottom:445.2934px;\">Accumulat<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>d depreciation<span class=\"_ _2b6\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:431.14703px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _248\"> </span><span class=\"ls2c ws9d\">(24)<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">(18<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _9a\"> </span><span class=\"ls34 ws33\">(<span class=\"_ _0\"></span>76)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:416.9544px;\">Char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _2bd\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _77\"> </span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"lsf9 ws29\">(23)<span class=\"_ _fd\"> </span><span class=\"lsf8 wse1\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:402.7619px;\">Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _24c\"> </span>3<span class=\"_ _2d\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _139\"> </span></span>7<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:388.56946px;\">Dispos<span class=\"_ _0\"></span>als <span class=\"_ _2be\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>6<span class=\"_ _2e\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:374.37695px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _10c\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>)<span class=\"_ _9a\"> </span></span>(<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _9a\"> </span><span class=\"lsb5 ws9f\">(97)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:360.18445px;\">Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _2bf\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _99\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:345.99182px;\">Char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _2c0\"> </span><span class=\"ff4d ls1b4 ws110\">(18<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">(<span class=\"_ _0\"></span>11)<span class=\"_ _9a\"> </span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span><span class=\"ls9c ws91\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:331.79932px;\">Remov<span class=\"_ _0\"></span>al of full<span class=\"_ _0\"></span>y de<span class=\"_ _0\"></span>preci<span class=\"_ _0\"></span>ated as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>/as<span class=\"_ _0\"></span>sets sc<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d<span class=\"_ _148\"> </span><span class=\"ff4d ls143 ws12c\">11<span class=\"_ _78\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">6<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:317.60687px;\">Dispos<span class=\"_ _0\"></span>als <span class=\"_ _2be\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _89\"> </span>7<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:303.41425px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2b9\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>0)<span class=\"_ _fd\"> </span><span class=\"ls28 ws24\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>0)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:289.22174px;\">Carrying amo<span class=\"_ _6\"></span>unt<span class=\"_ _1e6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:275.02924px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2bc\"> </span><span class=\"lsaf ws9a\">55<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _9a\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:260.83673px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2b1\"> </span><span class=\"lse0 ws92\">52<span class=\"_ _99\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _99\"> </span><span class=\"ls157 ws144\">48<span class=\"_ _9c\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:225.57428px;\">1<span class=\"_ _6\"></span>8 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tment properties<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:523.5979px; bottom:201.52423px;\">Cost<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:191.77423px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:555.35016px; bottom:211.27423px;\">Accumul<span class=\"_ _0\"></span>ated </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:559.6031px; bottom:201.52423px;\">depreciation<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:191.77423px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:635.6787px; bottom:211.27423px;\">Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:638.8697px; bottom:201.52423px;\">amou<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:191.77423px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:176.44464px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _8b\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _58\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _40\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:162.41507px;\">Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _2c1\"> </span>\u2013<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _2e\"> </span>(1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:146.95468px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2c2\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _f9\"> </span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:132.92508px;\">Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n char<span class=\"_ _0\"></span>ge for the ye<span class=\"_ _0\"></span>ar <span class=\"_ _2c1\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _95\"> </span>(<span class=\"_ _0\"></span>2)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:118.89548px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2c3\"> </span><span class=\"lsb5 ws9f\">35<span class=\"_ _58\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _f9\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:93.54547px;\">Investm<span class=\"_ _0\"></span>ent pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies are hel<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup to g<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>ate rental in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me and c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l app<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p has c<span class=\"_ _0\"></span>hose<span class=\"_ _0\"></span>n to acc<span class=\"_ _0\"></span>ount for i<span class=\"_ _0\"></span>ts invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:80.54547px;\">prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>sets un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>st meth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Group h<span class=\"_ _0\"></span>as no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se proj<span class=\"_ _0\"></span>ect s<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>c finan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g amou<span class=\"_ _0\"></span>nting to \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a326<span class=\"_ _0\"></span>m), w<span class=\"_ _0\"></span>hich is s<span class=\"_ _0\"></span>ecure<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:67.54547px;\">throug<span class=\"_ _0\"></span>h a flo<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g char<span class=\"_ _0\"></span>ge over th<span class=\"_ _0\"></span>e prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:48.04547px;\">Onc<span class=\"_ _0\"></span>e a prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is re<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>y for use, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p cea<span class=\"_ _0\"></span>ses c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>ion of interes<span class=\"_ _0\"></span>t cos<span class=\"_ _0\"></span>t and c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>nces d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>recia<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>n the pro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, o<span class=\"_ _0\"></span>n a stra<span class=\"_ _0\"></span>ight-<span class=\"_ _1\"></span>line </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:35.04547px;\">basi<span class=\"_ _0\"></span>s over 25 yea<span class=\"_ _0\"></span>rs.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:15.545471px;\">Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the G<span class=\"_ _0\"></span>roup\u2019s investment p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 ap<span class=\"_ _0\"></span>proxim<span class=\"_ _0\"></span>ates the c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p gen<span class=\"_ _0\"></span>erate<span class=\"_ _0\"></span>d \u00a34m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>3m) of<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7b wse\" style=\"left:0.009376526px; bottom:2.5454712px;\">rental income from<span class=\"_ _6\"></span> it<span class=\"_ _0\"></span>s inv<span class=\"_ _6\"></span>estment proper<span class=\"_ _0\"></span>ties.<span class=\"_ _399\"> </span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span>19<span class=\"_ _6\"></span>.<span class=\"_ _17\"></span>1 Mov<span class=\"_ _6\"></span>ements<span class=\"_ _399\"> </span>Net<span class=\"_ _399\"> </span>assets<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Lo<span class=\"_ _0\"></span>ans ^<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _27b\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>6<span class=\"_ _9a\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>8<span class=\"_ _9c\"> </span><span class=\"ls1a3 ws193\">554<span class=\"_ _399\"> </span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _268\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _76\"> </span></span>(1)<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _284\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _131\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _236\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benef<span class=\"_ _0\"></span>it ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _97\"> </span>7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>7<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c4\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span>Dividends<span class=\"_ _151\"> </span><span class=\"lsaf ws9a\">(68)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span></span>(68)<span class=\"_ _399\"> </span></span>Additions<span class=\"_ _15a\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>18<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of interest i<span class=\"_ _0\"></span>n BC Chil<span class=\"_ _0\"></span>dren\u2019s and BC Wom<span class=\"_ _0\"></span>en\u2019<span class=\"_ _6\"></span>s H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ls (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.<span class=\"_ _6\"></span>1)<span class=\"_ _e1\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of interest i<span class=\"_ _0\"></span>n A<span class=\"_ _0\"></span>berd<span class=\"_ _0\"></span>een We<span class=\"_ _0\"></span>stern Pe<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>hera<span class=\"_ _0\"></span>l Rou<span class=\"_ _0\"></span>te (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>)<span class=\"_ _e2\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">(18<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _2c5\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Loans repaid<span class=\"_ _2c6\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span>(3)<span class=\"_ _399\"> </span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sific<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en net as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>ans<span class=\"_ _2c7\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _f9\"> </span>(26)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _399\"> </span>Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent of lo<span class=\"_ _0\"></span>ans to jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates (N<span class=\"_ _0\"></span>ote 9<span class=\"_ _0\"></span>)<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _99\"> </span>(4)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _242\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _9a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _28f\"> </span><span class=\"ff4d ls2e ws2c\">28<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>28<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _189\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _26c\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c8\"> </span><span class=\"ff4d lsb0 ws9b\">29<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benef<span class=\"_ _0\"></span>it ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _97\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c9\"> </span><span class=\"ff4d lsb5 ws9f\">25<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _399\"> </span></span></span>Dividends<span class=\"_ _2ca\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span></span>(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Additions<span class=\"_ _15a\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span></span>30<span class=\"_ _399\"> </span></span>Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _2cb\"> </span><span class=\"ff4d ls9c ws91\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _399\"> </span></span></span>Loans repaid<span class=\"_ _2c6\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _2d\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span>Dist<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n in excess of e<span class=\"_ _0\"></span>arni<span class=\"_ _0\"></span>ngs rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d direc<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>n inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _1a0\"> </span><span class=\"ff4d\">2<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>2<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>y ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive investm<span class=\"_ _0\"></span>ent to provi<span class=\"_ _0\"></span>sions (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>)<span class=\"_ _2cc\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2cd\"> </span><span class=\"lsa8 ws96\">320<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">4<span class=\"_ _0\"></span>26<span class=\"_ _399\"> </span></span></span></span>^ <span class=\"_ _33\"> </span>Lo<span class=\"_ _0\"></span>ans i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>ebt re<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nfr<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure In<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates are sho<span class=\"_ _0\"></span>wn in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1. Th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of the Gro<span class=\"_ _0\"></span>up\u2019s share of bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates whi<span class=\"_ _0\"></span>ch wa<span class=\"_ _0\"></span>s supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup an<span class=\"_ _0\"></span>d the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any wa<span class=\"_ _0\"></span>s \u00a3nil (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil). Th<span class=\"_ _0\"></span>e non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>recou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of joint ve<span class=\"_ _0\"></span>nture and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iate enti<span class=\"_ _0\"></span>ties rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to infrast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s are rep<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le over p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds exten<span class=\"_ _0\"></span>ding u<span class=\"_ _0\"></span>p to 20<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>8. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>r fac<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s taken ou<span class=\"_ _0\"></span>t by proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ic joi<span class=\"_ _0\"></span>nt venture and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies. T<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s of eac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>re secure<span class=\"_ _0\"></span>d by a co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fixed a<span class=\"_ _0\"></span>nd flo<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g cha<span class=\"_ _0\"></span>rges over t<span class=\"_ _0\"></span>hat c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>on com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s interests in it<span class=\"_ _0\"></span>s proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s assets an<span class=\"_ _0\"></span>d revenues an<span class=\"_ _0\"></span>d the sh<span class=\"_ _0\"></span>ares in the c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any hel<span class=\"_ _0\"></span>d by it<span class=\"_ _0\"></span>s imme<span class=\"_ _0\"></span>diate p<span class=\"_ _0\"></span>arent co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>. <span class=\"_ _399\">A signi</span><span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span>se lo<span class=\"_ _0\"></span>ans has b<span class=\"_ _0\"></span>een s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d into fixed ra<span class=\"_ _0\"></span>te debt by t<span class=\"_ _0\"></span>he use of interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>ps.<span class=\"_ _399\"> </span>As d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1(f), the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e its sh<span class=\"_ _0\"></span>are of fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y fun<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g of joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciates i<span class=\"_ _0\"></span>n Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cture I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts\u2019 proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s and mil<span class=\"_ _0\"></span>itar<span class=\"_ _1\"></span>y hous<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns. Fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther, in respec<span class=\"_ _0\"></span>t of a num<span class=\"_ _0\"></span>ber of t<span class=\"_ _0\"></span>hese inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted not to d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>se of it<span class=\"_ _0\"></span>s equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y interest unt<span class=\"_ _0\"></span>il co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on is c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>lete. A<span class=\"_ _0\"></span>s is custo<span class=\"_ _0\"></span>mar<span class=\"_ _1\"></span>y in such p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts, b<span class=\"_ _0\"></span>ank<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ovenant<span class=\"_ _0\"></span>s restri<span class=\"_ _0\"></span>ct <span class=\"_ _399\">the p</span><span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt of div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds an<span class=\"_ _0\"></span>d other d<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19.<span class=\"_ _0\"></span>2 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _399\"> </span>Income sta<span class=\"_ _0\"></span>tement Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>UK<span class=\"ff4e fs4 ls3 ws0\"> </span>^<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>North<span class=\"_ _399\"> </span>America<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _2ce\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span>3<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>9<span class=\"_ _9c\"> </span><span class=\"ls2e ws2c\">228<span class=\"_ _a0\"> </span></span></span></span></span>1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span>Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t excludi<span class=\"_ _0\"></span>ng ga<span class=\"_ _0\"></span>in on dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sals of i<span class=\"_ _0\"></span>nterests <span class=\"_ _399\">in in</span><span class=\"_ _6\"></span>vestments<span class=\"_ _80\"> </span><span class=\"ff4d ls71 ws6b\">24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _40\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _78\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _99\"> </span><span class=\"ls252 ws3b\">42<span class=\"_ _399\"> </span></span></span></span></span></span></span>Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s<span class=\"_ _2cf\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _2d\"> </span>70<span class=\"_ _99\"> </span>70<span class=\"_ _399\"> </span></span></span>Operating profit<span class=\"_ _2d0\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _40\"> </span><span class=\"ls99 ws8f\">91<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">88<span class=\"_ _82\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2d1\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">88<span class=\"_ _399\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _21c\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _1da\"> </span><span class=\"ls28 ws24\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span>(8<span class=\"_ _0\"></span>7)<span class=\"_ _399\"> </span></span></span></span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _2d2\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">84<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">87<span class=\"_ _82\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _17\"></span>a<span class=\"_ _0\"></span>xation<span class=\"_ _215\"> </span><span class=\"ff4d lsb4 ws87\">(6)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _95\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _399\"> </span></span></span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _2ae\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">84<span class=\"_ _95\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _9a\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span>Balance sheet<span class=\"_ _399\"> </span>Non-current assets<span class=\"_ _399\"> </span>Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _d3\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">33</span></span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 Infrastructure In<span class=\"_ _6\"></span>vestments intangible<span class=\"_ _2d3\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _99\"> </span>40</span></span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 other<span class=\"_ _1fe\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span>13<span class=\"_ _399\"> </span></span></span>Proper<span class=\"_ _0\"></span>ty,<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>lant and<span class=\"_ _6\"></span> equipment<span class=\"_ _2d4\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>33<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> prop<span class=\"_ _0\"></span>erties<span class=\"_ _2d5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls2c ws9d\">2<span class=\"_ _0\"></span>57<span class=\"_ _9c\"> </span>2<span class=\"_ _0\"></span>57<span class=\"_ _9c\"> </span>2<span class=\"_ _0\"></span>57<span class=\"_ _399\"> </span></span></span>Investments<span class=\"_ _6\"></span> in joint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _298\"> </span><span class=\"ff4d ls3 ws0\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>5<span class=\"_ _399\"> </span></span>Mo<span class=\"_ _0\"></span>ney mar<span class=\"_ _0\"></span>ket funds<span class=\"_ _2a9\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _99\"> </span>26<span class=\"_ _99\"> </span>26<span class=\"_ _399\"> </span></span></span>PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _79\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">98<span class=\"_ _0\"></span>4<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">260<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _b2\"> </span>1,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>4<span class=\"_ _399\"> </span></span></span></span></span>Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _2ab\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>9<span class=\"_ _f8\"> </span>11<span class=\"_ _0\"></span>9<span class=\"_ _f8\"> </span>11<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span>Other non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current assets<span class=\"_ _2d6\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _399\"> </span>Cash and cash equivalents<span class=\"_ _2d7\"> </span><span class=\"ff4d lsf9 ws29\">385<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span><span class=\"lsb4 ws87\">150<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _82\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span></span></span>561<span class=\"_ _399\"> </span></span></span></span>Other current assets<span class=\"_ _1d6\"> </span><span class=\"ff4d lsf8 wse1\">275<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _15\"> </span></span>5<span class=\"_ _78\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">326<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal<span class=\"_ _6\"></span> assets<span class=\"_ _2a3\"> </span><span class=\"ls91 ws85\">837<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _0\"></span>6<span class=\"_ _a0\"> </span></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">2,803<span class=\"_ _399\"> </span></span></span></span></span>Current liabilities<span class=\"_ _399\"> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _37\"> </span><span class=\"ff4d ls8c ws8d\">(8<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span></span>(37)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span></span>(37)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(12<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _169\"> </span><span class=\"ff4d ls8c ws8d\">(<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span>(12<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span>(1<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls20 ws88\">(715)<span class=\"_ _399\"> </span></span></span></span></span>Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _399\"> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _66\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _109\"> </span><span class=\"ls20 ws88\">(8<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>5)<span class=\"_ _aa\"> </span><span class=\"lsaa ws140\">(50<span class=\"_ _0\"></span>2)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Othe<span class=\"_ _0\"></span>r non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>urrent liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _37\"> </span><span class=\"ff4d lsa3 ws124\">(80)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>0)<span class=\"_ _99\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _119\"> </span></span>(18<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal liabilities<span class=\"_ _2d1\"> </span><span class=\"ls1e ws30\">(<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>8)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>)<span class=\"_ _119\"> </span><span class=\"lsfa ws127\">(<span class=\"_ _0\"></span>519<span class=\"_ _0\"></span>)<span class=\"_ _10f\"> </span></span>(1,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _ab\"> </span><span class=\"lsc0 ws1a9\">(2,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span></span></span>Net<span class=\"_ _6\"></span> assets<span class=\"_ _105\"> </span><span class=\"ls1b9 ws1ae\">89<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"lsaa ws140\">2<span class=\"_ _0\"></span>21<span class=\"_ _77\"> </span><span class=\"lsbd ws97\">310<span class=\"_ _399\"> </span></span></span></span></span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>y ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive investm<span class=\"_ _0\"></span>ent to provi<span class=\"_ _0\"></span>sions (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>)<span class=\"_ _161\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span>Lo<span class=\"_ _0\"></span>ans to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _a4\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span>106<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _17\"></span>otal inv<span class=\"_ _6\"></span>estment in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _2d8\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _82\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">3<span class=\"_ _0\"></span>27<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">426<span class=\"_ _399\"> </span></span></span></span></span></span></span>^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s inves<span class=\"_ _0\"></span>tment i<span class=\"_ _0\"></span>n milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g joint vent<span class=\"_ _0\"></span>ures\u2019 and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates\u2019 pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d at its rem<span class=\"_ _0\"></span>ainin<span class=\"_ _0\"></span>g equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y invest<span class=\"_ _0\"></span>ment pl<span class=\"_ _0\"></span>us the value of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s accru<span class=\"_ _0\"></span>ed retur<span class=\"_ _0\"></span>ns from th<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s have total n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse net bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2,<span class=\"_ _6\"></span>126m). Note 41<span class=\"_ _6\"></span>(e) det<span class=\"_ _0\"></span>ails th<span class=\"_ _0\"></span>e Group\u2019s milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>On ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Investme<span class=\"_ _0\"></span>nts co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ere net fair v<span class=\"_ _0\"></span>alue reval<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>ons of P<span class=\"_ _0\"></span>PP fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges resul<span class=\"_ _0\"></span>ted in the Gro<span class=\"_ _0\"></span>up\u2019s carr<span class=\"_ _1\"></span>ying va<span class=\"_ _0\"></span>lue of the<span class=\"_ _0\"></span>se invest<span class=\"_ _0\"></span>ments b<span class=\"_ _0\"></span>eing n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ative, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses b<span class=\"_ _0\"></span>eyond t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>lue of it<span class=\"_ _0\"></span>s investm<span class=\"_ _0\"></span>ents. T<span class=\"_ _0\"></span>his is b<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s not co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to prov<span class=\"_ _0\"></span>ide a<span class=\"_ _0\"></span>ny fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r fund<span class=\"_ _0\"></span>ing to the<span class=\"_ _0\"></span>se investm<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>nd the b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin these c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sions a<span class=\"_ _0\"></span>re non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>recou<span class=\"_ _0\"></span>rse to the G<span class=\"_ _0\"></span>roup. At 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e unrec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised c<span class=\"_ _0\"></span>umula<span class=\"_ _0\"></span>tive net fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>rges to othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unted to \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a321<span class=\"_ _6\"></span>m).<span class=\"_ _399\"> </span>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19.<span class=\"_ _0\"></span>2 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span>Infrastructure Inv<span class=\"_ _6\"></span>estments<span class=\"_ _399\"> </span>Income sta<span class=\"_ _0\"></span>tement Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>UK<span class=\"fs4 ls3 ws0\"> </span>^<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>th<span class=\"_ _399\"> </span>Americ<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue <span class=\"_ _299\"> </span><span class=\"ff4e ls73 ws6d\">826<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>3<span class=\"_ _207\"> </span>11<span class=\"_ _1\"></span>9<span class=\"_ _82\"> </span><span class=\"lsf9 ws29\">232<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _399\"> </span></span></span></span></span></span>Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t excludi<span class=\"_ _0\"></span>ng ga<span class=\"_ _0\"></span>in on dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sals of i<span class=\"_ _0\"></span>nterests <span class=\"_ _399\">in in</span><span class=\"_ _6\"></span>vestments<span class=\"_ _80\"> </span><span class=\"ls87 ws7e\">37<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _2e\"> </span>19<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></span>Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>9<span class=\"_ _89\"> </span>9<span class=\"_ _3f\"> </span>9<span class=\"_ _399\"> </span>Operating profit<span class=\"_ _2d0\"> </span><span class=\"ff4e ls87 ws7e\">37<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _99\"> </span>28<span class=\"_ _99\"> </span><span class=\"ls141 ws129\">66<span class=\"_ _399\"> </span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2d1\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls34 ws33\">76<span class=\"_ _78\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _99\"> </span><span class=\"ls26a ws11b\">88<span class=\"_ _95\"> </span><span class=\"ls38 ws37\">89<span class=\"_ _399\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _db\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lse0 ws92\">(73<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">(9<span class=\"_ _0\"></span>0)<span class=\"_ _82\"> </span></span></span></span></span>(<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _2d2\"> </span><span class=\"ff4e ls87 ws7e\">37<span class=\"_ _3f\"> </span></span><span class=\"ff4e\">1<span class=\"_ _3f\"> </span>3<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _99\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _95\"> </span><span class=\"ls30 ws2e\">64<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>a<span class=\"_ _0\"></span>xation<span class=\"_ _215\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _95\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _13f\"> </span><span class=\"ff4e lsb0 ws9b\">32<span class=\"_ _3f\"> </span></span><span class=\"ff4e\">1<span class=\"_ _89\"> </span>1<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></span>Balance sheet<span class=\"_ _13d\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span>Non-current assets<span class=\"_ _18e\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _2d9\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30</span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 Infrastructure In<span class=\"_ _6\"></span>vestments intangible<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _2e\"> </span>41</span></span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 other<span class=\"_ _1fe\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _78\"> </span>13<span class=\"_ _399\"> </span></span></span>Proper<span class=\"_ _0\"></span>ty,<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>lant and<span class=\"_ _6\"></span> equipment<span class=\"_ _2d4\"> </span><span class=\"ls28 ws24\">31<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span></span>31<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> prop<span class=\"_ _0\"></span>erties<span class=\"_ _2d5\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls73 ws6d\">265<span class=\"_ _9a\"> </span>26<span class=\"_ _0\"></span>5<span class=\"_ _9a\"> </span>26<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Investments<span class=\"_ _6\"></span> in joint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _298\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span>Mo<span class=\"_ _0\"></span>ney mar<span class=\"_ _0\"></span>ket funds<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls9b wse4\">81<span class=\"_ _2d\"> </span>81<span class=\"_ _99\"> </span>81<span class=\"_ _399\"> </span></span>PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _79\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _30\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _f8\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>2<span class=\"_ _a3\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _b2\"> </span>1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span></span>Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _2ab\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>6<span class=\"_ _82\"> </span>10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span>10<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span>Other non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current assets<span class=\"_ _2ba\"> </span><span class=\"ls29 ws25\">70<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _89\"> </span></span>7<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _95\"> </span><span class=\"ls1a3 ws193\">92<span class=\"_ _399\"> </span></span></span></span></span>Current assets<span class=\"_ _80\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Cash and cash equivalents<span class=\"_ _37\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _0\"></span>8<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>3<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _82\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span><span class=\"lsaa ws140\">475<span class=\"_ _399\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _1d6\"> </span><span class=\"lsf9 ws29\">223<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">56<span class=\"_ _245\"> </span></span>2<span class=\"_ _99\"> </span><span class=\"ls155 ws141\">58<span class=\"_ _9a\"> </span><span class=\"ls9b wse4\">281<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal<span class=\"_ _6\"></span> assets<span class=\"_ _2da\"> </span><span class=\"ff4e ls13f ws126\">665<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>1<span class=\"_ _82\"> </span><span class=\"ls2e ws2c\">657<span class=\"_ _a1\"> </span><span class=\"ls157 ws144\">2,<span class=\"_ _17\"></span>048<span class=\"_ _a3\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>713<span class=\"_ _399\"> </span></span></span></span></span></span></span>Current liabilities<span class=\"_ _2db\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _2d9\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>51)<span class=\"_ _7a\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _207\"> </span><span class=\"lsae ws99\">(36<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _207\"> </span><span class=\"lsae ws99\">(3<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span><span class=\"ls40 ws26\">(87<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _169\"> </span><span class=\"ls71 ws6b\">(467<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">(<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _0\"></span>13<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls35 ws34\">(5<span class=\"_ _0\"></span>97)<span class=\"_ _399\"> </span></span></span></span></span></span></span>Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _2dc\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _66\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"lsb0 ws9b\">(9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _30\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _10f\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Othe<span class=\"_ _0\"></span>r non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>urrent liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _9d\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _1\"></span>213<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _aa\"> </span><span class=\"lsa2 ws2a\">(220)<span class=\"_ _119\"> </span><span class=\"ls131 ws12a\">(<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span>T<span class=\"_ _17\"></span>otal liabilities<span class=\"_ _2d1\"> </span><span class=\"ff4e lsf8 wse1\">(572)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c0\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls71 ws6b\">(46<span class=\"_ _0\"></span>7)<span class=\"_ _e\"> </span></span>(1,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Net<span class=\"_ _6\"></span> assets<span class=\"_ _105\"> </span><span class=\"ff4e ls13f ws126\">93<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>3<span class=\"_ _77\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span></span></span></span>303<span class=\"_ _fd\"> </span><span class=\"ls39 ws38\">396<span class=\"_ _399\"> </span></span></span>Lo<span class=\"_ _0\"></span>ans to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _a4\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">107<span class=\"_ _77\"> </span>107<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal inv<span class=\"_ _6\"></span>estment in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _2d8\"> </span><span class=\"ff4e ls13f ws126\">93<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">220<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>0<span class=\"_ _77\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">503<span class=\"_ _399\"> </span></span></span></span></span></span></span>^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _6\"></span> 19.3 Ag<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>te i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Joint v<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>ntures<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Associates<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _223\"> </span><span class=\"ff4d ls1b9 ws1ae\">89<span class=\"_ _99\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></span>Ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e Group\u2019s interest<span class=\"_ _dd\"> </span><span class=\"ff4d lsa9 ws23\">300<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">426<span class=\"_ _399\"> </span></span></span></span>Joint vent<span class=\"_ _0\"></span>ures<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Associates<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _223\"> </span><span class=\"ls157 ws144\">4<span class=\"_ _6\"></span>8<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span>Ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e Group\u2019s interest<span class=\"_ _24b\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>0<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">113<span class=\"_ _82\"> </span><span class=\"ls1b ws18\">503<span class=\"_ _399\"> </span></span></span></span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19.4 De<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ch<span class=\"_ _0\"></span>ina L<span class=\"_ _0\"></span>td<span class=\"_ _15\"> </span>C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>nec<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>lus (<span class=\"_ _0\"></span>M2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s own<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>p in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t in t<span class=\"_ _0\"></span>he j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _1e0\"> </span><span class=\"ls35 ws34\">50%<span class=\"_ _ae\"> </span></span><span class=\"ff4e\">5<span class=\"_ _0\"></span>0%<span class=\"_ _1f9\"> </span> <span class=\"_ _86\"> </span></span><span class=\"lsb4 ws87\">15%<span class=\"_ _118\"> </span><span class=\"ff4e lsfb ws13a\">15%<span class=\"_ _399\"> </span></span></span>Income sta<span class=\"_ _0\"></span>tement<span class=\"_ _399\"> </span>Revenue<span class=\"_ _250\"> </span><span class=\"ff4d ls127 ws95\">2<span class=\"_ _1\"></span>,1<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _30\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ff4d ls2c ws9d\">270<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span>Underlying<span class=\"_ _6\"></span> operating profit<span class=\"_ _2dd\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _99\"> </span><span class=\"ff4e lsf8 wse1\">72<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1b\"> </span><span class=\"ff4d\">9<span class=\"_ _78\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2de\"> </span><span class=\"ff4d ls3 ws0\">6<span class=\"_ _3f\"> </span><span class=\"ff4e\">2<span class=\"_ _1f9\"> </span> <span class=\"_ _12c\"> </span></span><span class=\"ls4e ws3\">14<span class=\"_ _1\"></span>0<span class=\"_ _82\"> </span></span></span><span class=\"ls142 ws12b\">13<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span>Finance costs<span class=\"_ _2df\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _ae\"> </span><span class=\"ff4d ls1ad ws1a1\">(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1)<span class=\"_ _119\"> </span></span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Inc<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e<span class=\"_ _106\"> </span><span class=\"ff4d ls1b4 ws110\">(12<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span></span><span class=\"ls142 ws12b\">(13<span class=\"_ _0\"></span>)<span class=\"_ _1cd\"> </span></span> <span class=\"_ _99\"> </span><span class=\"ff4d ls8c ws8d\">(9)<span class=\"_ _9c\"> </span></span><span class=\"lsa4 ws86\">(16<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Prof<span class=\"_ _0\"></span>it<span class=\"_ _2e0\"> </span><span class=\"ff4d ls36 ws35\">63<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ff4d lsaf ws9a\">39<span class=\"_ _99\"> </span></span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _17\"></span>otal other compre<span class=\"_ _6\"></span>hensive income/(loss) <span class=\"_ _252\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _78\"> </span></span><span class=\"ls142 ws12b\">13<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _86\"> </span><span class=\"ff4d ls1e ws30\">(2<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span></span><span class=\"lsa9 ws23\">(8<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me/(los<span class=\"_ _0\"></span>s) (1<span class=\"_ _6\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%)<span class=\"_ _2d5\"> </span><span class=\"ls252 ws3b\">65<span class=\"_ _95\"> </span><span class=\"ff4e lsf8 wse1\">72<span class=\"_ _1f9\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _119\"> </span></span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5)<span class=\"_ _1da\"> </span><span class=\"ff4e lsae ws99\">(5<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span>Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>f to<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ive i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e/(los<span class=\"_ _0\"></span>s)<span class=\"_ _2e1\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _95\"> </span><span class=\"ff4e ls39 ws38\">36<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _9c\"> </span></span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"ff4e ls1b7 ws13b\">(8)<span class=\"_ _399\"> </span></span></span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _2d9\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _99\"> </span><span class=\"ff4e lsb0 ws9b\">32<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span></span>6<span class=\"_ _3f\"> </span><span class=\"ff4e\">5<span class=\"_ _399\"> </span></span>Balance sheet<span class=\"_ _399\"> </span>Non-current assets<span class=\"_ _23f\"> </span><span class=\"ls2e ws2c\">289<span class=\"_ _82\"> </span><span class=\"ff4e ls3b ws12f\">210<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c0\"> </span></span></span>1<span class=\"_ _6\"></span>,667<span class=\"_ _a0\"> </span><span class=\"ff4e lsaa ws140\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>47<span class=\"_ _399\"> </span></span></span>Current assets<span class=\"_ _14c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _c3\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span>Cash and cash equivalents<span class=\"_ _154\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _1\"></span>3<span class=\"_ _fd\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _0\"></span>3<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></span>Other current assets<span class=\"_ _272\"> </span><span class=\"ff4d lscc ws94\">5<span class=\"_ _1\"></span>41<span class=\"_ _77\"> </span></span><span class=\"ls63 wsa1\">416<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ff4d ls252 ws3b\">65<span class=\"_ _95\"> </span></span><span class=\"ls38 ws37\">60<span class=\"_ _399\"> </span></span></span></span>1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _12\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span></span></span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>8<span class=\"_ _9a\"> </span><span class=\"ff4e ls71 ws6b\">20<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span>Current liabilities<span class=\"_ _26e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _c3\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _104\"> </span><span class=\"ff4d ls4e ws3\">(914<span class=\"_ _0\"></span>)<span class=\"_ _12\"> </span></span><span class=\"lsaf ws9a\">(6<span class=\"_ _0\"></span>99)<span class=\"_ _4\"> </span></span> <span class=\"_ _9a\"> </span><span class=\"ff4d\">(56)<span class=\"_ _fd\"> </span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span>Provisions<span class=\"_ _28c\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>8)<span class=\"_ _1da\"> </span></span><span class=\"lsae ws99\">(5<span class=\"_ _0\"></span>0)<span class=\"_ _33\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _fb\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span></span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _82\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span></span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _2e2\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span></span><span class=\"lsfb ws13a\">(14<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _99\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _2d\"> </span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>(1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _30\"> </span><span class=\"ff4e lsf8 wse1\">(<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>4)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _9a\"> </span></span></span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"ff4e lsb5 ws9f\">(77)<span class=\"_ _399\"> </span></span></span>Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _22d\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> <span class=\"_ _180\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _2e3\"> </span><span class=\"ff4d ls9c ws91\">(9<span class=\"_ _0\"></span>4)<span class=\"_ _1da\"> </span></span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _33\"> </span></span> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span>Provisions<span class=\"_ _28c\"> </span><span class=\"ff4d ls7a ws1ad\">(28)<span class=\"_ _fd\"> </span></span><span class=\"ls3c ws3a\">(25)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _2e4\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1f9\"> </span> <span class=\"_ _ce\"> </span></span><span class=\"ls127 ws95\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _ce\"> </span></span></span><span class=\"ls156 ws143\">(<span class=\"_ _1\"></span>1,1<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Other non-<span class=\"_ _1\"></span>curren<span class=\"_ _6\"></span>t liabilities<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>including s<span class=\"_ _6\"></span>hareholder loans)<span class=\"_ _da\"> </span><span class=\"ff4d ls8c ws8d\">(3<span class=\"_ _0\"></span>7)<span class=\"_ _1da\"> </span></span><span class=\"lsf9 ws29\">(29)<span class=\"_ _33\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _86\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span></span><span class=\"lsae ws99\">(506)<span class=\"_ _399\"> </span></span></span></span>(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ff4e ls3b ws12f\">(<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _b1\"> </span></span></span>(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span><span class=\"ff4e lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _3b\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Net<span class=\"_ _6\"></span> assets (<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>00%<span class=\"_ _6\"></span>)<span class=\"_ _23b\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _f8\"> </span><span class=\"ff4e ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _218\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span></span></span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span><span class=\"ff4e lsaa ws140\">471<span class=\"_ _399\"> </span></span></span></span>Re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>bove s<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mma<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>bove j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e consolidate<span class=\"_ _0\"></span>d financial statements:<span class=\"_ _399\"> </span>Net as<span class=\"_ _0\"></span>sets of jo<span class=\"_ _0\"></span>int venture (100%)<span class=\"_ _2e5\"> </span><span class=\"ff4d lsbd ws97\">131<span class=\"_ _f8\"> </span></span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _218\"> </span></span> <span class=\"_ _12c\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span></span><span class=\"lsaa ws140\">471<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of net as<span class=\"_ _0\"></span>sets<span class=\"_ _2e6\"> </span><span class=\"ff4d lsdf wsc8\">66<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _24\"> </span></span> <span class=\"_ _c4\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _2d\"> </span></span><span class=\"lsaa ws140\">71<span class=\"_ _399\"> </span></span>Ad<span class=\"_ _0\"></span>d: Group\u2019s interest in sh<span class=\"_ _0\"></span>arehol<span class=\"_ _0\"></span>der l<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ns<span class=\"_ _133\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _24\"> </span> <span class=\"_ _c4\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _99\"> </span></span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span>Goo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill<span class=\"_ _22e\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">30<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span>Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s in<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t in t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _c9\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _99\"> </span><span class=\"ff4e ls38 ws37\">89<span class=\"_ _4e\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _75\"> </span></span><span class=\"ls2c ws9d\">57<span class=\"_ _99\"> </span><span class=\"ff4e ls1b1 ws1a6\">98<span class=\"_ _399\"> </span></span></span>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19<span class=\"_ _6\"></span>.5 Cash flo<span class=\"_ _6\"></span>w from/<span class=\"_ _17\"></span>(to<span class=\"_ _6\"></span>) joint<span class=\"_ _6\"></span> ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _187\"> </span><span class=\"ff4e ls3d wsae\">Infrastructure<span class=\"_ _6\"></span> Investments<span class=\"_ _399\"> </span></span>Cash flows<span class=\"_ _6\"></span> from inv<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>sting activities<span class=\"_ _399\"> </span>UK ^<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>North<span class=\"_ _399\"> </span>America<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>UK ^<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>th<span class=\"_ _399\"> </span>Americ<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ends f<span class=\"_ _0\"></span>rom joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d associates<span class=\"_ _ca\"> </span><span class=\"ff4d ls143 ws12c\">11<span class=\"_ _12c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>3 </span></span>x<span class=\"_ _399\"> </span>34<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _7b\"> </span>5<span class=\"_ _dc\"> </span><span class=\"ls3c ws3a\">25</span><span class=\"ff4d\"> <span class=\"_ _a\"></span><span class=\"ff4e\">+<span class=\"_ _99\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _95\"> </span><span class=\"ls38 ws37\">68<span class=\"_ _399\"> </span></span></span></span></span></span></span>Sub<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nated d<span class=\"_ _0\"></span>ebt interes<span class=\"_ _0\"></span>t receiv<span class=\"_ _6\"></span>ed<span class=\"_ _a4\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span></span>10<span class=\"_ _72\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _7b\"> </span>8<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>8<span class=\"_ _399\"> </span></span>Investm<span class=\"_ _0\"></span>ents in a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>ans to joi<span class=\"_ _0\"></span>nt ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _2e7\"> </span><span class=\"ff4d ls7a ws1ad\">(7)<span class=\"_ _1da\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"ls8c ws8d\">(2<span class=\"_ _0\"></span>9)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span>2<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Equit<span class=\"_ _0\"></span>y<span class=\"_ _1a1\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _dc\"> </span><span class=\"lsaa ws140\">(2<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _77\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Subordinat<span class=\"_ _6\"></span>ed debt repaid<span class=\"_ _1a\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _7b\"> </span>3<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></span>Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y from jo<span class=\"_ _0\"></span>int ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _186\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _40\"> </span>34 </span>x<span class=\"_ _399\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _24\"> </span></span><span class=\"ff4e\"> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _29\"> </span>4</span> <span class=\"_ _a\"></span><span class=\"ff4e\">+<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>4<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of invest<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n joint venture<span class=\"_ _0\"></span>s<span class=\"_ _204\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _c4\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _95\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _3f\"> </span></span></span>1<span class=\"_ _78\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _399\"> </span></span></span></span>Ne<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ow f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _1d3\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _1\"></span>5<span class=\"_ _2d\"> </span><span class=\"lsb5 ws9f\">35<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _0\"></span>4<span class=\"_ _72\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _40\"> </span><span class=\"ls39 ws38\">45<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _95\"> </span></span>39<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span></span>^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _399\"> </span>x <span class=\"_ _1cd\"> </span>In 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d retur<span class=\"_ _0\"></span>n of e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d \u00a35<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y of pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of In<span class=\"_ _0\"></span>fra<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h \u00a312m, \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>, \u00a34<span class=\"_ _0\"></span>m, \u00a3<span class=\"_ _0\"></span>13m an<span class=\"_ _0\"></span>d \u00a314<span class=\"_ _0\"></span>m res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>ly of p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>f Reg<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d at M<span class=\"_ _0\"></span>ed C<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>r, Asp<span class=\"_ _0\"></span>ire a<span class=\"_ _0\"></span>t Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Pre<span class=\"_ _0\"></span>ser<span class=\"_ _1\"></span>ve at S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>hwi<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, Preserve at Bartlet<span class=\"_ _0\"></span>t and Wat<span class=\"_ _6\"></span>erchase A<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>tments.<span class=\"_ _399\"> </span>+ <span class=\"_ _33\"> </span>In 2<span class=\"_ _0\"></span>021, di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>n of e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed \u00a3<span class=\"_ _1\"></span>8m an<span class=\"_ _0\"></span>d \u00a34<span class=\"_ _0\"></span>m re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ely o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of Inf<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Inve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s,<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h \u00a3<span class=\"_ _0\"></span>8m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>4m re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y of pr<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ted fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of R<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g and Z<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>hyr R<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>19.6 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>Accumul<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span>(los<span class=\"_ _0\"></span>s)/prof<span class=\"_ _0\"></span>it<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Hedging<span class=\"_ _399\"> </span>reserve<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>PPP financial<span class=\"_ _399\"> </span>assets<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>translation<span class=\"_ _399\"> </span>reserve<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>o<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> 3<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>.1)<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2bf\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _9c\"> </span><span class=\"lsa9 ws23\">(55)<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>2<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _95\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _399\"> </span></span></span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2ad\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _76\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2e\"> </span>(1)<span class=\"_ _399\"> </span></span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _103\"> </span><span class=\"ls2e ws2c\">5<span class=\"_ _6\"></span>7<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>57<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets<span class=\"_ _17d\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es<span class=\"_ _2e8\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Actuarial movements on re<span class=\"_ _6\"></span>tirement benefit assets/<span class=\"_ _0\"></span>liabilities <span class=\"_ _21\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>7<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _5b\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _1b\"> </span></span>6<span class=\"_ _58\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span>Dividends<span class=\"_ _2e9\"> </span><span class=\"lsaf ws9a\">(68)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _207\"> </span></span>(6<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span>Reser<span class=\"_ _0\"></span>ve transf<span class=\"_ _6\"></span>ers relating to joint<span class=\"_ _6\"></span> ventures and associates<span class=\"_ _2ea\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>34<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _f3\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _58\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _107\"> </span>8<span class=\"_ _207\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _40\"> </span><span class=\"ls141 ws129\">80<span class=\"_ _c\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _99\"> </span></span></span>72<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2ad\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">23<span class=\"_ _99\"> </span>23<span class=\"_ _399\"> </span></span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _21f\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets<span class=\"_ _17d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es<span class=\"_ _2e8\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span>Actuarial movements on re<span class=\"_ _6\"></span>tirement benefit assets/<span class=\"_ _0\"></span>liabilities <span class=\"_ _21\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _179\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _139\"> </span></span></span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _399\"> </span></span></span>Dividends<span class=\"_ _224\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _b0\"> </span></span>(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _f3\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span>(3)<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _9\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _fd\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _9c\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span><span class=\"lsae ws99\">58<span class=\"_ _f9\"> </span><span class=\"ls28 ws24\">(20)<span class=\"_ _399\"> </span></span></span></span></span></span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:956.1152px;\">20 In<span class=\"_ _6\"></span>vestments<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:939.8652px;\">20.<span class=\"_ _59\"></span>1 Group<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:442.8948px; bottom:925.5652px;\">Corporate<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:455.7738px; bottom:915.8152px;\">bonds </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:906.0652px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:488.2527px; bottom:925.5652px;\">Investments<span class=\"_ _6\"></span> in<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:493.88837px; bottom:915.8152px;\">mutual funds </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:906.0652px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:583.04755px; bottom:915.8152px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:906.0652px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:915.8152px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:906.0652px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:890.7356px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2eb\"> </span>5<span class=\"_ _2d\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:876.706px;\">Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _264\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:862.6764px;\">Fair value gains<span class=\"_ _232\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _245\"> </span>3<span class=\"_ _89\"> </span>9<span class=\"_ _2d\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:848.6468px;\">Inter<span class=\"_ _6\"></span>est acc<span class=\"_ _0\"></span>rued <span class=\"_ _2a6\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:834.6172px;\">Matur<span class=\"_ _0\"></span>ities<span class=\"_ _2c3\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span></span>(3)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:820.5876px;\">Benefits paid<span class=\"_ _14e\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:806.5581px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2ec\"> </span>2<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _89\"> </span></span>9<span class=\"_ _99\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:792.5285px;\">Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _264\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _245\"> </span>2<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:778.49896px;\">Additions <span class=\"_ _2b3\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>7<span class=\"_ _3f\"> </span>7<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:764.46936px;\">Fair value (losses)/gains<span class=\"_ _2ed\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _16f\"> </span></span>6<span class=\"_ _89\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:750.43976px;\">Inter<span class=\"_ _6\"></span>est acc<span class=\"_ _0\"></span>rued <span class=\"_ _2a6\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:736.41016px;\">Benefits paid<span class=\"_ _14e\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:722.38055px;\">Dividends <span class=\"_ _2b0\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _95\"> </span>(4)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:708.35095px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _191\"> </span>2<span class=\"_ _99\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _2d\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws9d\" style=\"left:0.009376526px; bottom:683.0009px;\">Th<span class=\"_ _0\"></span>e cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>s are held b<span class=\"_ _0\"></span>y the Gro<span class=\"_ _0\"></span>up\u2019s capti<span class=\"_ _0\"></span>ve insura<span class=\"_ _0\"></span>nce c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any, Delphi<span class=\"_ _0\"></span>an Insu<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd, an<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se fixed r<span class=\"_ _0\"></span>ate bon<span class=\"_ _0\"></span>ds or t<span class=\"_ _0\"></span>reasur<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:670.0009px;\">stock w<span class=\"_ _0\"></span>ith a<span class=\"_ _0\"></span>n averag<span class=\"_ _0\"></span>e yie<span class=\"_ _0\"></span>ld to matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of 2.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>% (2<span class=\"_ _0\"></span>021: 2.6<span class=\"_ _0\"></span>0%) and weighted aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e life of 0.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3 year<span class=\"_ _0\"></span>s (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 1<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>3 ye<span class=\"_ _0\"></span>ars). Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:657.0009px;\">is \u00a3<span class=\"_ _0\"></span>2m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2m), deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d by the m<span class=\"_ _0\"></span>arket pri<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e bon<span class=\"_ _0\"></span>ds at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate. T<span class=\"_ _0\"></span>he ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>um exp<span class=\"_ _0\"></span>osure to cre<span class=\"_ _0\"></span>dit ri<span class=\"_ _0\"></span>sk at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 is<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:644.0009px;\">the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>ying a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese b<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en ple<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ed as s<span class=\"_ _0\"></span>ecur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y for let<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s of cred<span class=\"_ _0\"></span>it issu<span class=\"_ _0\"></span>ed in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of D<span class=\"_ _0\"></span>elph<span class=\"_ _0\"></span>ian Ins<span class=\"_ _0\"></span>uran<span class=\"_ _0\"></span>ce C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any Ltd.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:624.5009px;\">Th<span class=\"_ _0\"></span>e investm<span class=\"_ _0\"></span>ents in mu<span class=\"_ _0\"></span>tual fu<span class=\"_ _0\"></span>nds c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rise h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s in a numb<span class=\"_ _0\"></span>er of fun<span class=\"_ _0\"></span>ds, b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es\u2019 investm<span class=\"_ _0\"></span>ent ele<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons, in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:611.5009px;\">deferre<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns of the G<span class=\"_ _0\"></span>roup as d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d in Note 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>ese invest<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>s \u00a3<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m), </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:598.5009px;\">determ<span class=\"_ _0\"></span>ined b<span class=\"_ _0\"></span>y the ma<span class=\"_ _0\"></span>rket pric<span class=\"_ _0\"></span>e of the fun<span class=\"_ _0\"></span>ds at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:579.0009px;\">Ot<span class=\"_ _0\"></span>her invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s relate to the G<span class=\"_ _0\"></span>roup\u2019s interest in t<span class=\"_ _0\"></span>wo Lim<span class=\"_ _0\"></span>ited P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rship<span class=\"_ _0\"></span>s (L<span class=\"_ _0\"></span>Ps) in<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>orate<span class=\"_ _0\"></span>d in Ber<span class=\"_ _0\"></span>mud<span class=\"_ _0\"></span>a. T<span class=\"_ _0\"></span>he pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pal a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _1\"></span>y of the t<span class=\"_ _0\"></span>wo LP<span class=\"_ _0\"></span>s is to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:566.0009px;\">recei<span class=\"_ _0\"></span>ve ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nterest from a fu<span class=\"_ _0\"></span>nd. C<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y interes<span class=\"_ _0\"></span>t refers to a per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce fee p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le on<span class=\"_ _0\"></span>ce the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce of th<span class=\"_ _0\"></span>e fund excee<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>greed h<span class=\"_ _0\"></span>urdle<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:553.0009px;\">Dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year, the Group rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d a fair va<span class=\"_ _0\"></span>lue ga<span class=\"_ _0\"></span>in in rela<span class=\"_ _0\"></span>tion to it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nterest of \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a39<span class=\"_ _0\"></span>m). Th<span class=\"_ _0\"></span>e fund h<span class=\"_ _0\"></span>as a matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ate of 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 wit<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:540.0009px;\">an opt<span class=\"_ _0\"></span>ion to ex<span class=\"_ _0\"></span>tend by t<span class=\"_ _0\"></span>wo yea<span class=\"_ _0\"></span>rs. A<span class=\"_ _0\"></span>ll g<span class=\"_ _0\"></span>ains w<span class=\"_ _0\"></span>ill be re<span class=\"_ _0\"></span>alise<span class=\"_ _0\"></span>d by the f<span class=\"_ _0\"></span>inal m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y date. D<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds of \u00a34<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil<span class=\"_ _0\"></span>) were rece<span class=\"_ _0\"></span>ived i<span class=\"_ _0\"></span>n the yea<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:520.5009px;\">Inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in othe<span class=\"_ _0\"></span>r investm<span class=\"_ _0\"></span>ents is al<span class=\"_ _0\"></span>so \u00a3<span class=\"_ _0\"></span>7m (2<span class=\"_ _0\"></span>021: \u00a3nil) of cas<span class=\"_ _0\"></span>h held i<span class=\"_ _0\"></span>n term de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sits t<span class=\"_ _0\"></span>hat have a m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y da<span class=\"_ _0\"></span>te of more tha<span class=\"_ _0\"></span>n three mo<span class=\"_ _0\"></span>nths. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:497.75092px;\">20.<span class=\"_ _0\"></span>2 C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.39667px; bottom:483.45093px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.7604px; bottom:473.70093px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.935px; bottom:483.45093px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:473.70093px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:458.37134px;\">Investment<span class=\"_ _6\"></span> in subsidiaries<span class=\"_ _2ee\"> </span><span class=\"ff4d lsa4 ws86\">1,7<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _12\"> </span></span><span class=\"lscc ws94\">1,7<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:444.34174px;\">Provisions<span class=\"_ _280\"> </span><span class=\"ff4d ls3 ws0\">(2<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span></span><span class=\"ls73 ws6d\">(26)</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:430.31213px;\"> <span class=\"_ _27c\"> </span><span class=\"ff4d lsa4 ws86\">1,7<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>3<span class=\"_ _12\"> </span></span><span class=\"lscc ws94\">1,7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:404.96213px;\">Th<span class=\"_ _0\"></span>e incre<span class=\"_ _0\"></span>ase of inves<span class=\"_ _0\"></span>tment in su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies of \u00a3<span class=\"_ _0\"></span>7m relates to new c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al inje<span class=\"_ _0\"></span>cted into th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any\u2019s existing su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ies. I<span class=\"_ _0\"></span>ncl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g provis<span class=\"_ _0\"></span>ions </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:391.96213px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed to date, t<span class=\"_ _0\"></span>he Dire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s have ass<span class=\"_ _0\"></span>esse<span class=\"_ _0\"></span>d the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s investment in su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies to be fu<span class=\"_ _0\"></span>lly rec<span class=\"_ _0\"></span>overa<span class=\"_ _0\"></span>ble.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:362.06213px;\">21 PPP fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:504.9845px; bottom:347.76215px;\">Economic<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:492.22046px; bottom:338.01215px;\">infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:328.26215px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:581.2048px; bottom:347.76215px;\">So<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:555.35016px; bottom:338.01215px;\">infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:328.26215px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:338.01215px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:328.26215px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:312.93253px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2ef\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _82\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>9<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:298.90292px;\">Income recognised in<span class=\"_ _6\"></span> the income statement:<span class=\"_ _265\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:284.87332px;\">\u2013 interest in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e (N<span class=\"_ _0\"></span>ote 8)<span class=\"_ _2f0\"> </span>1<span class=\"_ _3f\"> </span>4<span class=\"_ _3f\"> </span>5<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:270.84372px;\">Los<span class=\"_ _0\"></span>ses rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the st<span class=\"_ _0\"></span>atement of c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e:<span class=\"_ _63\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:256.81415px;\">\u2013 fair val<span class=\"_ _0\"></span>ue movem<span class=\"_ _0\"></span>ents<span class=\"_ _10d\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _78\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:242.78455px;\">Other movements:<span class=\"_ _1ef\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:228.75507px;\">\u2013 ca<span class=\"_ _0\"></span>sh expe<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ure<span class=\"_ _2f1\"> </span>2<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:214.72546px;\">\u2013 ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>ved<span class=\"_ _2f2\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _95\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:200.69586px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of Wo<span class=\"_ _0\"></span>odl<span class=\"_ _0\"></span>and V<span class=\"_ _0\"></span>iew H<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.4 an<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.7)<span class=\"_ _2f3\"> </span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span>(5<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:186.66626px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp; Re<span class=\"_ _0\"></span>scue (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 and 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.7)<span class=\"_ _2f4\"> </span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">(6<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span>(6<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:172.63666px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2c2\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _3f\"> </span></span>7<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:158.60706px;\">Income recognised in<span class=\"_ _6\"></span> the income statement:<span class=\"_ _265\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:144.57747px;\">\u2013 interest in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e (N<span class=\"_ _0\"></span>ote 8)<span class=\"_ _2f0\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:130.54787px;\">Los<span class=\"_ _0\"></span>ses rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the st<span class=\"_ _0\"></span>atement of c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e:<span class=\"_ _63\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:116.518265px;\">\u2013 fair val<span class=\"_ _0\"></span>ue movem<span class=\"_ _0\"></span>ents<span class=\"_ _10d\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:102.48866px;\">Other movements:<span class=\"_ _1ef\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:88.45906px;\">\u2013 ca<span class=\"_ _0\"></span>sh expe<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ure<span class=\"_ _2f1\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.42947px;\">\u2013 ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>ved<span class=\"_ _2f2\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _c\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2)<span class=\"_ _c\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:60.399864px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2f5\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _3f\"> </span></span>5<span class=\"_ _2d\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:35.049995px;\">As<span class=\"_ _0\"></span>sets c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ted by P<span class=\"_ _0\"></span>PP su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anies a<span class=\"_ _0\"></span>re cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ied as f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s meas<span class=\"_ _0\"></span>ured at fai<span class=\"_ _0\"></span>r value t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I and are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:22.049992px;\">den<span class=\"_ _0\"></span>omina<span class=\"_ _0\"></span>ted in ster<span class=\"_ _0\"></span>ling<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e max<span class=\"_ _0\"></span>imum ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re to credi<span class=\"_ _0\"></span>t risk at th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date is th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the P<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>P finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5499916px;\">Th<span class=\"_ _0\"></span>ere were no im<span class=\"_ _0\"></span>pair<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 or 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>22 In<span class=\"_ _6\"></span>ventories<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Raw ma<span class=\"_ _0\"></span>terial<span class=\"_ _0\"></span>s and c<span class=\"_ _0\"></span>onsum<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _2f6\"> </span><span class=\"ff4d ls8c ws8d\">81<span class=\"_ _78\"> </span></span><span class=\"ls131 ws12a\">74<span class=\"_ _399\"> </span></span>Develo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent and h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g lan<span class=\"_ _0\"></span>d and wor<span class=\"_ _0\"></span>k in pro<span class=\"_ _0\"></span>gress<span class=\"_ _126\"> </span><span class=\"ff4d ls40 ws26\">32<span class=\"_ _99\"> </span></span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span>Finish<span class=\"_ _0\"></span>ed g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds and g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds for res<span class=\"_ _0\"></span>ale<span class=\"_ _2f7\"> </span><span class=\"ff4d\">1<span class=\"_ _3f\"> </span></span>1 <span class=\"_ _2f8\"> </span><span class=\"ff4d ls143 ws12c\">11<span class=\"_ _0\"></span>4<span class=\"_ _82\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>4<span class=\"_ _399\"> </span></span>23 Contrac<span class=\"_ _0\"></span>t balances<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e timin<span class=\"_ _0\"></span>g of revenue rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n, billi<span class=\"_ _0\"></span>ngs a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash co<span class=\"_ _0\"></span>llec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n result<span class=\"_ _0\"></span>s in tra<span class=\"_ _0\"></span>de rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s (bi<span class=\"_ _0\"></span>lled a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>s), contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t asset<span class=\"_ _0\"></span>s (unbi<span class=\"_ _0\"></span>lled a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>s) and cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r adv<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>es and d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s (cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t lia<span class=\"_ _0\"></span>biliti<span class=\"_ _0\"></span>es) on th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet. F<span class=\"_ _0\"></span>or ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s in whi<span class=\"_ _0\"></span>ch revenue is e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ed over t<span class=\"_ _0\"></span>ime, amou<span class=\"_ _0\"></span>nts are bil<span class=\"_ _0\"></span>led in a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>actu<span class=\"_ _0\"></span>al ter<span class=\"_ _0\"></span>ms, eit<span class=\"_ _0\"></span>her at p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>c inter<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>s or up<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>chievem<span class=\"_ _0\"></span>ent of co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l miles<span class=\"_ _0\"></span>tones. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>iming of revenue rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n is mea<span class=\"_ _0\"></span>sured in a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>orda<span class=\"_ _0\"></span>nce w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e prog<span class=\"_ _0\"></span>ress of d<span class=\"_ _0\"></span>elive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y on a c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct w<span class=\"_ _0\"></span>hich c<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d eith<span class=\"_ _0\"></span>er be in a<span class=\"_ _0\"></span>dva<span class=\"_ _0\"></span>nce o<span class=\"_ _0\"></span>r in arre<span class=\"_ _0\"></span>ars of billing, r<span class=\"_ _6\"></span>esulting in<span class=\"_ _6\"></span> either a contract<span class=\"_ _6\"></span> asset or a con<span class=\"_ _6\"></span>tract liability.<span class=\"_ _6\"></span> 23<span class=\"_ _0\"></span>.<span class=\"_ _17\"></span>1 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s <span class=\"_ _2f9\"> </span><span class=\"ff4e fs6 ls87 ws7e\">\u00a3m<span class=\"_ _399\"> </span></span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2fa\"> </span><span class=\"ls2e ws2c\">288<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>rans<span class=\"_ _0\"></span>fers from c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>ssets re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d at the b<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>inning of t<span class=\"_ _0\"></span>he year to rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es <span class=\"_ _7c\"> </span><span class=\"ls3c ws3a\">(257)<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>rease rel<span class=\"_ _0\"></span>ated to ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s provi<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n the yea<span class=\"_ _0\"></span>r<span class=\"_ _2b0\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d from c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns (N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>) <span class=\"_ _2fb\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span>Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>n cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t asset<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>ginnin<span class=\"_ _0\"></span>g of the yea<span class=\"_ _0\"></span>r<span class=\"_ _2fc\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2fd\"> </span><span class=\"lsfb ws13a\">214<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _85\"> </span><span class=\"ff4d ls3 ws0\">6<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>rans<span class=\"_ _0\"></span>fers from c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>ssets re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d at the b<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>inning of t<span class=\"_ _0\"></span>he year to rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es <span class=\"_ _7c\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>rease rel<span class=\"_ _0\"></span>ated to ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s provi<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n the yea<span class=\"_ _0\"></span>r <span class=\"_ _2fe\"> </span><span class=\"ff4d lsa9 ws23\">304<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d from c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns (N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>) <span class=\"_ _2ff\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _399\"> </span></span>Reclassified fr<span class=\"_ _6\"></span>om contract liabilit<span class=\"_ _6\"></span>ies (N<span class=\"_ _0\"></span>ot<span class=\"_ _6\"></span>e 23<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>)<span class=\"_ _26f\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span>Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ents o<span class=\"_ _0\"></span>n cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t asset<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>ginnin<span class=\"_ _0\"></span>g of the yea<span class=\"_ _0\"></span>r<span class=\"_ _217\"> </span><span class=\"ff4d lsb4 ws87\">(6)<span class=\"_ _399\"> </span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _300\"> </span><span class=\"lsa9 ws23\">300<span class=\"_ _399\"> </span></span>23.2 Contract liabilities <span class=\"_ _301\"> </span><span class=\"ff4e fs6 ls87 ws7e\">\u00a3m<span class=\"_ _399\"> </span></span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _302\"> </span><span class=\"ls73 ws6d\">(526)<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _303\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Revenue re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d ag<span class=\"_ _0\"></span>ainst c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s at the b<span class=\"_ _0\"></span>egin<span class=\"_ _0\"></span>ning of th<span class=\"_ _0\"></span>e year<span class=\"_ _304\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>rease d<span class=\"_ _0\"></span>ue to ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>, excludin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unts rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised a<span class=\"_ _0\"></span>s revenue du<span class=\"_ _0\"></span>ring t<span class=\"_ _0\"></span>he year <span class=\"_ _17c\"> </span><span class=\"ls3c ws3a\">(<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>25)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _305\"> </span><span class=\"ls71 ws6b\">(678)<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _15f\"> </span><span class=\"ff4d ls8c ws8d\">(3<span class=\"_ _0\"></span>9)<span class=\"_ _399\"> </span></span>Revenue re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d ag<span class=\"_ _0\"></span>ainst c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s at the b<span class=\"_ _0\"></span>egin<span class=\"_ _0\"></span>ning of th<span class=\"_ _0\"></span>e year<span class=\"_ _304\"> </span><span class=\"ff4d ls2c ws9d\">578<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>rease d<span class=\"_ _0\"></span>ue to ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>, excludin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unts rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised a<span class=\"_ _0\"></span>s revenue du<span class=\"_ _0\"></span>ring t<span class=\"_ _0\"></span>he year <span class=\"_ _1d4\"> </span><span class=\"ff4d ls9a ws8b\">(5<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d to cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t asset<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 23<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1)<span class=\"_ _306\"> </span><span class=\"ff4d lsaa ws140\">21<span class=\"_ _399\"> </span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _307\"> </span><span class=\"ls20 ws88\">(6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of revenue rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in t<span class=\"_ _0\"></span>he year f<span class=\"_ _0\"></span>rom pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ied (o<span class=\"_ _0\"></span>r par<span class=\"_ _1\"></span>tiall<span class=\"_ _0\"></span>y sati<span class=\"_ _0\"></span>sfie<span class=\"_ _0\"></span>d) in p<span class=\"_ _0\"></span>reviou<span class=\"_ _0\"></span>s per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s amo<span class=\"_ _0\"></span>unted to \u00a312m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m).<span class=\"_ _399\"> </span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:663.1308px;\">24 T<span class=\"_ _59\"></span>rade and<span class=\"_ _6\"></span> other rece<span class=\"_ _0\"></span>ivables<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:454.36005px; bottom:648.8308px;\">Group </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75726px; bottom:639.0808px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.14844px; bottom:629.3308px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:519.03503px; bottom:648.8308px;\">Gro<span class=\"_ _0\"></span>up </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.7986px; bottom:639.0808px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:629.3308px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:566.14453px; bottom:648.8308px;\">Company<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:584.39667px; bottom:639.0808px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:629.3308px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:631.02026px; bottom:648.8308px;\">Company </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:648.716px; bottom:639.0808px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:629.3308px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:614.0012px;\">Current <span class=\"_ _189\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _f4\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:599.9716px;\">T<span class=\"_ _17\"></span>r<span class=\"_ _0\"></span>ade receivables<span class=\"_ _308\"> </span><span class=\"ff4d ls71 ws6b\">526<span class=\"_ _82\"> </span></span><span class=\"ls140 ws128\">518<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:585.942px;\">Les<span class=\"_ _0\"></span>s: provisi<span class=\"_ _0\"></span>on for im<span class=\"_ _0\"></span>pair<span class=\"_ _0\"></span>ment of tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les <span class=\"_ _309\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span></span><span class=\"ls40 ws26\">(3)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013</div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:571.9124px;\"> <span class=\"_ _30a\"> </span><span class=\"ff4d ls2e ws2c\">523<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">515<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:557.77155px;\">Due f<span class=\"_ _0\"></span>rom subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>aries <span class=\"_ _30b\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _12\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:543.74194px;\">Due f<span class=\"_ _0\"></span>rom joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes <span class=\"_ _229\"> </span><span class=\"ff4d ls7b ws13c\">16<span class=\"_ _78\"> </span></span><span class=\"lsfb ws13a\">15<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:529.71234px;\">Due f<span class=\"_ _0\"></span>rom joint o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n par<span class=\"_ _1\"></span>tners<span class=\"_ _2bf\"> </span><span class=\"ff4d\">6<span class=\"_ _78\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.009376526px; bottom:515.68274px;\">Co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct f<span class=\"_ _0\"></span>ulfi<span class=\"_ _0\"></span>lment<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s<span class=\"_ _14b\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _78\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:501.65314px;\">Contract re<span class=\"_ _6\"></span>tentions r<span class=\"_ _6\"></span>eceivable<span class=\"_ _30c\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _0\"></span>4<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>15<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:487.62354px;\">Accrued income<span class=\"_ _23d\"> </span><span class=\"ff4d lsb4 ws87\">15<span class=\"_ _78\"> </span></span><span class=\"ls142 ws12b\">13<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls2a ws3c\" style=\"left:0.009376526px; bottom:473.59393px;\">Pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ym<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span> <span class=\"_ _232\"> </span><span class=\"ff4d lse0 ws92\">56<span class=\"_ _99\"> </span></span><span class=\"ls3c ws3a\">42<span class=\"_ _89\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:459.56445px;\">Due o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>als <span class=\"_ _23d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _3f\"> </span></span>1<span class=\"_ _89\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:445.53485px;\">Other receivables<span class=\"_ _30d\"> </span><span class=\"ff4d lsae ws99\">58<span class=\"_ _95\"> </span></span><span class=\"ls37 ws36\">40<span class=\"_ _89\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _3f\"> </span><span class=\"ff4e\">1</span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:431.50525px;\"> <span class=\"_ _30a\"> </span><span class=\"ff4d ls8c ws8d\">8<span class=\"_ _0\"></span>81<span class=\"_ _9a\"> </span></span><span class=\"ls13f ws126\">865<span class=\"_ _a0\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _a3\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:0.009376526px; bottom:417.4757px;\">Non-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt<span class=\"_ _30e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _f4\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:403.4461px;\">Due f<span class=\"_ _0\"></span>rom joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _30f\"> </span><span class=\"ff4d ls1a3 ws193\">86<span class=\"_ _99\"> </span></span><span class=\"lse0 ws92\">73<span class=\"_ _245\"> </span></span><span class=\"ff4d\">1<span class=\"_ _3f\"> </span></span>1<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.009376526px; bottom:389.4165px;\">Co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct f<span class=\"_ _0\"></span>ulfi<span class=\"_ _0\"></span>lment<span class=\"_ _0\"></span> asset<span class=\"_ _0\"></span>s<span class=\"_ _14b\"> </span><span class=\"ff4d lsbd ws97\">31<span class=\"_ _99\"> </span></span><span class=\"lsb0 ws9b\">32<span class=\"_ _89\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:375.3869px;\">Contract re<span class=\"_ _6\"></span>tentions r<span class=\"_ _6\"></span>eceivable<span class=\"_ _30c\"> </span><span class=\"ff4d ls7b ws13c\">16<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>2<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:361.3573px;\">Other receivables<span class=\"_ _23d\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _245\"> </span><span class=\"ff4e\">2<span class=\"_ _89\"> </span></span>1<span class=\"_ _3f\"> </span><span class=\"ff4e\">1</span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:347.3277px;\"> <span class=\"_ _30a\"> </span><span class=\"ff4d ls2e ws2c\">286<span class=\"_ _9a\"> </span></span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>9<span class=\"_ _89\"> </span></span><span class=\"ff4d\">2<span class=\"_ _3f\"> </span></span>2<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:333.2981px;\">T<span class=\"_ _17\"></span>otal trade<span class=\"_ _6\"></span> and other receivables<span class=\"_ _6\"></span> <span class=\"_ _236\"> </span><span class=\"ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _86\"> </span><span class=\"ff4e ls158 ws146\">1<span class=\"_ _0\"></span>,11<span class=\"_ _0\"></span>4<span class=\"_ _a3\"> </span></span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _12\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:319.2685px;\">Compris<span class=\"_ _0\"></span>ing<span class=\"_ _310\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _f4\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:305.2389px;\">Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets (N<span class=\"_ _0\"></span>ote 4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>) <span class=\"_ _2e6\"> </span><span class=\"ff4d ls143 ws12c\">1,111<span class=\"_ _12\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _b2\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _a3\"> </span></span>1,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:291.2094px;\">No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s \u2013 prep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents <span class=\"_ _2a8\"> </span><span class=\"ff4d lse0 ws92\">56<span class=\"_ _99\"> </span></span><span class=\"ls3c ws3a\">42<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013</div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:277.1798px;\"> <span class=\"_ _2cb\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _86\"> </span></span><span class=\"ls158 ws146\">1<span class=\"_ _0\"></span>,11<span class=\"_ _1\"></span>4<span class=\"_ _a3\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>2<span class=\"_ _a3\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:251.82965px;\">Bas<span class=\"_ _0\"></span>ed on p<span class=\"_ _0\"></span>rior ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e, an as<span class=\"_ _0\"></span>sess<span class=\"_ _0\"></span>ment of th<span class=\"_ _0\"></span>e curre<span class=\"_ _0\"></span>nt eco<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>c environ<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d a review of the f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial c<span class=\"_ _0\"></span>ircum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>s of indi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ual </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:238.82965px;\">custom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, the D<span class=\"_ _0\"></span>irecto<span class=\"_ _0\"></span>rs be<span class=\"_ _0\"></span>lieve no fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>her c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>isk prov<span class=\"_ _0\"></span>ision i<span class=\"_ _0\"></span>s requi<span class=\"_ _0\"></span>red in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of tra<span class=\"_ _0\"></span>de rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:219.32965px;\">Th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing val<span class=\"_ _0\"></span>ues of cu<span class=\"_ _0\"></span>rrent an<span class=\"_ _0\"></span>d non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>cur<span class=\"_ _0\"></span>rent tra<span class=\"_ _0\"></span>de and ot<span class=\"_ _0\"></span>her rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es ap<span class=\"_ _0\"></span>proxim<span class=\"_ _0\"></span>ate their fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>es. </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:196.57965px;\">Ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ile o<span class=\"_ _0\"></span>f imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d tr<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s and t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t du<span class=\"_ _0\"></span>e bu<span class=\"_ _0\"></span>t no<span class=\"_ _0\"></span>t imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75726px; bottom:182.27966px;\">Imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>red <span class=\"_ _1d5\"> </span>P<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t du<span class=\"_ _0\"></span>e but n<span class=\"_ _0\"></span>ot im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:445.4705px; bottom:165.37967px;\">Group </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:452.13367px; bottom:155.62967px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:458.65875px; bottom:145.87967px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:511.35724px; bottom:165.37967px;\">Gro<span class=\"_ _0\"></span>up </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:514.6909px; bottom:155.62967px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:521.7986px; bottom:145.87967px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:577.92255px; bottom:165.37967px;\">Group </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:584.39667px; bottom:155.62967px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:145.87967px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:644.402px; bottom:165.37967px;\">Gro<span class=\"_ _0\"></span>up </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:648.716px; bottom:155.62967px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:145.87967px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:130.55008px;\">Up to three m<span class=\"_ _0\"></span>onths <span class=\"_ _2bd\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _24\"> </span> <span class=\"_ _c4\"> </span><span class=\"ff4d ls91 ws85\">37<span class=\"_ _99\"> </span></span><span class=\"ls71 ws6b\">20<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:116.52048px;\">Thre<span class=\"_ _0\"></span>e to six mo<span class=\"_ _0\"></span>nths <span class=\"_ _106\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _1f9\"> </span> <span class=\"_ _1b\"> </span><span class=\"ff4d\">8<span class=\"_ _2d\"> </span></span><span class=\"lsfc ws18f\">19<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:102.491px;\">Six to nin<span class=\"_ _0\"></span>e month<span class=\"_ _0\"></span>s <span class=\"_ _135\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _1f9\"> </span> <span class=\"_ _7b\"> </span><span class=\"ff4d\">4<span class=\"_ _89\"> </span></span>6<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:88.461395px;\">Nine to 12 months <span class=\"_ _2b8\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _1f9\"> </span> <span class=\"_ _1b\"> </span><span class=\"ff4d\">3<span class=\"_ _3f\"> </span></span>3<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.43179px;\">Mo<span class=\"_ _0\"></span>re than 12 months <span class=\"_ _311\"> </span><span class=\"ff4d\">2<span class=\"_ _3f\"> </span></span>3<span class=\"_ _1f9\"> </span> <span class=\"_ _c4\"> </span><span class=\"ff4d lsb0 ws9b\">29<span class=\"_ _2d\"> </span></span><span class=\"ls63 wsa1\">41</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:60.40222px;\"> <span class=\"_ _312\"> </span><span class=\"ff4d\">3<span class=\"_ _3f\"> </span></span>3<span class=\"_ _1f9\"> </span> <span class=\"_ _75\"> </span><span class=\"ff4d ls8c ws8d\">81<span class=\"_ _99\"> </span></span><span class=\"ls38 ws37\">89<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:35.052216px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>e recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>9m) we<span class=\"_ _0\"></span>re past d<span class=\"_ _0\"></span>ue but n<span class=\"_ _0\"></span>ot imp<span class=\"_ _0\"></span>aired<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>hese rel<span class=\"_ _0\"></span>ate to a numb<span class=\"_ _0\"></span>er of ind<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>dual </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:22.052216px;\">custom<span class=\"_ _0\"></span>ers w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>ere is no rea<span class=\"_ _0\"></span>son to be<span class=\"_ _0\"></span>lieve tha<span class=\"_ _0\"></span>t the rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble is n<span class=\"_ _0\"></span>ot recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5522156px;\">Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny had n<span class=\"_ _0\"></span>o provis<span class=\"_ _0\"></span>ion for im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rment of t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>e recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les an<span class=\"_ _0\"></span>d no tr<span class=\"_ _0\"></span>ade re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es tha<span class=\"_ _0\"></span>t were pas<span class=\"_ _0\"></span>t due bu<span class=\"_ _0\"></span>t not im<span class=\"_ _0\"></span>paire<span class=\"_ _0\"></span>d in eith<span class=\"_ _0\"></span>er year.<span class=\"_ _399\"> </span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>25 T<span class=\"_ _59\"></span>rade and other<span class=\"_ _6\"></span> pay<span class=\"_ _6\"></span>able<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Group 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Gro<span class=\"_ _0\"></span>up 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Company<span class=\"_ _6\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Company 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Current<span class=\"_ _313\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _f4\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>+#<span class=\"_ _399\"> </span>605<span class=\"_ _fd\"> </span><span class=\"ff4e ls38 ws37\">546<span class=\"_ _3f\"> </span></span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span>Accru<span class=\"_ _0\"></span>als<span class=\"_ _2fe\"> </span><span class=\"ff4d lscc ws94\">7<span class=\"_ _0\"></span>41<span class=\"_ _77\"> </span></span><span class=\"ls158 ws146\">6<span class=\"_ _1\"></span>11<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">6 <span class=\"_ _7b\"> </span><span class=\"ff4e\">5<span class=\"_ _399\"> </span></span></span></span>Contract re<span class=\"_ _6\"></span>tentions pa<span class=\"_ _6\"></span>yable<span class=\"_ _399\"> </span>#<span class=\"_ _399\"> </span>17<span class=\"_ _0\"></span>5<span class=\"_ _9c\"> </span><span class=\"ff4e ls71 ws6b\">20<span class=\"_ _0\"></span>2<span class=\"_ _89\"> </span></span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span>VA<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>, pay<span class=\"_ _0\"></span>roll t<span class=\"_ _0\"></span>axes an<span class=\"_ _0\"></span>d so<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>ecur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _222\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _99\"> </span></span><span class=\"ls2d ws2b\">96<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _399\"> </span>Due to su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es <span class=\"_ _155\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _142\"> </span><span class=\"ff4d ls35 ws34\">2,0<span class=\"_ _0\"></span>46<span class=\"_ _a0\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>3<span class=\"_ _399\"> </span></span>Due on acquisitions<span class=\"_ _155\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">3<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013</span></span> <span class=\"_ _314\"> </span><span class=\"ff4d ls36 ws35\">1<span class=\"_ _6\"></span>,595<span class=\"_ _142\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _a0\"> </span></span><span class=\"ls35 ws34\">2<span class=\"_ _0\"></span>,0<span class=\"_ _0\"></span>52<span class=\"_ _a0\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _399\"> </span></span></span></span>Non-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt<span class=\"_ _30e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _f4\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>#<span class=\"_ _399\"> </span>\u2013<span class=\"_ _3f\"> </span><span class=\"ff4e\">5<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span>Accru<span class=\"_ _0\"></span>als<span class=\"_ _2b2\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _2d\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span>Contract re<span class=\"_ _6\"></span>tentions pa<span class=\"_ _6\"></span>yable<span class=\"_ _399\"> </span>#<span class=\"_ _399\"> </span>12<span class=\"_ _0\"></span>2<span class=\"_ _99\"> </span><span class=\"ff4e ls1a3 ws193\">92<span class=\"_ _89\"> </span></span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span>Due to jo<span class=\"_ _0\"></span>int ventures a<span class=\"_ _0\"></span>nd ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iates<span class=\"_ _214\"> </span><span class=\"ff4d\">9<span class=\"_ _78\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _89\"> </span></span><span class=\"ff4d\">3<span class=\"_ _3f\"> </span></span>3 <span class=\"_ _315\"> </span><span class=\"ff4d lscc ws94\">141<span class=\"_ _207\"> </span></span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _139\"> </span></span><span class=\"ff4d\">3<span class=\"_ _3f\"> </span></span>3<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>otal trade<span class=\"_ _6\"></span> and other p<span class=\"_ _6\"></span>ayables<span class=\"_ _316\"> </span><span class=\"lsa4 ws86\">1,7<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>6 <span class=\"_ _c0\"> </span><span class=\"ff4e ls2e ws2c\">1<span class=\"_ _6\"></span>,575<span class=\"_ _142\"> </span><span class=\"ff4d lsaf ws9a\">2,055<span class=\"_ _b2\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></span></span>Compris<span class=\"_ _0\"></span>ing<span class=\"_ _310\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _f4\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span>Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies (<span class=\"_ _0\"></span>Note 4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _317\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _a0\"> </span></span><span class=\"ls38 ws37\">1<span class=\"_ _6\"></span>,463<span class=\"_ _a1\"> </span><span class=\"ff4d lsaf ws9a\">2,055<span class=\"_ _a0\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></span>Non<span class=\"_ _0\"></span>-financial liabilit<span class=\"_ _6\"></span>ies:<span class=\"_ _191\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> <span class=\"_ _1f2\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span>\u2013 acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>als not at a<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sed c<span class=\"_ _0\"></span>ost<span class=\"_ _2fc\"> </span><span class=\"ff4d ls71 ws6b\">24<span class=\"_ _2d\"> </span></span><span class=\"lsa4 ws86\">16<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span>\u2013 VA<span class=\"_ _6\"></span>T<span class=\"_ _6\"></span>, pay<span class=\"_ _0\"></span>roll t<span class=\"_ _0\"></span>axes an<span class=\"_ _0\"></span>d so<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>ecur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _24b\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _99\"> </span></span><span class=\"ls2d ws2b\">96<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013 <span class=\"_ _22b\"> </span><span class=\"ff4d lsa4 ws86\">1,7<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _b2\"> </span></span><span class=\"ls2e ws2c\">1<span class=\"_ _6\"></span>,575<span class=\"_ _142\"> </span><span class=\"ff4d lsaf ws9a\">2,055<span class=\"_ _b2\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></span>+ <span class=\"_ _33\"> </span>20<span class=\"_ _0\"></span>21 fi<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>re inc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s the c<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t of set<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g to th<span class=\"_ _0\"></span>e Do<span class=\"_ _0\"></span>J r<span class=\"_ _0\"></span>eso<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s was s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed in f<span class=\"_ _0\"></span>ull i<span class=\"_ _0\"></span>n Ja<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>. Refe<span class=\"_ _0\"></span>r to No<span class=\"_ _0\"></span>te 10.<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span># <span class=\"_ _4d\"> </span>R<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d to sh<span class=\"_ _0\"></span>ow co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t rete<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>ons p<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ely f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ile o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>nt f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ial li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>t 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _399\"> </span>Ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ls 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Du<span class=\"_ _0\"></span>e to joint ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd associates 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t retentions payable<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s <span class=\"_ _318\"> </span><span class=\"ff4d\">4<span class=\"_ _3f\"> </span>1<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">75<span class=\"_ _399\"> </span></span></span></span>Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s <span class=\"_ _2b6\"> </span><span class=\"ff4d\">6<span class=\"_ _3f\"> </span>4<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">52<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">62<span class=\"_ _399\"> </span></span></span></span>Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars <span class=\"_ _223\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _3f\"> </span>4<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>4</span> <span class=\"_ _319\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">9<span class=\"_ _82\"> </span><span class=\"ls7b ws13c\">122<span class=\"_ _77\"> </span><span class=\"lscc ws94\">1<span class=\"_ _0\"></span>41<span class=\"_ _399\"> </span></span></span></span>Tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span> and o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Ac<span class=\"_ _0\"></span>cr<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>ls 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Du<span class=\"_ _0\"></span>e to joi<span class=\"_ _0\"></span>nt vent<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s and associates 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Contract reten<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns payable<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s <span class=\"_ _2cc\"> </span>5<span class=\"_ _3f\"> </span>5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _78\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _399\"> </span></span></span>Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s <span class=\"_ _13d\"> </span>\u2013<span class=\"_ _245\"> </span>5<span class=\"_ _89\"> </span>4<span class=\"_ _2d\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _99\"> </span><span class=\"ls38 ws37\">60<span class=\"_ _399\"> </span></span></span>Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars <span class=\"_ _293\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>6<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>6<span class=\"_ _399\"> </span>5<span class=\"_ _2d\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _78\"> </span>10<span class=\"_ _2d\"> </span><span class=\"ls1a3 ws193\">92<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></span></span>Th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing val<span class=\"_ _0\"></span>ues of cu<span class=\"_ _0\"></span>rrent an<span class=\"_ _0\"></span>d non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>cur<span class=\"_ _0\"></span>rent tra<span class=\"_ _0\"></span>de and ot<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>les an<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t retentions p<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ble app<span class=\"_ _0\"></span>roxima<span class=\"_ _0\"></span>te their fai<span class=\"_ _0\"></span>r value<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alue of n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>curre<span class=\"_ _0\"></span>nt trad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pay<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es and c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act retenti<span class=\"_ _0\"></span>ons p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le ha<span class=\"_ _0\"></span>s been d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ned by disc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng futu<span class=\"_ _0\"></span>re cas<span class=\"_ _0\"></span>h flows u<span class=\"_ _0\"></span>sing y<span class=\"_ _0\"></span>ield c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d exchang<span class=\"_ _0\"></span>e rates p<span class=\"_ _0\"></span>revailin<span class=\"_ _0\"></span>g at the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ate.<span class=\"_ _399\"> </span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls9 ws8\" style=\"left:0.009376526px; bottom:610.5839px;\">26 Pro<span class=\"_ _6\"></span>vi<span class=\"_ _0\"></span>sions<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:446.5799px; bottom:596.28394px;\">Contract<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:441.22px; bottom:586.53394px;\">provisions </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:576.78394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:504.9845px; bottom:596.28394px;\">Employee<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:504.9845px; bottom:586.53394px;\">provisions </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:576.78394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:583.04755px; bottom:596.28394px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:566.14453px; bottom:586.53394px;\">provisions </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:576.78394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:586.53394px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:576.78394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:561.45435px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _31a\"> </span><span class=\"ls35 ws34\">279<span class=\"_ _99\"> </span><span class=\"ls38 ws37\">46<span class=\"_ _95\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _9a\"> </span><span class=\"ls145 ws12e\">350<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:547.42474px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _30c\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _76\"> </span></span>(1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:533.39514px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d from a<span class=\"_ _0\"></span>ccr<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>s <span class=\"_ _258\"> </span>3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:519.36554px;\">Char<span class=\"_ _0\"></span>ged<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(cre<span class=\"_ _0\"></span>dited<span class=\"_ _0\"></span>) to the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>tement:<span class=\"_ _253\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:505.33594px;\">\u2013 add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns <span class=\"_ _23f\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>8<span class=\"_ _2e\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _139\"> </span></span></span>4<span class=\"_ _82\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:491.30634px;\">\u2013 unuse<span class=\"_ _0\"></span>d amo<span class=\"_ _0\"></span>unts revers<span class=\"_ _0\"></span>ed <span class=\"_ _130\"> </span><span class=\"lsa9 ws23\">(35)<span class=\"_ _95\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _9a\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>47<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:477.27686px;\">Utilised during the year<span class=\"_ _23f\"> </span><span class=\"ls34 ws33\">(76<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ls142 ws12b\">(13<span class=\"_ _1\"></span>)<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _fd\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>92)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:463.24725px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d to cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t asset<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 23<span class=\"_ _0\"></span>)<span class=\"_ _21c\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:449.2177px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _272\"> </span><span class=\"lsaa ws140\">3<span class=\"_ _0\"></span>21<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">36<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _9a\"> </span><span class=\"ls87 ws7e\">379<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:435.1881px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _217\"> </span><span class=\"ff4d ls3 ws0\">9<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _78\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:421.1585px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d from a<span class=\"_ _0\"></span>ccr<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>s <span class=\"_ _23a\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:407.1289px;\">Char<span class=\"_ _0\"></span>ged<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(cre<span class=\"_ _0\"></span>dited<span class=\"_ _0\"></span>) to the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>tement:<span class=\"_ _253\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:393.0993px;\">\u2013 add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns <span class=\"_ _23f\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _0\"></span>4<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">6<span class=\"_ _89\"> </span>2<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _1\"></span>2<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:379.0697px;\">\u2013 unuse<span class=\"_ _0\"></span>d amo<span class=\"_ _0\"></span>unts revers<span class=\"_ _0\"></span>ed <span class=\"_ _130\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>8)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _f9\"> </span><span class=\"ls28 ws24\">(5<span class=\"_ _0\"></span>0)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:365.0401px;\">Utilised during the year<span class=\"_ _23f\"> </span><span class=\"ff4d lsa3 ws124\">(80)<span class=\"_ _c\"> </span><span class=\"ls7a ws1ad\">(<span class=\"_ _0\"></span>7)<span class=\"_ _c\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _1da\"> </span><span class=\"ls28 ws24\">(9<span class=\"_ _0\"></span>0)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:351.0105px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>d to cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t asset<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 23<span class=\"_ _0\"></span>)<span class=\"_ _db\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _1b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:336.9809px;\">Reclassified negative investment i<span class=\"_ _6\"></span>n Group\u2019s<span class=\"_ _6\"></span> investments in join<span class=\"_ _6\"></span>t ventures and associates<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsfc ws18f\" style=\"left:0.009376526px; bottom:323.9809px;\">(<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span> 19<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _2fe\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _78\"> </span>10<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:309.9513px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _31b\"> </span><span class=\"lsf9 ws29\">335<span class=\"_ _99\"> </span>33<span class=\"_ _95\"> </span>33<span class=\"_ _9c\"> </span><span class=\"ls2a ws3c\">4<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:192.72604px; bottom:284.60126px;\">Contract<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:186.78453px; bottom:274.85126px;\">provisions<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:208.93106px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:215.76337px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:251.27274px; bottom:284.60126px;\">Em<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>loy<span class=\"_ _0\"></span>ee </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:248.75345px; bottom:274.85126px;\">provisions </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:272.76642px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:277.61047px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:329.65167px; bottom:284.60126px;\">O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:311.99533px; bottom:274.85126px;\">provisions </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:333.84302px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:340.1368px; bottom:255.35126px;\">\u00a3m</div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:393.6907px; bottom:274.85126px;\"> To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:396.34195px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:404.19095px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:446.5799px; bottom:284.60126px;\">Contract </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:441.22px; bottom:274.85126px;\">provisions<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75726px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:504.9845px; bottom:284.60126px;\">Employee<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:504.9845px; bottom:274.85126px;\">provisions<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.7986px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:583.04755px; bottom:284.60126px;\">Other </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:566.14453px; bottom:274.85126px;\">provisions </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.39667px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:274.85126px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:648.716px; bottom:265.10126px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:255.35126px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:240.02167px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne yea<span class=\"_ _0\"></span>r <span class=\"_ _93\"> </span><span class=\"ff4d ls98 ws5a\">174<span class=\"_ _89\"> </span></span><span class=\"ff4d\">7<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">23<span class=\"_ _fd\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _0\"></span>4<span class=\"_ _9c\"> </span></span></span></span><span class=\"lsa4 ws86\">16<span class=\"_ _1\"></span>0<span class=\"_ _89\"> </span></span>7<span class=\"_ _3f\"> </span>7<span class=\"_ _77\"> </span><span class=\"ls94 ws145\">174<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:225.99219px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s <span class=\"_ _184\"> </span><span class=\"ff4d ls71 ws6b\">77<span class=\"_ _245\"> </span></span><span class=\"ff4d\">7<span class=\"_ _89\"> </span>3<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">87<span class=\"_ _99\"> </span></span></span><span class=\"ls34 ws33\">76<span class=\"_ _2d\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _89\"> </span></span></span>7<span class=\"_ _99\"> </span><span class=\"ls152 ws13d\">95<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:211.96259px;\">Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s <span class=\"_ _1c3\"> </span><span class=\"ff4d lsa2 ws2a\">53<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">4<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">67<span class=\"_ _95\"> </span></span></span><span class=\"ls30 ws2e\">64<span class=\"_ _245\"> </span></span>8<span class=\"_ _3f\"> </span>4<span class=\"_ _2d\"> </span><span class=\"ls34 ws33\">76<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:197.93298px;\">Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars <span class=\"_ _31c\"> </span><span class=\"ff4d lsbd ws97\">31<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">9<span class=\"_ _89\"> </span>3<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">43<span class=\"_ _99\"> </span></span></span><span class=\"lsaa ws140\">21<span class=\"_ _3f\"> </span></span>9<span class=\"_ _3f\"> </span>4<span class=\"_ _99\"> </span><span class=\"ls157 ws144\">34</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:183.90344px;\"> <span class=\"_ _294\"> </span><span class=\"ff4d lsf9 ws29\">335<span class=\"_ _95\"> </span>33<span class=\"_ _99\"> </span>33<span class=\"_ _9a\"> </span><span class=\"ls2a ws3c\">4<span class=\"_ _0\"></span>01<span class=\"_ _82\"> </span></span></span><span class=\"lsaa ws140\">321<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">36<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _9a\"> </span><span class=\"ls87 ws7e\">379<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:158.55328px;\">Contract pro<span class=\"_ _6\"></span>v<span class=\"_ _0\"></span>isions<span class=\"_ _6\"></span> include construction insu<span class=\"_ _6\"></span>rance liabilities, pri<span class=\"_ _6\"></span>ncip<span class=\"_ _0\"></span>ally in<span class=\"_ _6\"></span> the Group\u2019<span class=\"_ _6\"></span>s self-insurance arrangeme<span class=\"_ _6\"></span>nts, loss provi<span class=\"_ _6\"></span>sions, and def<span class=\"_ _6\"></span>ect </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:145.55328px;\">and warran<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>y provision<span class=\"_ _6\"></span>s on contracts, primarily cons<span class=\"_ _6\"></span>truc<span class=\"_ _0\"></span>tion contracts,<span class=\"_ _6\"></span> that have r<span class=\"_ _6\"></span>eached practical completion. There<span class=\"_ _6\"></span> is a laten<span class=\"_ _6\"></span>t defect period </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:132.55328px;\">for whic<span class=\"_ _0\"></span>h the p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>n is hel<span class=\"_ _0\"></span>d, b<span class=\"_ _0\"></span>ut wh<span class=\"_ _0\"></span>ere there are k<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n ident<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d issue<span class=\"_ _0\"></span>s then t<span class=\"_ _0\"></span>he provi<span class=\"_ _0\"></span>sion m<span class=\"_ _0\"></span>ay be re<span class=\"_ _0\"></span>quired to c<span class=\"_ _0\"></span>over rec<span class=\"_ _0\"></span>tifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion wo<span class=\"_ _0\"></span>rk over </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:119.55328px;\">a more ex<span class=\"_ _0\"></span>tend<span class=\"_ _0\"></span>ed pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:100.05328px;\">Employee<span class=\"_ _6\"></span> provisions a<span class=\"_ _6\"></span>re principally liabil<span class=\"_ _6\"></span>ities relating<span class=\"_ _6\"></span> to employe<span class=\"_ _6\"></span>rs\u2019 liability insura<span class=\"_ _6\"></span>nce retained in<span class=\"_ _6\"></span> the Group\u2019<span class=\"_ _17\"></span>s self-<span class=\"_ _0\"></span>insurance<span class=\"_ _6\"></span> arrangements.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:80.55328px;\">Ot<span class=\"_ _0\"></span>her prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ise: motor and ot<span class=\"_ _0\"></span>her insu<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>elf-<span class=\"_ _1\"></span>insuran<span class=\"_ _0\"></span>ce ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nts; leg<span class=\"_ _0\"></span>al cl<span class=\"_ _0\"></span>aims a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>sts, w<span class=\"_ _0\"></span>here<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:67.55328px;\">provis<span class=\"_ _0\"></span>ion is m<span class=\"_ _0\"></span>ade for t<span class=\"_ _0\"></span>he Di<span class=\"_ _0\"></span>rector<span class=\"_ _0\"></span>s\u2019 best e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ate of know<span class=\"_ _0\"></span>n le<span class=\"_ _0\"></span>gal c<span class=\"_ _0\"></span>laim<span class=\"_ _0\"></span>s, investi<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>nd leg<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons in pro<span class=\"_ _0\"></span>gres<span class=\"_ _0\"></span>s; and enviro<span class=\"_ _0\"></span>nment<span class=\"_ _0\"></span>al prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:48.053284px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p takes ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>rial a<span class=\"_ _0\"></span>dv<span class=\"_ _0\"></span>ice w<span class=\"_ _0\"></span>hen es<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>blishi<span class=\"_ _0\"></span>ng the l<span class=\"_ _0\"></span>evel of provi<span class=\"_ _0\"></span>sions i<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s self-<span class=\"_ _0\"></span>insu<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>s and c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain othe<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:35.053284px;\">cate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ies of prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>n.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.553284px;\">Insur<span class=\"_ _0\"></span>ance<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>rela<span class=\"_ _0\"></span>ted provi<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s withi<span class=\"_ _0\"></span>n thes<span class=\"_ _0\"></span>e cate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ies were \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>4m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m) as follow<span class=\"_ _0\"></span>s: Co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span>s \u00a34<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>4m); Emp<span class=\"_ _0\"></span>loyee </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5532837px;\">provis<span class=\"_ _0\"></span>ions \u00a3<span class=\"_ _0\"></span>16m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a318m); an<span class=\"_ _0\"></span>d Ot<span class=\"_ _0\"></span>her, mainly m<span class=\"_ _0\"></span>otor<span class=\"_ _6\"></span>, p<span class=\"_ _0\"></span>rovisio<span class=\"_ _0\"></span>ns \u00a34<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>m).<span class=\"_ _399\"> </span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>27 Cash<span class=\"_ _6\"></span> and cash equivalents a<span class=\"_ _6\"></span>nd borrowings<span class=\"_ _399\"> </span>27<span class=\"_ _17\"></span>.<span class=\"_ _17\"></span>1 Group<span class=\"_ _399\"> </span>Current 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non-c<span class=\"_ _0\"></span>urrent<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Unse<span class=\"_ _0\"></span>cured b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>st<span class=\"_ _1ff\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span></span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> \u2013 Bank ove<span class=\"_ _0\"></span>rdraf<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _31d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _207\"> </span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span>\u2013 US pr<span class=\"_ _0\"></span>ivate p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>ement (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 27<span class=\"_ _17\"></span>.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>) <span class=\"_ _31e\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _1b\"> </span></span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _1\"></span>2)<span class=\"_ _ae\"> </span>(19<span class=\"_ _1\"></span>2)</span> <span class=\"_ _130\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>3)<span class=\"_ _86\"> </span>(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span></span></span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls73 ws6d\">(226)<span class=\"_ _399\"> </span></span></span></span>C<span class=\"_ _0\"></span>ash and d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s at amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>st <span class=\"_ _d1\"> </span><span class=\"ff4d ls2e ws2c\">828<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9a\"> </span><span class=\"ls2e ws2c\">828<span class=\"_ _9a\"> </span></span></span><span class=\"ls34 ws33\">76<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls34 ws33\">76<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>erm d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s at amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>st <span class=\"_ _31f\"> </span><span class=\"ff4d ls40 ws26\">332<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9a\"> </span><span class=\"ls40 ws26\">332<span class=\"_ _9a\"> </span></span></span><span class=\"ls3c ws3a\">25<span class=\"_ _0\"></span>0<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span>C<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts (exclud<span class=\"_ _0\"></span>ing infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure concessions)<span class=\"_ _6\"></span> <span class=\"_ _320\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _7f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _12\"> </span></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _3b\"></span>0<span class=\"_ _12\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>16<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _12\"> </span></span>1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>16</span> <span class=\"_ _321\"> </span><span class=\"ff4d ls2e ws2c\">987<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _1\"></span>2)<span class=\"_ _12c\"> </span><span class=\"lsb4 ws87\">815<span class=\"_ _9a\"> </span></span></span></span><span class=\"lsdf wsc8\">982<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _b0\"> </span><span class=\"ls73 ws6d\">790<span class=\"_ _399\"> </span></span></span></span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse in<span class=\"_ _6\"></span>frastructure concession<span class=\"_ _6\"></span>s project finance loans<span class=\"_ _6\"></span> at amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cos<span class=\"_ _0\"></span>t wit<span class=\"_ _0\"></span>h final m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 and 2<span class=\"_ _0\"></span>072<span class=\"_ _c\"> </span><span class=\"ff4d ls8c ws8d\">(3<span class=\"_ _0\"></span>0)<span class=\"_ _119\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>1)<span class=\"_ _86\"> </span>(2<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _99\"> </span></span></span><span class=\"lsa9 ws23\">(5)<span class=\"_ _aa\"> </span><span class=\"ls3c ws3a\">(25<span class=\"_ _0\"></span>5)<span class=\"_ _aa\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _399\"> </span></span></span></span>Infrastructure concessions cash and cash equivalents <span class=\"_ _4a\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>19<span class=\"_ _2e\"> </span></span><span class=\"ls94 ws145\">17<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>17</span> <span class=\"_ _318\"> </span><span class=\"ff4d ls143 ws12c\">(<span class=\"_ _0\"></span>11)<span class=\"_ _86\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>31)<span class=\"_ _aa\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>24<span class=\"_ _1\"></span>2)<span class=\"_ _40\"> </span></span></span></span><span class=\"ls50 ws4d\">12<span class=\"_ _b0\"> </span><span class=\"ls3c ws3a\">(25<span class=\"_ _0\"></span>5)<span class=\"_ _aa\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Net cash/<span class=\"_ _17\"></span>(borrowings<span class=\"_ _6\"></span>) <span class=\"_ _2d6\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _0\"></span>76<span class=\"_ _118\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3)<span class=\"_ _41\"> </span><span class=\"ls2c ws9d\">573<span class=\"_ _9a\"> </span><span class=\"ff4e ls38 ws37\">994<span class=\"_ _109\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>47<span class=\"_ _0\"></span>)<span class=\"_ _b0\"> </span>5<span class=\"_ _0\"></span>47<span class=\"_ _399\"> </span></span></span></span></span></span>Bank ove<span class=\"_ _0\"></span>rdraf<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>e due to timi<span class=\"_ _0\"></span>ngs of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s B<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>S pa<span class=\"_ _0\"></span>yme<span class=\"_ _0\"></span>nt in the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>. In line w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>licy, payme<span class=\"_ _0\"></span>nts are reco<span class=\"_ _0\"></span>rded a<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>inst c<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh equ<span class=\"_ _0\"></span>ival<span class=\"_ _0\"></span>ents w<span class=\"_ _0\"></span>hen B<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>S pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s are initi<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>, rathe<span class=\"_ _0\"></span>r than w<span class=\"_ _0\"></span>hen t<span class=\"_ _0\"></span>hey are set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d whi<span class=\"_ _0\"></span>ch is t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>wo work<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ays later. In the inter<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ing pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en initi<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n and set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ement<span class=\"_ _0\"></span>, as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of the G<span class=\"_ _0\"></span>roup\u2019s cash m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent str<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, c<span class=\"_ _0\"></span>ash wo<span class=\"_ _0\"></span>uld be pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ed in over<span class=\"_ _0\"></span>night m<span class=\"_ _0\"></span>oney m<span class=\"_ _0\"></span>arket dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts and w<span class=\"_ _0\"></span>ould l<span class=\"_ _0\"></span>ater be rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ed to be u<span class=\"_ _0\"></span>tilise<span class=\"_ _0\"></span>d ag<span class=\"_ _0\"></span>ainst t<span class=\"_ _0\"></span>hese B<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>S pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>n set<span class=\"_ _0\"></span>tlem<span class=\"_ _0\"></span>ent oc<span class=\"_ _0\"></span>curs<span class=\"_ _0\"></span>. As t<span class=\"_ _0\"></span>here is no l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al rig<span class=\"_ _0\"></span>ht of of<span class=\"_ _0\"></span>fset bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en fund<span class=\"_ _0\"></span>s hel<span class=\"_ _0\"></span>d with d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent co<span class=\"_ _0\"></span>unterp<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies, th<span class=\"_ _0\"></span>e overdr<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>ts ar<span class=\"_ _0\"></span>ising as a re<span class=\"_ _0\"></span>sult of th<span class=\"_ _0\"></span>e initi<span class=\"_ _0\"></span>ation of the B<span class=\"_ _0\"></span>AC<span class=\"_ _0\"></span>S pay<span class=\"_ _0\"></span>ment are sh<span class=\"_ _0\"></span>own w<span class=\"_ _0\"></span>ithin b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs on th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet. Th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>ns relat<span class=\"_ _0\"></span>ing to proj<span class=\"_ _0\"></span>ect f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce ar<span class=\"_ _0\"></span>ise und<span class=\"_ _0\"></span>er no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se fac<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es taken ou<span class=\"_ _0\"></span>t by proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>ans of e<span class=\"_ _0\"></span>ach com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>re secure<span class=\"_ _0\"></span>d by a co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fixed a<span class=\"_ _0\"></span>nd flo<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g cha<span class=\"_ _0\"></span>rges over t<span class=\"_ _0\"></span>hat c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any\u2019s interests in i<span class=\"_ _0\"></span>ts pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t\u2019s assets a<span class=\"_ _0\"></span>nd revenue<span class=\"_ _0\"></span>s and th<span class=\"_ _0\"></span>e shares i<span class=\"_ _0\"></span>n the co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any hel<span class=\"_ _0\"></span>d by its im<span class=\"_ _0\"></span>med<span class=\"_ _0\"></span>iate pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny<span class=\"_ _6\"></span>. A sig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt par<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>hese lo<span class=\"_ _0\"></span>ans h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en swa<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ed into fixe<span class=\"_ _0\"></span>d rate de<span class=\"_ _0\"></span>bt by the use of interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s. T<span class=\"_ _6\"></span>erm d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s are hel<span class=\"_ _0\"></span>d on a sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>term b<span class=\"_ _0\"></span>asis an<span class=\"_ _0\"></span>d are read<span class=\"_ _0\"></span>ily a<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>le to the G<span class=\"_ _0\"></span>roup at a<span class=\"_ _0\"></span>ny time w<span class=\"_ _0\"></span>ith ins<span class=\"_ _0\"></span>igni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant brea<span class=\"_ _0\"></span>k cos<span class=\"_ _0\"></span>ts. Inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in c<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ents is res<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a310<span class=\"_ _0\"></span>m) hel<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup\u2019s self-<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>suran<span class=\"_ _0\"></span>ce co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>, D<span class=\"_ _0\"></span>elp<span class=\"_ _0\"></span>hian I<span class=\"_ _0\"></span>nsuran<span class=\"_ _0\"></span>ce Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny Ltd, wh<span class=\"_ _0\"></span>ich is su<span class=\"_ _0\"></span>bjec<span class=\"_ _0\"></span>t to Isl<span class=\"_ _0\"></span>e of Man i<span class=\"_ _0\"></span>nsura<span class=\"_ _0\"></span>nce so<span class=\"_ _0\"></span>lven<span class=\"_ _0\"></span>cy reg<span class=\"_ _0\"></span>ulat<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>. C<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts als<span class=\"_ _0\"></span>o incl<span class=\"_ _0\"></span>ude: \u00a319<span class=\"_ _0\"></span>4m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>24<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m) wit<span class=\"_ _0\"></span>hin co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t bank a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ounts w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h is use<span class=\"_ _0\"></span>d for proje<span class=\"_ _0\"></span>ct sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span> expe<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ure; \u00a32<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>61m) in relation to th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of c<span class=\"_ _0\"></span>ash hel<span class=\"_ _0\"></span>d by joi<span class=\"_ _0\"></span>nt ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons wh<span class=\"_ _0\"></span>ich is u<span class=\"_ _0\"></span>sed for exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>he joi<span class=\"_ _0\"></span>nt ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s; and \u00a319m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>7m) rela<span class=\"_ _0\"></span>ting to ma<span class=\"_ _0\"></span>intenan<span class=\"_ _0\"></span>ce an<span class=\"_ _0\"></span>d other rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nts in th<span class=\"_ _0\"></span>e Infras<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ile o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s borr<span class=\"_ _0\"></span>ow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>Non-rec<span class=\"_ _0\"></span>ourse<span class=\"_ _399\"> </span>projec<span class=\"_ _0\"></span>t fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r borrowings<span class=\"_ _6\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _399\"> </span>proje<span class=\"_ _0\"></span>ct finance 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other borrowing<span class=\"_ _6\"></span>s 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r <span class=\"_ _11b\"> </span><span class=\"ff4d ls8c ws8d\">(30)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3)<span class=\"_ _95\"> </span></span></span></span><span class=\"lsa9 ws23\">(5)<span class=\"_ _fd\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _fd\"> </span><span class=\"lsae ws99\">(3<span class=\"_ _0\"></span>9)<span class=\"_ _399\"> </span></span></span></span>Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s <span class=\"_ _47\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _fd\"> </span></span></span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>2)<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">(15<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _ae\"> </span><span class=\"lsfc ws18f\">(18<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s <span class=\"_ _322\"> </span><span class=\"ff4d ls20 ws88\">(2<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span><span class=\"ls28 ws24\">(70)<span class=\"_ _fd\"> </span></span>(9<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span></span><span class=\"lsf9 ws29\">(23)<span class=\"_ _9a\"> </span><span class=\"ls87 ws7e\">(37)<span class=\"_ _9a\"> </span><span class=\"lsaf ws9a\">(60)<span class=\"_ _399\"> </span></span></span></span>Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars <span class=\"_ _d8\"> </span><span class=\"ff4d ls1b4 ws110\">(19<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(10<span class=\"_ _1\"></span>2)<span class=\"_ _aa\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _30\"> </span></span></span><span class=\"ls71 ws6b\">(20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _109\"> </span><span class=\"ls71 ws6b\">(<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>0)</span> <span class=\"_ _323\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _30\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6)<span class=\"_ _aa\"> </span></span></span></span><span class=\"ls73 ws6d\">(260)<span class=\"_ _119\"> </span>(226)<span class=\"_ _30\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span>Th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>lues of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s are eq<span class=\"_ _0\"></span>ual to the f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>es at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate. T<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alues a<span class=\"_ _0\"></span>re determ<span class=\"_ _0\"></span>ined by d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g future c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows usi<span class=\"_ _0\"></span>ng yie<span class=\"_ _0\"></span>ld cu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves and exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rates preva<span class=\"_ _0\"></span>iling at t<span class=\"_ _0\"></span>he rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date.<span class=\"_ _399\"> </span>Und<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>wn G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>mit<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span>d b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fa<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r in re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _1\"></span>t of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h al<span class=\"_ _0\"></span>l co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nt w<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span>Non-rec<span class=\"_ _0\"></span>ourse pr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r borrowings<span class=\"_ _6\"></span> 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t finance 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Other borrowing<span class=\"_ _6\"></span>s 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>E<span class=\"_ _0\"></span>xpir<span class=\"_ _0\"></span>ing in o<span class=\"_ _0\"></span>ne yea<span class=\"_ _0\"></span>r or les<span class=\"_ _0\"></span>s<span class=\"_ _1cb\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span>E<span class=\"_ _0\"></span>xpir<span class=\"_ _0\"></span>ing in m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n one ye<span class=\"_ _0\"></span>ar but n<span class=\"_ _0\"></span>ot more th<span class=\"_ _0\"></span>an t<span class=\"_ _0\"></span>wo yea<span class=\"_ _0\"></span>rs<span class=\"_ _1ca\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _9a\"> </span><span class=\"ls154 ws13f\">405<span class=\"_ _9a\"> </span>405<span class=\"_ _89\"> </span></span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _399\"> </span>E<span class=\"_ _0\"></span>xpir<span class=\"_ _0\"></span>ing in m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _209\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls35 ws34\">375<span class=\"_ _9a\"> </span>375</span> <span class=\"_ _108\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _9a\"> </span><span class=\"ls154 ws13f\">405<span class=\"_ _9a\"> </span>405<span class=\"_ _89\"> </span></span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls35 ws34\">375<span class=\"_ _9c\"> </span>37<span class=\"_ _399\"> </span></span><span class=\"ls35 ws34\">5<span class=\"_ _399\"> </span></span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:890.44995px;\">27 Cash<span class=\"_ _6\"></span> and cash equivalents a<span class=\"_ _6\"></span>nd borrowings<span class=\"_ _6\"></span><span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:874.19995px;\">27<span class=\"_ _17\"></span>.<span class=\"_ _17\"></span>1 Group<span class=\"ff4e ls28 ws24\"> continu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:861.19995px;\">In Oc<span class=\"_ _0\"></span>tob<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21, the Group a<span class=\"_ _0\"></span>greed to th<span class=\"_ _0\"></span>e conve<span class=\"_ _0\"></span>rsio<span class=\"_ _0\"></span>n of its \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>m revolv<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>redit f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to a sust<span class=\"_ _0\"></span>aina<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y linked lo<span class=\"_ _0\"></span>an (S<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>), extend<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:848.19995px;\">matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to O<span class=\"_ _0\"></span>ctob<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>. Und<span class=\"_ _0\"></span>er the te<span class=\"_ _0\"></span>rms of th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n, the G<span class=\"_ _0\"></span>roup is i<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ntivi<span class=\"_ _0\"></span>sed to de<span class=\"_ _0\"></span>liver a<span class=\"_ _0\"></span>nnual m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance i<span class=\"_ _0\"></span>mprovem<span class=\"_ _0\"></span>ent in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:835.19995px;\">three key areas: c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>bon e<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, soc<span class=\"_ _0\"></span>ial va<span class=\"_ _0\"></span>lue ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, and an in<span class=\"_ _0\"></span>dep<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>ent Envi<span class=\"_ _0\"></span>ronment<span class=\"_ _0\"></span>al, S<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ial an<span class=\"_ _0\"></span>d Gover<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce (<span class=\"_ _0\"></span>ESG<span class=\"_ _0\"></span>) ratin<span class=\"_ _0\"></span>g sc<span class=\"_ _0\"></span>ore. T<span class=\"_ _0\"></span>his </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:822.19995px;\">faci<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y wa<span class=\"_ _0\"></span>s undr<span class=\"_ _0\"></span>awn at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:802.69995px;\">In De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p entered into a new \u00a3<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>0m b<span class=\"_ _0\"></span>ilater<span class=\"_ _0\"></span>al revolv<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t facil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y on ter<span class=\"_ _0\"></span>ms simi<span class=\"_ _0\"></span>lar to the G<span class=\"_ _0\"></span>roup\u2019s core \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>75<span class=\"_ _0\"></span>m SL<span class=\"_ _0\"></span><span class=\"_ _399\">L.  T</span><span class=\"_ _0\"></span>his </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:789.69995px;\">new fac<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ires in D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>24 wi<span class=\"_ _0\"></span>th an ex<span class=\"_ _0\"></span>tensio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>on for a fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>her thre<span class=\"_ _0\"></span>e year<span class=\"_ _0\"></span>s subje<span class=\"_ _0\"></span>ct to ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in spe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ic prov<span class=\"_ _0\"></span>ision<span class=\"_ _0\"></span><span class=\"_ _399\">s.  T</span><span class=\"_ _0\"></span>his new fa<span class=\"_ _0\"></span>cilit<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:776.69995px;\">was als<span class=\"_ _0\"></span>o und<span class=\"_ _0\"></span>rawn a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:753.94995px;\">27<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>2 US p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>te p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:740.94995px;\">In M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e Group r<span class=\"_ _0\"></span>aise<span class=\"_ _0\"></span>d US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>\u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>31<span class=\"_ _6\"></span>m) of b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s throu<span class=\"_ _0\"></span>gh a US p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ate pla<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ent (U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P) of a s<span class=\"_ _0\"></span>erie<span class=\"_ _0\"></span>s of notes wi<span class=\"_ _0\"></span>th an avera<span class=\"_ _0\"></span>ge </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:727.94995px;\">cou<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n of 4.<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4% per annum a<span class=\"_ _0\"></span>nd an aver<span class=\"_ _0\"></span>age m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of 9.<span class=\"_ _0\"></span>3 yea<span class=\"_ _0\"></span>rs. O<span class=\"_ _0\"></span>n 7 M<span class=\"_ _0\"></span>arch 2018<span class=\"_ _0\"></span>, the Gro<span class=\"_ _0\"></span>up rep<span class=\"_ _0\"></span>aid th<span class=\"_ _0\"></span>e firs<span class=\"_ _0\"></span>t tran<span class=\"_ _0\"></span>che of th<span class=\"_ _0\"></span>ese notes </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:714.94995px;\">amou<span class=\"_ _0\"></span>nting to U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _1\"></span>32.<span class=\"_ _0\"></span>5m). O<span class=\"_ _0\"></span>n 5 Marc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>roup re<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>d the se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d tran<span class=\"_ _0\"></span>che of th<span class=\"_ _0\"></span>ese notes a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>ing to US<span class=\"_ _0\"></span>$<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>6m). At 31 </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:701.94995px;\">Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _1\"></span>21<span class=\"_ _6\"></span>5<span class=\"_ _0\"></span>m) remai<span class=\"_ _0\"></span>n with a<span class=\"_ _0\"></span>n averag<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>upo<span class=\"_ _0\"></span>n of 5.<span class=\"_ _0\"></span>2% an<span class=\"_ _0\"></span>d a remain<span class=\"_ _0\"></span>ing avera<span class=\"_ _0\"></span>ge m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of 0.<span class=\"_ _0\"></span>6 year<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:682.44995px;\">In Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the G<span class=\"_ _0\"></span>roup ra<span class=\"_ _0\"></span>ised U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$158<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _0\"></span>130<span class=\"_ _0\"></span>m) of de<span class=\"_ _0\"></span>bt in the fo<span class=\"_ _0\"></span>rm of new U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes on ter<span class=\"_ _0\"></span>ms an<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>lly th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e as the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:669.44995px;\">existin<span class=\"_ _0\"></span>g US<span class=\"_ _0\"></span>PP n<span class=\"_ _0\"></span>otes. T<span class=\"_ _0\"></span>he new d<span class=\"_ _0\"></span>ebt co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ises U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m of notes mat<span class=\"_ _0\"></span>urin<span class=\"_ _0\"></span>g in Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>27 at a f<span class=\"_ _0\"></span>ixed co<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>on of 6<span class=\"_ _0\"></span>.31<span class=\"_ _6\"></span>%, US<span class=\"_ _0\"></span>$<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>0m of n<span class=\"_ _0\"></span>otes </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:656.44995px;\">matur<span class=\"_ _0\"></span>ing in J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>29 at a f<span class=\"_ _0\"></span>ixed co<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>on of 6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9% and U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>3m of notes m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ing in J<span class=\"_ _0\"></span>une 20<span class=\"_ _1\"></span>32 at a fi<span class=\"_ _0\"></span>xed co<span class=\"_ _0\"></span>upo<span class=\"_ _0\"></span>n of 6.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5% with a<span class=\"_ _0\"></span>n averag<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:643.44995px;\">cou<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n of 6.<span class=\"_ _0\"></span>4% per annum an<span class=\"_ _0\"></span>d an avera<span class=\"_ _0\"></span>ge mat<span class=\"_ _0\"></span>urit<span class=\"_ _0\"></span>y of 7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>4 year<span class=\"_ _0\"></span>s. Fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year en<span class=\"_ _0\"></span>d, th<span class=\"_ _0\"></span>e new fund<span class=\"_ _0\"></span>ing wa<span class=\"_ _0\"></span>s used tow<span class=\"_ _0\"></span>ards th<span class=\"_ _0\"></span>e repa<span class=\"_ _0\"></span>yme<span class=\"_ _0\"></span>nt of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:630.44995px;\">the US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m of US<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>P notes whi<span class=\"_ _0\"></span>ch ma<span class=\"_ _0\"></span>tured in M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls96 ws89\" style=\"left:0.009376526px; bottom:607.69995px;\">2<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span> C<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>m<span class=\"_ _3b\"></span>p<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>n<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:323.25333px; bottom:593.39996px;\">Current </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:333.84302px; bottom:583.64996px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:340.1368px; bottom:573.89996px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:367.3934px; bottom:593.39996px;\">Non-c<span class=\"_ _0\"></span>urrent </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:396.34195px; bottom:583.64996px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:404.19095px; bottom:573.89996px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:457.635px; bottom:593.39996px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75726px; bottom:583.64996px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.14844px; bottom:573.89996px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:513.1494px; bottom:593.39996px;\">Cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.7986px; bottom:583.64996px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:573.89996px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:559.6031px; bottom:593.39996px;\">No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>rent </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.39667px; bottom:583.64996px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:573.89996px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:593.39996px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:648.716px; bottom:583.64996px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:573.89996px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:558.5704px;\">C<span class=\"_ _0\"></span>ash <span class=\"_ _f7\"> </span><span class=\"ff4d ls36 ws35\">95<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"ls36 ws35\">95<span class=\"_ _95\"> </span></span></span><span class=\"ls2d ws2b\">96<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2d ws2b\">96<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsb1 ws9c\" style=\"left:0.009376526px; bottom:544.5408px;\">Te<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _226\"> </span><span class=\"ff4d ls40 ws26\">329<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>329<span class=\"_ _9a\"> </span></span><span class=\"ls2c ws9d\">24<span class=\"_ _1\"></span>9<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>24<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:530.51117px;\">Bank ove<span class=\"_ _0\"></span>rdraf<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s <span class=\"_ _25d\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _82\"> </span></span></span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:516.48157px;\">US pr<span class=\"_ _0\"></span>ivate p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>ement (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 27<span class=\"_ _17\"></span>.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>) <span class=\"_ _1b4\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(17<span class=\"_ _1\"></span>2)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>5)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _ae\"> </span>(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:502.45197px;\">Net cash/<span class=\"_ _17\"></span>(borrowings<span class=\"_ _6\"></span>) <span class=\"_ _2d6\"> </span><span class=\"lsa8 ws96\">206<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _9a\"> </span><span class=\"ff4e ls2e ws2c\">328<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _12c\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 lsbb wsa4\" style=\"left:0.009376526px; bottom:466.70197px;\">28 Lease liabilities<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:450.45197px;\">28.<span class=\"_ _59\"></span>1 Mov<span class=\"_ _6\"></span>ements<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:445.4705px; bottom:436.15198px;\">Land and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:445.4705px; bottom:426.40198px;\">buildings<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:416.65198px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:507.33868px; bottom:436.15198px;\">Plant and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:501.82562px; bottom:426.40198px;\">equipment<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:416.65198px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:581.2048px; bottom:436.15198px;\">Mot<span class=\"_ _0\"></span>or </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:573.6274px; bottom:426.40198px;\">vehicles </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:416.65198px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:426.40198px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:416.65198px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:401.3224px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _274\"> </span><span class=\"ls155 ws141\">58<span class=\"_ _95\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _95\"> </span><span class=\"ls39 ws38\">45<span class=\"_ _82\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:387.2928px;\">Additions <span class=\"_ _22a\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _78\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _2d\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _99\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:373.26318px;\">Pay<span class=\"_ _0\"></span>ments m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e for lea<span class=\"_ _0\"></span>se lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:163.20578px; bottom:376.72638px;\">+<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:462.98047px; bottom:373.26318px;\">(20)<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">(15<span class=\"_ _1\"></span>)<span class=\"_ _9c\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _9a\"> </span><span class=\"lsae ws99\">(59)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:359.23358px;\">Dispos<span class=\"_ _0\"></span>als<span class=\"_ _2b0\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _78\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2e\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _2d\"> </span></span>(4)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:345.20398px;\">Inter<span class=\"_ _6\"></span>est on lease liabilities <span class=\"_ _224\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _3f\"> </span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:331.1745px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2b1\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _99\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _95\"> </span><span class=\"ls151 wsee\">49<span class=\"_ _82\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:317.1449px;\">Currency translation dif<span class=\"_ _0\"></span>ferences <span class=\"_ _25a\"> </span><span class=\"ff4d ls3 ws0\">4<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>4<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:303.11533px;\">Additions <span class=\"_ _22a\"> </span><span class=\"ff4d ls98 ws5a\">17<span class=\"_ _78\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">54<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:289.08572px;\">Pay<span class=\"_ _0\"></span>ments m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e for lea<span class=\"_ _0\"></span>se lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:163.20578px; bottom:292.54892px;\">+<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls1b4 ws110\" style=\"left:462.98047px; bottom:289.08572px;\">(1<span class=\"_ _0\"></span>9)<span class=\"_ _82\"> </span>(12<span class=\"_ _0\"></span>)<span class=\"_ _9a\"> </span><span class=\"ls7a ws1ad\">(27)<span class=\"_ _fd\"> </span>(58)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:275.05612px;\">Dispos<span class=\"_ _0\"></span>als<span class=\"_ _2b0\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _95\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:261.02652px;\">Inter<span class=\"_ _6\"></span>est on lease liabilities <span class=\"_ _224\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _3f\"> </span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:246.99692px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2bc\"> </span><span class=\"lsae ws99\">58<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">47<span class=\"_ _82\"> </span>13<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:223.59692px;\">+ <span class=\"_ _33\"> </span>Pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e for l<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de a<span class=\"_ _0\"></span>n inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t ele<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a36<span class=\"_ _0\"></span>m).<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:200.84692px;\">28.2 Maturity analysis \u2013 contractual undiscounted cash flows<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:191.16644px; bottom:186.20331px;\">Land and<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:191.16644px; bottom:176.45331px;\">buildings<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:208.93106px; bottom:166.70331px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:215.76337px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:252.49942px; bottom:186.20331px;\">Plant and<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:247.58774px; bottom:176.45331px;\">equipme<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:272.76642px; bottom:166.70331px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:277.61047px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:328.62585px; bottom:186.20331px;\">Motor<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:320.14178px; bottom:176.45331px;\">ve<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:333.84302px; bottom:166.70331px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:340.1368px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:396.34195px; bottom:176.45331px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:396.34195px; bottom:166.70331px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:404.19095px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:445.4705px; bottom:186.20331px;\">Land and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:445.4705px; bottom:176.45331px;\">buildings<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:459.75726px; bottom:166.70331px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:507.33868px; bottom:186.20331px;\">Plant and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:501.82562px; bottom:176.45331px;\">equipment<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.7986px; bottom:166.70331px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:581.2048px; bottom:186.20331px;\">Mot<span class=\"_ _0\"></span>or </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:573.6274px; bottom:176.45331px;\">vehicles </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.39667px; bottom:166.70331px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:176.45331px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:166.70331px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:156.95331px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:141.5192px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne yea<span class=\"_ _0\"></span>r<span class=\"_ _e3\"> </span><span class=\"ff4d ls7b ws13c\">16<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">9<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">49<span class=\"_ _99\"> </span></span></span></span><span class=\"lsfb ws13a\">14<span class=\"_ _89\"> </span></span>9<span class=\"_ _2d\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _99\"> </span><span class=\"ls153 ws13e\">44<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:127.00522px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _13b\"> </span><span class=\"ff4d ls143 ws12c\">11<span class=\"_ _89\"> </span></span><span class=\"ff4d\">7<span class=\"_ _2d\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _78\"> </span></span></span></span><span class=\"ls158 ws146\">11<span class=\"_ _139\"> </span></span>6<span class=\"_ _2d\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _99\"> </span><span class=\"ls155 ws141\">33<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:112.87123px;\">Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _13b\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _78\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _2e\"> </span><span class=\"lscc ws94\">41<span class=\"_ _2d\"> </span></span></span></span></span><span class=\"ls71 ws6b\">20<span class=\"_ _2d\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _78\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _99\"> </span><span class=\"ls153 ws13e\">44<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:98.73711px;\">Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _19\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _89\"> </span></span><span class=\"ff4d\">4<span class=\"_ _89\"> </span>\u2013<span class=\"_ _78\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _78\"> </span></span></span><span class=\"lsfc ws18f\">19<span class=\"_ _89\"> </span></span>3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:84.707504px;\">T<span class=\"_ _17\"></span>otal undiscounted<span class=\"_ _6\"></span> c<span class=\"_ _0\"></span>ash flo<span class=\"_ _6\"></span>ws <span class=\"_ _15\"> </span><span class=\"ls1b7 ws13b\">60<span class=\"_ _99\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">49<span class=\"_ _9a\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _0\"></span>9<span class=\"_ _99\"> </span><span class=\"ff4e ls30 ws2e\">64<span class=\"_ _95\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _2d\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>3<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:56.107513px;\">28<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 Amo<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.39667px; bottom:41.80751px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:32.05751px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:41.80751px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:32.05751px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:16.727913px;\">Inter<span class=\"_ _6\"></span>est on lease liabilities<span class=\"_ _324\"> </span><span class=\"ff4d ls3 ws0\">6<span class=\"_ _3f\"> </span><span class=\"ff4e\">6<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:2.6983109px;\">Ex<span class=\"_ _0\"></span>penses relating t<span class=\"_ _6\"></span>o shor<span class=\"_ _0\"></span>t-term leases <span class=\"_ _257\"> </span><span class=\"ff4d ls7b ws13c\">121<span class=\"_ _82\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>29 De<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"_ _399\"> </span>29.<span class=\"_ _59\"></span>1 Group<span class=\"_ _399\"> </span>Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s are off<span class=\"_ _0\"></span>set whe<span class=\"_ _0\"></span>n they rel<span class=\"_ _0\"></span>ate to inco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y and the G<span class=\"_ _0\"></span>roup inten<span class=\"_ _0\"></span>ds to set<span class=\"_ _0\"></span>tle its cu<span class=\"_ _0\"></span>rrent t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies on a net b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Ne<span class=\"_ _0\"></span>t d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n at 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>Group 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Gro<span class=\"_ _0\"></span>up 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s<span class=\"_ _325\"> </span><span class=\"ff4d ls98 ws5a\">176<span class=\"_ _77\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span>Deferred ta<span class=\"_ _0\"></span>x liabilities<span class=\"_ _295\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span></span><span class=\"ls158 ws146\">(<span class=\"_ _0\"></span>11<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)</span> <span class=\"_ _326\"> </span><span class=\"ff4d ls71 ws6b\">24<span class=\"_ _3f\"> </span></span>5<span class=\"_ _399\"> </span>Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t for t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ear i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>t de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Gro<span class=\"_ _0\"></span>up \u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _327\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _328\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _399\"> </span></span>Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted to<span class=\"_ _0\"></span> inc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _329\"> </span><span class=\"lse0 ws92\">52<span class=\"_ _399\"> </span></span>Char<span class=\"_ _0\"></span>ged to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _292\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>its<span class=\"_ _32a\"> </span>1<span class=\"_ _399\"> </span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp; Re<span class=\"_ _0\"></span>scue (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 and 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.7)<span class=\"_ _297\"> </span>1<span class=\"_ _399\"> </span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _157\"> </span>5<span class=\"_ _399\"> </span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _32b\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted to<span class=\"_ _0\"></span> inc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _32c\"> </span><span class=\"ff4d ls98 ws5a\">17<span class=\"_ _399\"> </span></span>Cred<span class=\"_ _0\"></span>ited to othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _159\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _399\"> </span></span>Credit<span class=\"_ _6\"></span>ed to<span class=\"_ _6\"></span> equit<span class=\"_ _0\"></span>y<span class=\"_ _32d\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _399\"> </span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>its<span class=\"_ _32e\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _399\"> </span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _32f\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow sh<span class=\"_ _0\"></span>ows the d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties b<span class=\"_ _0\"></span>efore bein<span class=\"_ _0\"></span>g of<span class=\"_ _0\"></span>fset wh<span class=\"_ _0\"></span>ere they rel<span class=\"_ _0\"></span>ate to inco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Ne<span class=\"_ _0\"></span>t d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Depreciation<span class=\"_ _399\"> </span>in exce<span class=\"_ _0\"></span>ss of c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>allowances<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Retirement<span class=\"_ _399\"> </span>benefits<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Unrelieved<span class=\"_ _399\"> </span>trading<span class=\"_ _399\"> </span>losses<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Share<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ased<span class=\"_ _399\"> </span>paym<span class=\"_ _0\"></span>ents<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Provisions<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Fair value<span class=\"_ _399\"> </span>adjustments<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Derivatives<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other GA<span class=\"_ _1\"></span>AP<span class=\"_ _399\"> </span>differences<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Research<span class=\"_ _399\"> </span>and<span class=\"_ _399\"> </span>develo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>cred<span class=\"_ _0\"></span>its<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _330\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _b2\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _b2\"> </span><span class=\"ls2d ws2b\">96<span class=\"_ _82\"> </span></span></span></span>4<span class=\"_ _86\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>1)<span class=\"_ _dc\"> </span></span></span>7<span class=\"_ _b2\"> </span><span class=\"lsa2 ws2a\">(80)<span class=\"_ _12c\"> </span></span>4<span class=\"_ _ab\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _58\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>1<span class=\"_ _1d\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span></span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _399\"> </span></span></span>Credit<span class=\"_ _6\"></span>ed<span class=\"_ _0\"></span>/(char<span class=\"_ _6\"></span>ged<span class=\"_ _0\"></span>) t<span class=\"_ _6\"></span>o income statement<span class=\"_ _331\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _12\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>)<span class=\"_ _332\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _82\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _82\"> </span>9<span class=\"_ _b0\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _b5\"> </span><span class=\"lse0 ws92\">52<span class=\"_ _399\"> </span></span></span></span></span></span>Char<span class=\"_ _0\"></span>ged to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve income<span class=\"_ _333\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lsf9 ws29\">(23)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _fd\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _ab\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x credits<span class=\"_ _13a\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _aa\"> </span>1<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp;<span class=\"_ _0\"></span> Resc<span class=\"_ _0\"></span>ue (N<span class=\"_ _0\"></span>otes 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>3 a<span class=\"_ _0\"></span>nd 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.7)<span class=\"_ _76\"> </span><span class=\"ls3\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>7<span class=\"_ _b0\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _aa\"> </span>1<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _16\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">(69)<span class=\"_ _e\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>0<span class=\"_ _77\"> </span></span></span></span>5<span class=\"_ _86\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _a0\"> </span><span class=\"lsa9 ws23\">(8<span class=\"_ _0\"></span>5)<span class=\"_ _1d\"> </span></span></span>1<span class=\"_ _b2\"> </span><span class=\"ls40 ws26\">(87)<span class=\"_ _12c\"> </span></span>5<span class=\"_ _aa\"> </span>5<span class=\"_ _399\"> </span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _c\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>6<span class=\"_ _a3\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _30\"> </span><span class=\"ls143 ws12c\">(<span class=\"_ _0\"></span>11)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _17\"></span>ransfers<span class=\"_ _1c5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _77\"> </span>1<span class=\"_ _77\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _399\"> </span></span>Credit<span class=\"_ _6\"></span>ed<span class=\"_ _0\"></span>/(char<span class=\"_ _6\"></span>ged<span class=\"_ _0\"></span>) t<span class=\"_ _6\"></span>o income statement<span class=\"_ _334\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _113\"> </span><span class=\"ls143 ws12c\">(11<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls36 ws35\">48<span class=\"_ _77\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _119\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _1d\"> </span></span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _399\"> </span></span></span></span></span></span>Credit<span class=\"_ _6\"></span>ed<span class=\"_ _0\"></span>/(char<span class=\"_ _6\"></span>ged<span class=\"_ _0\"></span>) t<span class=\"_ _6\"></span>o other<span class=\"_ _6\"></span> comprehensiv<span class=\"_ _6\"></span>e income<span class=\"_ _163\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _86\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls9c ws91\">19<span class=\"_ _399\"> </span></span></span>Credit<span class=\"_ _6\"></span>ed to<span class=\"_ _6\"></span> equit<span class=\"_ _0\"></span>y<span class=\"_ _182\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>2<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _aa\"> </span>2<span class=\"_ _399\"> </span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span> credits<span class=\"_ _204\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2)<span class=\"_ _ce\"> </span>(2)<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _164\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _b2\"> </span><span class=\"lsb4 ws87\">(60)<span class=\"_ _10f\"> </span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>9<span class=\"_ _77\"> </span></span></span></span>7<span class=\"_ _ae\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _e\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1d\"> </span></span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls7a ws1ad\">(9<span class=\"_ _0\"></span>8)<span class=\"_ _b0\"> </span></span>3<span class=\"_ _b4\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _399\"> </span></span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:843.3339px;\">29 De<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:827.0839px;\">29.<span class=\"_ _59\"></span>1 Group<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:810.8339px;\">Ne<span class=\"_ _0\"></span>t d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:797.8339px;\">At the b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p had un<span class=\"_ _0\"></span>used t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>ax lo<span class=\"_ _0\"></span>sses of \u00a3<span class=\"_ _0\"></span>1,<span class=\"_ _59\"></span>19<span class=\"_ _0\"></span>3m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1,207m) avail<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e for of<span class=\"_ _0\"></span>fset ag<span class=\"_ _0\"></span>ains<span class=\"_ _0\"></span>t future p<span class=\"_ _0\"></span>rofits<span class=\"_ _0\"></span>, of whic<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:784.8339px;\">\u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>6m) aro<span class=\"_ _0\"></span>se in the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m) in the U<span class=\"_ _0\"></span>S and \u00a3<span class=\"_ _1\"></span>35<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>32m) i<span class=\"_ _0\"></span>n other jur<span class=\"_ _0\"></span>isd<span class=\"_ _0\"></span>icti<span class=\"_ _0\"></span>ons.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:765.3339px;\">A deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>615m) of such l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s, of whi<span class=\"_ _0\"></span>ch \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m) have b<span class=\"_ _0\"></span>een </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:752.3339px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e UK<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>27m) in the U<span class=\"_ _0\"></span>S, an<span class=\"_ _0\"></span>d \u00a3nil (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il) in oth<span class=\"_ _0\"></span>er juri<span class=\"_ _0\"></span>sdic<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns. In c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset to b<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:739.3339px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed for U<span class=\"_ _0\"></span>K ta<span class=\"_ _0\"></span>x loss<span class=\"_ _0\"></span>es, th<span class=\"_ _0\"></span>e potenti<span class=\"_ _0\"></span>al use of th<span class=\"_ _0\"></span>ose l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e latest c<span class=\"_ _0\"></span>urrent a<span class=\"_ _0\"></span>nd forec<span class=\"_ _0\"></span>ast b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e was as<span class=\"_ _0\"></span>sess<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:726.3339px;\">los<span class=\"_ _0\"></span>ses were rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised w<span class=\"_ _0\"></span>here it i<span class=\"_ _0\"></span>s prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le that t<span class=\"_ _0\"></span>hey wil<span class=\"_ _0\"></span>l be ut<span class=\"_ _0\"></span>ilise<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:706.8339px;\">No d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sset ha<span class=\"_ _0\"></span>s bee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of the l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2m) wh<span class=\"_ _0\"></span>ere it is c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dered t<span class=\"_ _0\"></span>hat it is n<span class=\"_ _0\"></span>ot prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le tha<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:693.8339px;\">they wi<span class=\"_ _0\"></span>ll be ut<span class=\"_ _0\"></span>ilise<span class=\"_ _0\"></span>d due to rest<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s in use an<span class=\"_ _0\"></span>d unpre<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bilit<span class=\"_ _1\"></span>y of future profi<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:674.3339px;\">Of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s tax los<span class=\"_ _0\"></span>ses, \u00a3<span class=\"_ _1\"></span>3m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>10m) will ex<span class=\"_ _0\"></span>pire wi<span class=\"_ _0\"></span>thin w<span class=\"_ _0\"></span>ithin 2<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter the yea<span class=\"_ _0\"></span>r in whi<span class=\"_ _0\"></span>ch they a<span class=\"_ _0\"></span>rose, usi<span class=\"_ _0\"></span>ng lo<span class=\"_ _0\"></span>sses in<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>red in ea<span class=\"_ _0\"></span>rlie<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:661.3339px;\">years b<span class=\"_ _0\"></span>efore tho<span class=\"_ _0\"></span>se inc<span class=\"_ _0\"></span>urred i<span class=\"_ _0\"></span>n later yea<span class=\"_ _0\"></span>rs. O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er los<span class=\"_ _0\"></span>ses w<span class=\"_ _0\"></span>ill be c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ried fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ward in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>nitely. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:641.8339px;\">In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s referred to ab<span class=\"_ _0\"></span>ove, at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p had U<span class=\"_ _0\"></span>K c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s availa<span class=\"_ _0\"></span>ble to c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard of \u00a31.4b<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:628.8339px;\">\u00a31.4bn<span class=\"_ _0\"></span>). No defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets have b<span class=\"_ _0\"></span>een rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in resp<span class=\"_ _0\"></span>ect of t<span class=\"_ _0\"></span>hese l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s as the<span class=\"_ _0\"></span>re are no ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al prof<span class=\"_ _0\"></span>its fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>ainst w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>hese l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws4\" style=\"left:0.009376526px; bottom:615.8339px;\">can be utilised.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:596.3339px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also h<span class=\"_ _0\"></span>ad temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>ffere<span class=\"_ _0\"></span>nces re<span class=\"_ _0\"></span>latin<span class=\"_ _0\"></span>g to retirement b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts on w<span class=\"_ _0\"></span>hich a d<span class=\"_ _0\"></span>eferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset h<span class=\"_ _0\"></span>as not b<span class=\"_ _0\"></span>een rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised of \u00a3<span class=\"_ _0\"></span>nil (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2m). </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:576.8339px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies on fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts of \u00a310<span class=\"_ _0\"></span>4m re<span class=\"_ _0\"></span>late to temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>ising o<span class=\"_ _0\"></span>n go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will an<span class=\"_ _0\"></span>d inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>bles<span class=\"_ _0\"></span>. Defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:563.8339px;\">liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es on oth<span class=\"_ _0\"></span>er G<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>P dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>8m rel<span class=\"_ _0\"></span>ate to tempo<span class=\"_ _0\"></span>rar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es on j<span class=\"_ _0\"></span>oint ventures<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:544.3339px;\">At the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te, undis<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>buted res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves of n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>UK sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s, jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates for wh<span class=\"_ _0\"></span>ich d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities h<span class=\"_ _0\"></span>ave not </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:531.3339px;\">bee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed were \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>51<span class=\"_ _6\"></span>3m<span class=\"_ _0\"></span>) in resp<span class=\"_ _0\"></span>ect of su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ies an<span class=\"_ _0\"></span>d \u00a34<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m) in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates. N<span class=\"_ _0\"></span>o </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:518.3339px;\">liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>ese di<span class=\"_ _0\"></span>ffere<span class=\"_ _0\"></span>nces b<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ause e<span class=\"_ _0\"></span>ithe<span class=\"_ _0\"></span>r no temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>fferen<span class=\"_ _0\"></span>ce ar<span class=\"_ _0\"></span>ises o<span class=\"_ _0\"></span>r the tim<span class=\"_ _0\"></span>ing of any di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:505.33392px;\">und<span class=\"_ _0\"></span>er the G<span class=\"_ _0\"></span>roup\u2019s control an<span class=\"_ _0\"></span>d no di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on wh<span class=\"_ _0\"></span>ich gi<span class=\"_ _0\"></span>ves ris<span class=\"_ _0\"></span>e to ta<span class=\"_ _0\"></span>xatio<span class=\"_ _0\"></span>n is co<span class=\"_ _0\"></span>ntempl<span class=\"_ _0\"></span>ated.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsb0 ws9b\" style=\"left:0.009376526px; bottom:482.58392px;\">29.2<span class=\"_ _6\"></span> Company<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:469.58392px;\">Th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow sh<span class=\"_ _0\"></span>ows the d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties b<span class=\"_ _0\"></span>efore bein<span class=\"_ _0\"></span>g of<span class=\"_ _0\"></span>fset wh<span class=\"_ _0\"></span>ere they rel<span class=\"_ _0\"></span>ate to inco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb3 ws33\" style=\"left:0.009376526px; bottom:456.58392px;\">(2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3nil).<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:501.82562px; bottom:435.78394px;\">Unrelieved<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:515.7969px; bottom:426.03394px;\">trading<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:516.94086px; bottom:416.28394px;\">losses<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:406.53394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:557.74316px; bottom:426.03394px;\">Share<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ased </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:568.27124px; bottom:416.28394px;\">paym<span class=\"_ _0\"></span>ents<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:406.53394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:435.78394px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsa9 ws23\" style=\"left:635.6787px; bottom:426.03394px;\">defe<span class=\"_ _6\"></span>rred </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:629.89874px; bottom:416.28394px;\">tax assets<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:406.53394px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:391.20435px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _335\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:377.17474px;\">Cred<span class=\"_ _0\"></span>ited<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(char<span class=\"_ _0\"></span>ged<span class=\"_ _0\"></span>) to inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt <span class=\"_ _126\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:363.14514px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _336\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:349.11554px;\">Cred<span class=\"_ _0\"></span>ited to inc<span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent <span class=\"_ _290\"> </span><span class=\"ff4d\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.009376526px; bottom:335.08597px;\">Credit<span class=\"_ _6\"></span>ed to<span class=\"_ _6\"></span> equit<span class=\"_ _0\"></span>y<span class=\"_ _337\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:321.05637px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2b5\"> </span>1<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:285.30637px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:269.05637px;\">30.<span class=\"_ _59\"></span>1 Introduction<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:256.05637px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p, throug<span class=\"_ _0\"></span>h tru<span class=\"_ _0\"></span>stees, o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rates a num<span class=\"_ _0\"></span>ber of d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n and d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>n sche<span class=\"_ _0\"></span>mes.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:236.55637px;\">Defin<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s are thos<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>re the Grou<span class=\"_ _0\"></span>p\u2019s oblig<span class=\"_ _0\"></span>ation i<span class=\"_ _0\"></span>s limited to t<span class=\"_ _0\"></span>he amo<span class=\"_ _0\"></span>unt that i<span class=\"_ _0\"></span>t cont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utes to the sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e and th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:223.55637px;\">sche<span class=\"_ _0\"></span>me me<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>rs be<span class=\"_ _0\"></span>ar the i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt and ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>rial r<span class=\"_ _0\"></span>isks.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:204.05637px;\">Defin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>enefit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes are sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>es other t<span class=\"_ _0\"></span>han d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n sche<span class=\"_ _0\"></span>mes w<span class=\"_ _0\"></span>here the G<span class=\"_ _0\"></span>roup\u2019s oblig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on is to prov<span class=\"_ _0\"></span>ide s<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2a ws3c\" style=\"left:0.009376526px; bottom:191.05637px;\">on ret<span class=\"_ _0\"></span>irem<span class=\"_ _0\"></span>ent.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:171.55637px;\">IA<span class=\"_ _0\"></span>S 19 Empl<span class=\"_ _0\"></span>oyee Ben<span class=\"_ _0\"></span>efits (<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>AS 19) p<span class=\"_ _0\"></span>rescr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es the a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>untin<span class=\"_ _0\"></span>g for defin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>enefit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>. Ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:158.55637px;\">cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated usi<span class=\"_ _0\"></span>ng the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ted uni<span class=\"_ _0\"></span>t cred<span class=\"_ _0\"></span>it meth<span class=\"_ _0\"></span>od an<span class=\"_ _0\"></span>d disc<span class=\"_ _0\"></span>ounted to a n<span class=\"_ _0\"></span>et present v<span class=\"_ _0\"></span>alue us<span class=\"_ _0\"></span>ing the m<span class=\"_ _0\"></span>arket yie<span class=\"_ _0\"></span>ld on hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te bon<span class=\"_ _0\"></span>ds. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:145.55637px;\">Th<span class=\"_ _0\"></span>e pens<span class=\"_ _0\"></span>ion exp<span class=\"_ _0\"></span>ense re<span class=\"_ _0\"></span>latin<span class=\"_ _0\"></span>g to curre<span class=\"_ _0\"></span>nt ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice c<span class=\"_ _0\"></span>ost is c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>r overhe<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e func<span class=\"_ _0\"></span>tion of s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s and is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:132.55637px;\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in co<span class=\"_ _0\"></span>st of sal<span class=\"_ _0\"></span>es and n<span class=\"_ _0\"></span>et op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ng exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me ar<span class=\"_ _0\"></span>ising f<span class=\"_ _0\"></span>rom the ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted interes<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me on p<span class=\"_ _0\"></span>lan a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:119.556366px;\">interest c<span class=\"_ _0\"></span>ost on s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s is inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in invest<span class=\"_ _0\"></span>ment inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e. Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial g<span class=\"_ _0\"></span>ains an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses are rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d in the st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:106.556366px;\">com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>AS 19 ac<span class=\"_ _0\"></span>count<span class=\"_ _0\"></span>ing val<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>ons are set o<span class=\"_ _0\"></span>ut in N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:87.05635px;\">A dif<span class=\"_ _0\"></span>ferent c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ulati<span class=\"_ _0\"></span>on is us<span class=\"_ _0\"></span>ed for th<span class=\"_ _0\"></span>e forma<span class=\"_ _0\"></span>l trie<span class=\"_ _0\"></span>nnial fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aken by the sc<span class=\"_ _0\"></span>heme t<span class=\"_ _0\"></span>ruste<span class=\"_ _0\"></span>es to determ<span class=\"_ _0\"></span>ine the f<span class=\"_ _0\"></span>uture C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.05635px;\">cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n level nec<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>o that ove<span class=\"_ _0\"></span>r time th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme as<span class=\"_ _0\"></span>sets w<span class=\"_ _0\"></span>ill meet t<span class=\"_ _0\"></span>he sch<span class=\"_ _0\"></span>eme o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ce bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en the t<span class=\"_ _0\"></span>wo </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:61.05635px;\">metho<span class=\"_ _0\"></span>ds is t<span class=\"_ _0\"></span>hat un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>ing b<span class=\"_ _0\"></span>asis th<span class=\"_ _0\"></span>e obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>re disc<span class=\"_ _0\"></span>ounted us<span class=\"_ _0\"></span>ing a ra<span class=\"_ _0\"></span>te of return refle<span class=\"_ _0\"></span>ctin<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>ion of th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s in the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:48.05635px;\">sche<span class=\"_ _0\"></span>me, rat<span class=\"_ _0\"></span>her th<span class=\"_ _0\"></span>an the r<span class=\"_ _0\"></span>ate of return on h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>qu<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>y c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ate bon<span class=\"_ _0\"></span>ds as re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d by IA<span class=\"_ _0\"></span>S 19 for the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts. D<span class=\"_ _0\"></span>etai<span class=\"_ _0\"></span>ls of the l<span class=\"_ _0\"></span>atest </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:35.05635px;\">form<span class=\"_ _0\"></span>al trie<span class=\"_ _0\"></span>nnial f<span class=\"_ _0\"></span>undi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns are set ou<span class=\"_ _0\"></span>t in Note 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.556351px;\">Th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s of the sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>es do not i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de any d<span class=\"_ _0\"></span>irect h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of the Gro<span class=\"_ _0\"></span>up\u2019s financ<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, nor any p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y oc<span class=\"_ _0\"></span>cup<span class=\"_ _0\"></span>ied by, or other </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5563507px;\">asset<span class=\"_ _0\"></span>s of, the Group.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:905.40894px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:850.1464px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.33518982px; bottom:833.8964px;\">Principal schemes<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:820.8964px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al sch<span class=\"_ _0\"></span>emes a<span class=\"_ _0\"></span>re the Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pens<span class=\"_ _0\"></span>ion Fun<span class=\"_ _0\"></span>d (B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>), whic<span class=\"_ _0\"></span>h incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s defin<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on and d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:807.8964px;\">and th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Sha<span class=\"_ _0\"></span>red C<span class=\"_ _0\"></span>ost S<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tion of t<span class=\"_ _0\"></span>he Rai<span class=\"_ _0\"></span>lways P<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n Sc<span class=\"_ _0\"></span>heme (<span class=\"_ _0\"></span>RP<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>). The d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons of b<span class=\"_ _0\"></span>oth sch<span class=\"_ _0\"></span>emes a<span class=\"_ _0\"></span>re fund<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:794.8964px;\">and cl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to new mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s with t<span class=\"_ _0\"></span>he excepti<span class=\"_ _0\"></span>on of em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es wh<span class=\"_ _0\"></span>ere emp<span class=\"_ _0\"></span>loym<span class=\"_ _0\"></span>ent has t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>ferred to th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p unde<span class=\"_ _0\"></span>r cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.33518982px; bottom:781.8964px;\">arrangements. Pension benefits for de<span class=\"_ _6\"></span>fine<span class=\"_ _0\"></span>d benefit schemes ar<span class=\"_ _6\"></span>e base<span class=\"_ _0\"></span>d on employees\u2019<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>ensionable ser<span class=\"_ _0\"></span>vice and their pensionable salar<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:762.3964px;\">Th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>mes o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ate und<span class=\"_ _0\"></span>er tru<span class=\"_ _0\"></span>st law an<span class=\"_ _0\"></span>d are man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>d and a<span class=\"_ _0\"></span>dmini<span class=\"_ _0\"></span>stered by t<span class=\"_ _0\"></span>rustee<span class=\"_ _0\"></span>s on be<span class=\"_ _0\"></span>hal<span class=\"_ _0\"></span>f of the mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs in ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th the ter<span class=\"_ _0\"></span>ms </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:749.3964px;\">of the tr<span class=\"_ _0\"></span>ust de<span class=\"_ _0\"></span>ed an<span class=\"_ _0\"></span>d rul<span class=\"_ _0\"></span>es and rel<span class=\"_ _0\"></span>evant le<span class=\"_ _0\"></span>gisl<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. Defin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t contr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are deter<span class=\"_ _0\"></span>mined i<span class=\"_ _0\"></span>n con<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>ation w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he tru<span class=\"_ _0\"></span>stees, a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter tak<span class=\"_ _0\"></span>ing </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:736.3964px;\">act<span class=\"_ _0\"></span>uari<span class=\"_ _0\"></span>al ad<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce. T<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ustees a<span class=\"_ _0\"></span>re respo<span class=\"_ _0\"></span>nsib<span class=\"_ _0\"></span>le for es<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>lishin<span class=\"_ _0\"></span>g the inves<span class=\"_ _0\"></span>tment s<span class=\"_ _0\"></span>trateg<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ensur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>at there a<span class=\"_ _0\"></span>re suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>ent ass<span class=\"_ _0\"></span>ets to meet th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:723.3964px;\">cos<span class=\"_ _0\"></span>t of curre<span class=\"_ _0\"></span>nt and fut<span class=\"_ _0\"></span>ure ben<span class=\"_ _0\"></span>efits<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:703.8964px;\">Th<span class=\"_ _0\"></span>ese sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s expo<span class=\"_ _0\"></span>se the G<span class=\"_ _0\"></span>roup to inves<span class=\"_ _0\"></span>tment an<span class=\"_ _0\"></span>d ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks wh<span class=\"_ _0\"></span>ere add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ions m<span class=\"_ _0\"></span>ay be re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d if ass<span class=\"_ _0\"></span>ets are not su<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:690.8964px;\">to pay fut<span class=\"_ _0\"></span>ure pens<span class=\"_ _0\"></span>ion b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts:</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:671.3964px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">investme<span class=\"_ _0\"></span>nt risk<span class=\"_ _0\"></span>: equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y return<span class=\"_ _0\"></span>s are a key determin<span class=\"_ _0\"></span>ant of investm<span class=\"_ _0\"></span>ent retur<span class=\"_ _0\"></span>n but th<span class=\"_ _0\"></span>e investme<span class=\"_ _0\"></span>nt po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio is al<span class=\"_ _0\"></span>so sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to a rang<span class=\"_ _0\"></span>e of other r<span class=\"_ _0\"></span>isks </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.076572px; bottom:658.3964px;\">t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al of the inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s held<span class=\"_ _0\"></span>, for exam<span class=\"_ _0\"></span>ple, c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t risk on c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate bo<span class=\"_ _0\"></span>nd ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs; and</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.6806602px; bottom:638.8964px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al risk<span class=\"_ _0\"></span>: the u<span class=\"_ _0\"></span>ltim<span class=\"_ _0\"></span>ate cost of p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n ben<span class=\"_ _0\"></span>efits i<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>fected b<span class=\"_ _0\"></span>y inflat<span class=\"_ _0\"></span>ion ra<span class=\"_ _0\"></span>tes and me<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>rs\u2019 life exp<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cy. The net pres<span class=\"_ _0\"></span>ent valu<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:11.076572px; bottom:625.8964px;\">of the ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns is af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ted by the m<span class=\"_ _0\"></span>arket yie<span class=\"_ _0\"></span>ld on hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te bond<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d to disc<span class=\"_ _0\"></span>ount th<span class=\"_ _0\"></span>e obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:606.3964px;\">Chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipal a<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umpti<span class=\"_ _0\"></span>ons b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n mar<span class=\"_ _0\"></span>ket data<span class=\"_ _0\"></span>, such a<span class=\"_ _0\"></span>s inflat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d the di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unt rate, and ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e, suc<span class=\"_ _0\"></span>h as life </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:593.3964px;\">expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e the Gro<span class=\"_ _0\"></span>up to fluc<span class=\"_ _0\"></span>tuat<span class=\"_ _0\"></span>ions i<span class=\"_ _0\"></span>n the net I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 liabili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and th<span class=\"_ _0\"></span>e net fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:570.6464px;\">Bal<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>our B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ion F<span class=\"_ _0\"></span>und<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:557.6464px;\">Th<span class=\"_ _0\"></span>e investm<span class=\"_ _0\"></span>ent stra<span class=\"_ _0\"></span>tegy of t<span class=\"_ _0\"></span>he BB<span class=\"_ _0\"></span>PF is to h<span class=\"_ _0\"></span>old as<span class=\"_ _0\"></span>sets of a<span class=\"_ _0\"></span>ppro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ate liqu<span class=\"_ _0\"></span>idit<span class=\"_ _1\"></span>y and mar<span class=\"_ _0\"></span>ketabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y to gen<span class=\"_ _0\"></span>erate in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l grow<span class=\"_ _0\"></span>th. T<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:544.6464px;\">BBP<span class=\"_ _0\"></span>F invest<span class=\"_ _0\"></span>s par<span class=\"_ _1\"></span>tly in a di<span class=\"_ _0\"></span>versi<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d rang<span class=\"_ _0\"></span>e of ass<span class=\"_ _0\"></span>ets inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng eq<span class=\"_ _0\"></span>uitie<span class=\"_ _0\"></span>s and he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>s in antic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ation t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span>, over the l<span class=\"_ _0\"></span>ong<span class=\"_ _0\"></span>er term<span class=\"_ _0\"></span>, they w<span class=\"_ _0\"></span>ill grow </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:531.6464px;\">in valu<span class=\"_ _0\"></span>e faster th<span class=\"_ _0\"></span>an the o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e equi<span class=\"_ _0\"></span>ties are i<span class=\"_ _0\"></span>n the form of p<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>d fund<span class=\"_ _0\"></span>s and are a c<span class=\"_ _0\"></span>omb<span class=\"_ _0\"></span>inati<span class=\"_ _0\"></span>on of UK<span class=\"_ _1\"></span>, other deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>arket and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:518.6464px;\">emerg<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>arket equ<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e remai<span class=\"_ _0\"></span>ning BB<span class=\"_ _0\"></span>PF a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y fixed an<span class=\"_ _0\"></span>d ind<span class=\"_ _0\"></span>ex-<span class=\"_ _0\"></span>linked b<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s, prov<span class=\"_ _0\"></span>idin<span class=\"_ _0\"></span>g protec<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:505.64642px;\">moveme<span class=\"_ _0\"></span>nts in infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n and interes<span class=\"_ _0\"></span>t rates an<span class=\"_ _0\"></span>d henc<span class=\"_ _0\"></span>e enha<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>ng the res<span class=\"_ _0\"></span>ilien<span class=\"_ _0\"></span>ce of the fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g level of th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>me. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:492.64642px;\">asset<span class=\"_ _0\"></span>s is me<span class=\"_ _0\"></span>asured a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst ma<span class=\"_ _0\"></span>rket indic<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:473.14642px;\">Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s define<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on is exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to a numb<span class=\"_ _0\"></span>er of lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>lated r<span class=\"_ _0\"></span>isks, n<span class=\"_ _0\"></span>amel<span class=\"_ _0\"></span>y cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in gil<span class=\"_ _0\"></span>t yiel<span class=\"_ _0\"></span>ds, inf<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on and t<span class=\"_ _0\"></span>he lon<span class=\"_ _0\"></span>gevi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.33518982px; bottom:460.14642px;\">the scheme\u2019<span class=\"_ _6\"></span>s members.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:440.64642px;\">W<span class=\"_ _0\"></span>ith resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to interest rate an<span class=\"_ _0\"></span>d infla<span class=\"_ _0\"></span>tion r<span class=\"_ _0\"></span>isks, th<span class=\"_ _0\"></span>e trus<span class=\"_ _0\"></span>tee see<span class=\"_ _0\"></span>ks to mitig<span class=\"_ _0\"></span>ate the m<span class=\"_ _0\"></span>ajor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>ese ris<span class=\"_ _0\"></span>ks throu<span class=\"_ _0\"></span>gh its l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:427.64642px;\">Thi<span class=\"_ _0\"></span>s is a seg<span class=\"_ _0\"></span>rega<span class=\"_ _0\"></span>ted po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio of he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets w<span class=\"_ _0\"></span>hich in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>des p<span class=\"_ _0\"></span>hysic<span class=\"_ _0\"></span>al gil<span class=\"_ _0\"></span>ts, g<span class=\"_ _0\"></span>ilt rep<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se ag<span class=\"_ _0\"></span>reeme<span class=\"_ _0\"></span>nts and intere<span class=\"_ _0\"></span>st rate an<span class=\"_ _0\"></span>d inflat<span class=\"_ _0\"></span>ion swa<span class=\"_ _0\"></span>ps. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:414.64642px;\">Th<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>rent obje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive of the p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o is to hed<span class=\"_ _0\"></span>ge aro<span class=\"_ _0\"></span>und 9<span class=\"_ _0\"></span>0% of t<span class=\"_ _0\"></span>he imp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t that c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in i<span class=\"_ _0\"></span>nterest rates a<span class=\"_ _0\"></span>nd infl<span class=\"_ _0\"></span>ation c<span class=\"_ _0\"></span>an h<span class=\"_ _0\"></span>ave on the fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.33518982px; bottom:401.64642px;\">position.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:382.14642px;\">Dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e gilt y<span class=\"_ _0\"></span>ield c<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>s, the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s Fiduci<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>r was cl<span class=\"_ _0\"></span>osel<span class=\"_ _0\"></span>y mon<span class=\"_ _0\"></span>itorin<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>olla<span class=\"_ _0\"></span>teral b<span class=\"_ _0\"></span>eing he<span class=\"_ _0\"></span>ld wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:369.14642px;\">As g<span class=\"_ _0\"></span>ilt y<span class=\"_ _0\"></span>ield<span class=\"_ _0\"></span>s rose, ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n was pro<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y ta<span class=\"_ _0\"></span>ken to ensure that t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>hout t<span class=\"_ _0\"></span>he cr<span class=\"_ _0\"></span>isis, t<span class=\"_ _0\"></span>he sch<span class=\"_ _0\"></span>eme he<span class=\"_ _0\"></span>ld suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt coll<span class=\"_ _0\"></span>ateral to su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t it<span class=\"_ _0\"></span>s liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.33518982px; bottom:356.14645px;\">hedging programme<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:336.64645px;\">Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s Investme<span class=\"_ _0\"></span>nt Co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>tee wa<span class=\"_ _0\"></span>s clo<span class=\"_ _0\"></span>sely i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>d in overse<span class=\"_ _0\"></span>eing t<span class=\"_ _0\"></span>he ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s bein<span class=\"_ _0\"></span>g taken to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e the he<span class=\"_ _0\"></span>dgi<span class=\"_ _0\"></span>ng str<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. I<span class=\"_ _0\"></span>t agree<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>s a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:323.64645px;\">prec<span class=\"_ _0\"></span>auti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>asure, to slig<span class=\"_ _0\"></span>htly re<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>e the t<span class=\"_ _0\"></span>arget leve<span class=\"_ _0\"></span>l of hed<span class=\"_ _0\"></span>ging i<span class=\"_ _0\"></span>n orde<span class=\"_ _0\"></span>r to improve th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>me\u2019s r<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>silie<span class=\"_ _0\"></span>nce in c<span class=\"_ _0\"></span>ase of a f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r mater<span class=\"_ _0\"></span>ial </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:310.64645px;\">incre<span class=\"_ _0\"></span>ase in y<span class=\"_ _0\"></span>ield<span class=\"_ _0\"></span>s. In res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nse to the in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>sed vo<span class=\"_ _0\"></span>latili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y in gil<span class=\"_ _0\"></span>t yiel<span class=\"_ _0\"></span>ds in A<span class=\"_ _0\"></span>utumn 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any ag<span class=\"_ _0\"></span>reed a sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>term li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fa<span class=\"_ _0\"></span>cilit<span class=\"_ _1\"></span>y with </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:297.64645px;\">the BB<span class=\"_ _0\"></span>PF of \u00a3<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0m w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h expire<span class=\"_ _0\"></span>d undr<span class=\"_ _0\"></span>awn in D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:278.14645px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ope<span class=\"_ _0\"></span>rates a S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>h Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>ship (<span class=\"_ _0\"></span>SL<span class=\"_ _0\"></span>P) s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture w<span class=\"_ _0\"></span>hich h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>roup\u2019s 40% intere<span class=\"_ _0\"></span>st in the B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am Ho<span class=\"_ _0\"></span>spit<span class=\"_ _0\"></span>al P<span class=\"_ _0\"></span>FI </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:265.14645px;\">investm<span class=\"_ _0\"></span>ent and th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s 15% share of the C<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ct P<span class=\"_ _0\"></span>lus (M<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>) asset<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F is a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r in the S<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P and is ent<span class=\"_ _0\"></span>itle<span class=\"_ _0\"></span>d to a share of th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:252.14645px;\">inc<span class=\"_ _0\"></span>ome of th<span class=\"_ _0\"></span>e SL<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>. In ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th IF<span class=\"_ _0\"></span>RS 10 Con<span class=\"_ _0\"></span>soli<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al Sta<span class=\"_ _0\"></span>tements<span class=\"_ _0\"></span>, the S<span class=\"_ _0\"></span>LP i<span class=\"_ _0\"></span>s deem<span class=\"_ _0\"></span>ed to be c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lled b<span class=\"_ _0\"></span>y the Gro<span class=\"_ _0\"></span>up, wh<span class=\"_ _0\"></span>ich </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:239.14645px;\">retains t<span class=\"_ _0\"></span>he ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y to sub<span class=\"_ _0\"></span>stitu<span class=\"_ _0\"></span>te the invest<span class=\"_ _0\"></span>ment in th<span class=\"_ _0\"></span>e Bir<span class=\"_ _0\"></span>mingh<span class=\"_ _0\"></span>am H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ital P<span class=\"_ _0\"></span>FI inves<span class=\"_ _0\"></span>tment a<span class=\"_ _0\"></span>nd the C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>nec<span class=\"_ _0\"></span>t Plus (<span class=\"_ _0\"></span>M2<span class=\"_ _0\"></span>5) as<span class=\"_ _0\"></span>set for othe<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:226.14645px;\">investm<span class=\"_ _0\"></span>ents from t<span class=\"_ _0\"></span>ime to tim<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:206.64645px;\">Und<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>AS 19, the i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt held b<span class=\"_ _0\"></span>y the BB<span class=\"_ _0\"></span>PF in t<span class=\"_ _0\"></span>he SL<span class=\"_ _0\"></span>P d<span class=\"_ _0\"></span>oes n<span class=\"_ _0\"></span>ot cons<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>te a plan a<span class=\"_ _0\"></span>sset an<span class=\"_ _0\"></span>d therefore the p<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>on sur<span class=\"_ _0\"></span>plu<span class=\"_ _0\"></span>s presente<span class=\"_ _0\"></span>d in thes<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:193.64645px;\">fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not reflec<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s interest in the S<span class=\"_ _0\"></span>LP<span class=\"_ _17\"></span>. D<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ions f<span class=\"_ _0\"></span>rom the S<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P to the BB<span class=\"_ _0\"></span>PF w<span class=\"_ _0\"></span>ill be refl<span class=\"_ _0\"></span>ecte<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.33518982px; bottom:180.64645px;\">fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements a<span class=\"_ _0\"></span>s pen<span class=\"_ _0\"></span>sion c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>n a ca<span class=\"_ _0\"></span>sh bas<span class=\"_ _0\"></span>is. In 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the BB<span class=\"_ _0\"></span>PF re<span class=\"_ _0\"></span>ceive<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns of \u00a3<span class=\"_ _0\"></span>2m from t<span class=\"_ _0\"></span>he S<span class=\"_ _0\"></span>LP (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2m). </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:161.14645px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and th<span class=\"_ _0\"></span>e trus<span class=\"_ _0\"></span>tees of the B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Pensio<span class=\"_ _0\"></span>n Fund (<span class=\"_ _0\"></span>BBP<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>) have re<span class=\"_ _0\"></span>confi<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>d thei<span class=\"_ _0\"></span>r comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt to a jour<span class=\"_ _0\"></span>ney pl<span class=\"_ _0\"></span>an ap<span class=\"_ _0\"></span>proa<span class=\"_ _0\"></span>ch to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:148.14645px;\">man<span class=\"_ _0\"></span>agin<span class=\"_ _0\"></span>g the BB<span class=\"_ _0\"></span>PF w<span class=\"_ _0\"></span>here<span class=\"_ _0\"></span>by the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F is aimin<span class=\"_ _0\"></span>g to reach s<span class=\"_ _0\"></span>elf-<span class=\"_ _1\"></span>suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y by 20<span class=\"_ _0\"></span>27<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d the tr<span class=\"_ _0\"></span>ustees h<span class=\"_ _0\"></span>ave agre<span class=\"_ _0\"></span>ed the p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>les </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:135.14645px;\">of the 31 M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 for<span class=\"_ _0\"></span>mal v<span class=\"_ _0\"></span>aluat<span class=\"_ _0\"></span>ion. U<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r these p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>les, B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>ill p<span class=\"_ _0\"></span>ay defi<span class=\"_ _0\"></span>cit c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons to th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F of \u00a3<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3, \u00a3<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:122.146454px;\">in 20<span class=\"_ _0\"></span>24 an<span class=\"_ _0\"></span>d \u00a36<span class=\"_ _0\"></span>m in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny and the t<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>tees exp<span class=\"_ _0\"></span>ect to t<span class=\"_ _0\"></span>ake fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r steps over t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ming m<span class=\"_ _0\"></span>onths to red<span class=\"_ _0\"></span>uce t<span class=\"_ _0\"></span>he investm<span class=\"_ _0\"></span>ent risk i<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:109.146454px;\">the sc<span class=\"_ _0\"></span>heme a<span class=\"_ _0\"></span>nd the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny has ag<span class=\"_ _0\"></span>reed th<span class=\"_ _0\"></span>at ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l amou<span class=\"_ _0\"></span>nts wi<span class=\"_ _0\"></span>ll bec<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e paya<span class=\"_ _0\"></span>ble at \u00a3<span class=\"_ _1\"></span>2m per mo<span class=\"_ _0\"></span>nth from M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>25 if th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:96.146454px;\">per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>ally d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent from t<span class=\"_ _0\"></span>hat exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted. T<span class=\"_ _0\"></span>he nex<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span>mal tr<span class=\"_ _0\"></span>ienni<span class=\"_ _0\"></span>al fun<span class=\"_ _0\"></span>ding v<span class=\"_ _0\"></span>aluat<span class=\"_ _0\"></span>ion is d<span class=\"_ _0\"></span>ue wit<span class=\"_ _0\"></span>h ef<span class=\"_ _0\"></span>fect fro<span class=\"_ _0\"></span>m 31 Marc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:76.646454px;\">As a re<span class=\"_ _0\"></span>sult of an a<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>lera<span class=\"_ _0\"></span>tion m<span class=\"_ _0\"></span>ech<span class=\"_ _0\"></span>anism a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d previo<span class=\"_ _0\"></span>usly b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p and t<span class=\"_ _0\"></span>he tru<span class=\"_ _0\"></span>stees, t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up ma<span class=\"_ _0\"></span>de def<span class=\"_ _0\"></span>icit c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s to the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:63.646454px;\">BBP<span class=\"_ _0\"></span>F of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:44.146454px;\">Thi<span class=\"_ _0\"></span>s agree<span class=\"_ _0\"></span>ment c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>itutes a mi<span class=\"_ _0\"></span>nimum fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g requi<span class=\"_ _0\"></span>rement (<span class=\"_ _0\"></span>MF<span class=\"_ _0\"></span>R) un<span class=\"_ _0\"></span>der I<span class=\"_ _0\"></span>FRI<span class=\"_ _0\"></span>C 14 IA<span class=\"_ _0\"></span>S 19: The L<span class=\"_ _0\"></span>imit o<span class=\"_ _0\"></span>n a Defi<span class=\"_ _0\"></span>ned B<span class=\"_ _0\"></span>enefit A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>set, M<span class=\"_ _0\"></span>inimum </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:31.146454px;\">Fund<span class=\"_ _0\"></span>ing Re<span class=\"_ _0\"></span>quirem<span class=\"_ _0\"></span>ents an<span class=\"_ _0\"></span>d thei<span class=\"_ _0\"></span>r Interac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed any li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to this M<span class=\"_ _0\"></span>FR as a<span class=\"_ _0\"></span>ny surp<span class=\"_ _0\"></span>lus of def<span class=\"_ _0\"></span>icit </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:18.146454px;\">cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to the BB<span class=\"_ _0\"></span>PF wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le by way of a refun<span class=\"_ _0\"></span>d and th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has th<span class=\"_ _0\"></span>e unc<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal ri<span class=\"_ _0\"></span>ght to the su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lus and c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ls the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.33518982px; bottom:2.5464478px;\">run<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>of<span class=\"_ _0\"></span>f of the b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>ll other o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons of th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F have b<span class=\"_ _0\"></span>een set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:870.51245px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:854.26245px;\">30.<span class=\"_ _59\"></span>1 Introduction<span class=\"_ _6\"></span><span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:838.01245px;\">Railways Pension Sc<span class=\"_ _0\"></span>heme<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:825.01245px;\">Th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S is a sh<span class=\"_ _0\"></span>ared c<span class=\"_ _0\"></span>ost sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e leg<span class=\"_ _0\"></span>al resp<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ibili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of the G<span class=\"_ _0\"></span>roup in th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S is a<span class=\"_ _0\"></span>pprox<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y 6<span class=\"_ _0\"></span>0% of the s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:812.01245px;\">bas<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>e relevant p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons of the t<span class=\"_ _0\"></span>rust d<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>d and ru<span class=\"_ _0\"></span>les an<span class=\"_ _0\"></span>d trus<span class=\"_ _0\"></span>tee gui<span class=\"_ _0\"></span>delin<span class=\"_ _0\"></span>es reg<span class=\"_ _0\"></span>ardin<span class=\"_ _0\"></span>g futu<span class=\"_ _0\"></span>re surp<span class=\"_ _0\"></span>lus ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd def<span class=\"_ _0\"></span>icit f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cing<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:792.51245px;\">Th<span class=\"_ _0\"></span>e assum<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>ost of prov<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ng futu<span class=\"_ _0\"></span>re ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts is sp<span class=\"_ _0\"></span>lit b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween the G<span class=\"_ _0\"></span>roup a<span class=\"_ _0\"></span>nd the m<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>ers in t<span class=\"_ _0\"></span>he rat<span class=\"_ _0\"></span>io 6<span class=\"_ _0\"></span>0:4<span class=\"_ _1\"></span>0. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:773.01245px;\">Bec<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e of a dec<span class=\"_ _0\"></span>lining p<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ulat<span class=\"_ _0\"></span>ion of a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve memb<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, it ha<span class=\"_ _0\"></span>s bec<span class=\"_ _0\"></span>ome l<span class=\"_ _0\"></span>ess likel<span class=\"_ _0\"></span>y that t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s costs of me<span class=\"_ _0\"></span>eting any d<span class=\"_ _0\"></span>efic<span class=\"_ _0\"></span>its wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:760.01245px;\">in line w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s str<span class=\"_ _0\"></span>ict l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>l obl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tion of 6<span class=\"_ _1\"></span>0% as memb<span class=\"_ _0\"></span>ers m<span class=\"_ _0\"></span>ight on<span class=\"_ _0\"></span>ly be a<span class=\"_ _0\"></span>ble to af<span class=\"_ _0\"></span>ford to fu<span class=\"_ _0\"></span>nd a sm<span class=\"_ _0\"></span>all pro<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme def<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>t. It ha<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:747.01245px;\">therefore b<span class=\"_ _0\"></span>een as<span class=\"_ _0\"></span>sume<span class=\"_ _0\"></span>d that t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p will b<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>ble for 10<span class=\"_ _0\"></span>0% of any d<span class=\"_ _0\"></span>efici<span class=\"_ _0\"></span>t and th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s disc<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ed, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:734.01245px;\">therefore, are e<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>l to 1<span class=\"_ _6\"></span>0<span class=\"_ _1\"></span>0% of the tota<span class=\"_ _0\"></span>l sche<span class=\"_ _0\"></span>me as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:714.51245px;\">Th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S invest<span class=\"_ _0\"></span>s in a ran<span class=\"_ _0\"></span>ge of p<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>led inves<span class=\"_ _0\"></span>tment fu<span class=\"_ _0\"></span>nds inten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to gene<span class=\"_ _0\"></span>rate a co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h and in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and<span class=\"_ _0\"></span>, as deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:701.51245px;\">by the tr<span class=\"_ _0\"></span>ustee, t<span class=\"_ _0\"></span>aki<span class=\"_ _0\"></span>ng ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt of the ch<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>cteri<span class=\"_ _0\"></span>stic<span class=\"_ _0\"></span>s of the o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons an<span class=\"_ _0\"></span>d the tr<span class=\"_ _0\"></span>ustee\u2019s attit<span class=\"_ _0\"></span>ude to ri<span class=\"_ _0\"></span>sk. T<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ajor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of the R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s that </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:688.51245px;\">are intend<span class=\"_ _0\"></span>ed to gen<span class=\"_ _0\"></span>erate ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al return<span class=\"_ _0\"></span>s, over the r<span class=\"_ _0\"></span>ate at whi<span class=\"_ _0\"></span>ch the o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions are ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to grow, are invested in a si<span class=\"_ _0\"></span>ngle p<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d grow<span class=\"_ _0\"></span>th </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:675.51245px;\">fund<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s fund is i<span class=\"_ _0\"></span>nvested in a w<span class=\"_ _0\"></span>ide r<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e of asset c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>ses and t<span class=\"_ _0\"></span>he fun<span class=\"_ _0\"></span>d man<span class=\"_ _0\"></span>ager R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>MI ha<span class=\"_ _0\"></span>s the di<span class=\"_ _0\"></span>screti<span class=\"_ _0\"></span>on to var<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et allo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tion to refle<span class=\"_ _0\"></span>ct </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:662.51245px;\">its v<span class=\"_ _0\"></span>iews on t<span class=\"_ _0\"></span>he relat<span class=\"_ _0\"></span>ive at<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>venes<span class=\"_ _0\"></span>s of dif<span class=\"_ _0\"></span>ferent a<span class=\"_ _0\"></span>sset cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>es at any tim<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he remai<span class=\"_ _0\"></span>ning as<span class=\"_ _0\"></span>sets in t<span class=\"_ _0\"></span>he RP<span class=\"_ _0\"></span>S are p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ally f<span class=\"_ _0\"></span>ixed an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:649.51245px;\">index-<span class=\"_ _0\"></span>linked bonds.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:630.01245px;\">Th<span class=\"_ _0\"></span>e form<span class=\"_ _0\"></span>al trie<span class=\"_ _0\"></span>nnial f<span class=\"_ _0\"></span>undi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>019 was com<span class=\"_ _0\"></span>pleted i<span class=\"_ _0\"></span>n Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021, with the G<span class=\"_ _0\"></span>roup a<span class=\"_ _0\"></span>greein<span class=\"_ _0\"></span>g to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:617.01245px;\">cont<span class=\"_ _0\"></span>inue to make fixe<span class=\"_ _0\"></span>d defic<span class=\"_ _0\"></span>it co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons of \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m per a<span class=\"_ _0\"></span>nnum w<span class=\"_ _0\"></span>hich sh<span class=\"_ _0\"></span>ould re<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>e the d<span class=\"_ _0\"></span>efici<span class=\"_ _0\"></span>t to zero by 20<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is agre<span class=\"_ _0\"></span>ement c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>itutes a </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:604.01245px;\">MF<span class=\"_ _0\"></span>R unde<span class=\"_ _0\"></span>r IFR<span class=\"_ _0\"></span>IC 14 IA<span class=\"_ _0\"></span>S 19: T<span class=\"_ _0\"></span>he Li<span class=\"_ _0\"></span>mit on a D<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d Ben<span class=\"_ _0\"></span>efit A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>, Mini<span class=\"_ _0\"></span>mum Fun<span class=\"_ _0\"></span>ding R<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>irement<span class=\"_ _0\"></span>s and th<span class=\"_ _0\"></span>eir Intera<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as not </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:591.01245px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed any li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties in re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to this M<span class=\"_ _0\"></span>FR as any su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lus of def<span class=\"_ _0\"></span>icit c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tions to th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e by way of a refun<span class=\"_ _0\"></span>d and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:578.01245px;\">the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s the un<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>onal r<span class=\"_ _0\"></span>ight to th<span class=\"_ _0\"></span>e surp<span class=\"_ _0\"></span>lus an<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>rols th<span class=\"_ _0\"></span>e run<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>of<span class=\"_ _0\"></span>f of the b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>ll other o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons of th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:565.01245px;\">have be<span class=\"_ _0\"></span>en set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d. </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:542.26245px;\">Other sche<span class=\"_ _0\"></span>mes<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:529.26245px;\">Ot<span class=\"_ _0\"></span>her sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se unfun<span class=\"_ _0\"></span>ded p<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>retirem<span class=\"_ _0\"></span>ent ben<span class=\"_ _0\"></span>efit o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in Europ<span class=\"_ _0\"></span>e, the m<span class=\"_ _0\"></span>ajo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>re clos<span class=\"_ _0\"></span>ed to new entr<span class=\"_ _0\"></span>ants<span class=\"_ _0\"></span>, and defer<span class=\"_ _0\"></span>red </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:516.26245px;\">com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s in No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th A<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a, wh<span class=\"_ _0\"></span>ere an el<span class=\"_ _0\"></span>ement of em<span class=\"_ _0\"></span>plo<span class=\"_ _0\"></span>yees\u2019 co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>nsat<span class=\"_ _0\"></span>ion is d<span class=\"_ _0\"></span>eferred a<span class=\"_ _0\"></span>nd investe<span class=\"_ _0\"></span>d in investm<span class=\"_ _0\"></span>ents in mu<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:503.26245px;\">fund<span class=\"_ _0\"></span>s (as dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sed in N<span class=\"_ _0\"></span>ote 20<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>) i<span class=\"_ _0\"></span>n a trus<span class=\"_ _0\"></span>t, th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s of whic<span class=\"_ _0\"></span>h are for the u<span class=\"_ _0\"></span>ltim<span class=\"_ _0\"></span>ate benef<span class=\"_ _0\"></span>it of the e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oyees bu<span class=\"_ _0\"></span>t are avail<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to the Gro<span class=\"_ _0\"></span>up\u2019s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:490.26245px;\">cred<span class=\"_ _0\"></span>itors in t<span class=\"_ _0\"></span>he event of ins<span class=\"_ _0\"></span>olven<span class=\"_ _0\"></span>cy.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:470.76245px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ates in T<span class=\"_ _0\"></span>he Pl<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>ng &amp; Me<span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces I<span class=\"_ _0\"></span>ndus<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>y Pen<span class=\"_ _0\"></span>sion S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>eme (<span class=\"_ _0\"></span>Plum<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s Sc<span class=\"_ _0\"></span>heme), w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h is an ind<span class=\"_ _0\"></span>ustr<span class=\"_ _1\"></span>y-<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ide </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:457.76245px;\">non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ated mul<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>empl<span class=\"_ _0\"></span>oyer defi<span class=\"_ _0\"></span>ned b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t sche<span class=\"_ _0\"></span>me. A<span class=\"_ _0\"></span>s the P<span class=\"_ _0\"></span>lum<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s Sc<span class=\"_ _0\"></span>heme d<span class=\"_ _0\"></span>oes n<span class=\"_ _0\"></span>ot seg<span class=\"_ _0\"></span>regate a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies b<span class=\"_ _0\"></span>etwe<span class=\"_ _0\"></span>en the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:444.76245px;\">dif<span class=\"_ _0\"></span>ferent p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>ting e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oyers, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s only ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion to th<span class=\"_ _0\"></span>e Plum<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s Sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e is to pay th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s reque<span class=\"_ _0\"></span>sted by th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:431.76245px;\">trus<span class=\"_ _0\"></span>tees as th<span class=\"_ _0\"></span>ey fall du<span class=\"_ _0\"></span>e. In ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th I<span class=\"_ _0\"></span>AS 19, thi<span class=\"_ _0\"></span>s obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en ac<span class=\"_ _0\"></span>counte<span class=\"_ _0\"></span>d for on a def<span class=\"_ _0\"></span>ined c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion b<span class=\"_ _0\"></span>asis a<span class=\"_ _0\"></span>nd the rel<span class=\"_ _0\"></span>evant </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:418.76245px;\">emp<span class=\"_ _0\"></span>loyer c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons h<span class=\"_ _0\"></span>ave been c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:396.01245px;\">Me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>hip o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:102.04547px; bottom:375.2125px;\">Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>ty P<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on F<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _b8\"> </span><span class=\"ls40 ws26\">Rai<span class=\"_ _0\"></span>lways<span class=\"_ _6\"></span> Pension Scheme 2022<span class=\"_ _53\"> </span><span class=\"ff4e ls3 ws0\">Bal<span class=\"_ _0\"></span>fou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on Fu<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _53\"> </span>R<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>ys Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:103.31842px; bottom:348.56247px;\">Number<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:126.63925px; bottom:338.81247px;\">of<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:98.67015px; bottom:329.06247px;\">members<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:156.4232px; bottom:358.31247px;\">Defined<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls16c wse5\" style=\"left:159.49194px; bottom:348.56247px;\">benefit<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:142.88899px; bottom:338.81247px;\">obligations<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:174.15646px; bottom:329.06247px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls25c ws25b\" style=\"left:201.77106px; bottom:351.81247px;\">Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:199.6821px; bottom:338.81247px;\">duration </div><div class=\"t m0 h10d ff4d fs17 fc2 sc0 ls3 ws0\" style=\"left:232.84756px; bottom:342.2757px;\">x<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls98 ws5a\" style=\"left:211.33438px; bottom:329.06247px;\">Ye<span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:252.49942px; bottom:348.56247px;\">Number<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:276.28497px; bottom:338.81247px;\">of<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:247.58774px; bottom:329.06247px;\">members<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:306.35333px; bottom:358.31247px;\">Defined<span class=\"_ _6\"></span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls16c wse5\" style=\"left:308.08557px; bottom:348.56247px;\">benefit<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:292.35675px; bottom:338.81247px;\">obligations<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:324.9883px; bottom:329.06247px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls25c ws25b\" style=\"left:350.72116px; bottom:351.81247px;\">Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:348.7029px; bottom:338.81247px;\">duration </div><div class=\"t m0 h10d ff4d fs17 fc2 sc0 ls3 ws0\" style=\"left:382.5717px; bottom:342.2757px;\">x<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls98 ws5a\" style=\"left:359.944px; bottom:329.06247px;\">Ye<span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:404.19095px; bottom:348.56247px;\">Number<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:426.27118px; bottom:338.81247px;\">of<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:399.6633px; bottom:329.06247px;\">members<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1b5 ws1aa\" style=\"left:450.81335px; bottom:358.31247px;\">Define<span class=\"_ _0\"></span>d<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:454.36005px; bottom:348.56247px;\">benefit<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:441.22px; bottom:338.81247px;\">obligati<span class=\"_ _0\"></span>ons<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:468.28082px; bottom:329.06247px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:493.88837px; bottom:348.56247px;\">Averag<span class=\"_ _0\"></span>e<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:493.88837px; bottom:338.81247px;\">duration<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls244 ws251\" style=\"left:504.9845px; bottom:329.06247px;\">Ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:546.9885px; bottom:348.56247px;\">Number<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:568.27124px; bottom:338.81247px;\">of<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:541.0618px; bottom:329.06247px;\">members<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1b5 ws1aa\" style=\"left:593.0603px; bottom:358.31247px;\">Define<span class=\"_ _0\"></span>d<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:595.88153px; bottom:348.56247px;\">benefit<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:583.04755px; bottom:338.81247px;\">obligati<span class=\"_ _0\"></span>ons<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:609.61865px; bottom:329.06247px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:635.6787px; bottom:348.56247px;\">Averag<span class=\"_ _0\"></span>e<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:636.75525px; bottom:338.81247px;\">duration<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls244 ws251\" style=\"left:646.935px; bottom:329.06247px;\">Ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:313.73288px;\">Defined benefit<span class=\"_ _15\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _c4\"> </span> <span class=\"_ _1da\"> </span> <span class=\"_ _70\"> </span> <span class=\"_ _12\"> </span> <span class=\"_ _75\"> </span> <span class=\"_ _1d\"> </span> <span class=\"_ _70\"> </span><span class=\"ff4e\"> <span class=\"_ _12\"> </span> <span class=\"_ _1d\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _71\"> </span> <span class=\"_ _332\"> </span> <span class=\"_ _dc\"> </span> <span class=\"_ _118\"> </span> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:299.70328px;\">\u2013 act<span class=\"_ _0\"></span>ive mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s<span class=\"_ _9c\"> </span><span class=\"ff4d\">1<span class=\"_ _82\"> </span>1<span class=\"_ _a1\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _43\"> </span></span> <span class=\"_ _ce\"> </span><span class=\"lse0 ws92\">92<span class=\"_ _86\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _81\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _43\"> </span></span></span></span></span> <span class=\"_ _12\"> </span>1<span class=\"_ _af\"> </span>2<span class=\"_ _25\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _43\"> </span></span> <span class=\"_ _ba\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>3<span class=\"_ _113\"> </span><span class=\"ls141 ws129\">53<span class=\"_ _ce\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws270\" style=\"left:0.009376526px; bottom:285.67368px;\">\u2013 <span class=\"_ _46\"> </span> d<span class=\"_ _0\"></span>eferred </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:8.0601425px; bottom:272.67368px;\">pensioners<span class=\"_ _40\"> </span><span class=\"ff4d lsb4 ws87\">9<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>61<span class=\"_ _c0\"> </span><span class=\"ls2e ws2c\">9<span class=\"_ _0\"></span>52<span class=\"_ _a1\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _4d\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _b7\"> </span><span class=\"lsdf wsc8\">1<span class=\"_ _6\"></span>,006<span class=\"_ _86\"> </span><span class=\"ls10 wse\">97<span class=\"_ _81\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _43\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _cb\"> </span><span class=\"ls50 ws4d\">9<span class=\"_ _1\"></span>,7<span class=\"_ _0\"></span>12<span class=\"_ _52\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _c0\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _4d\"> </span></span></span></span> <span class=\"_ _32\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _c8\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>9<span class=\"_ _c0\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws271\" style=\"left:0.009376526px; bottom:258.64407px;\">\u2013 <span class=\"_ _46\"> </span> pensioners, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:8.0601425px; bottom:245.64407px;\">wid<span class=\"_ _0\"></span>ow(e<span class=\"_ _0\"></span>r)s an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:8.0601425px; bottom:232.64407px;\">dep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>nts<span class=\"_ _aa\"> </span><span class=\"ff4d ls7b ws13c\">16,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _bb\"> </span><span class=\"ls143 ws12c\">1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>11<span class=\"_ _118\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _43\"> </span> <span class=\"_ _b7\"> </span><span class=\"ls1e ws30\">1,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>74<span class=\"_ _a1\"> </span><span class=\"ls98 ws5a\">170<span class=\"_ _a1\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _4d\"> </span></span></span></span><span class=\"ff4e\"> <span class=\"_ _f6\"> </span><span class=\"ls9f ws194\">1<span class=\"_ _0\"></span>7,<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>5<span class=\"_ _51\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>2<span class=\"_ _81\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _4e\"> </span></span></span></span> <span class=\"_ _19e\"> </span><span class=\"ls63 wsa1\">1,<span class=\"_ _0\"></span>8<span class=\"_ _3b\"></span>41<span class=\"_ _cf\"> </span><span class=\"lsf9 ws29\">235<span class=\"_ _25\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:218.61447px;\">Defined con<span class=\"_ _6\"></span>tribution<span class=\"_ _4e\"> </span><span class=\"ff4d lsb4 ws87\">15,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>2<span class=\"_ _f8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _109\"> </span>\u2013<span class=\"_ _43\"> </span><span class=\"ff4e\"> <span class=\"_ _30\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _af\"> </span>\u2013<span class=\"_ _43\"> </span><span class=\"ff4e\"> <span class=\"_ _23\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _4d\"> </span> <span class=\"_ _aa\"> </span>\u2013<span class=\"_ _af\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.009376526px; bottom:204.58487px;\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _338\"> </span><span class=\"lscc ws94\">41,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _b9\"> </span><span class=\"lsaf ws9a\">2,4<span class=\"_ _0\"></span>64<span class=\"_ _113\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _43\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _32\"> </span><span class=\"ls10 wse\">2<span class=\"_ _0\"></span>,97<span class=\"_ _0\"></span>2<span class=\"_ _c0\"> </span><span class=\"lsa9 ws23\">300<span class=\"_ _113\"> </span></span></span></span>12<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1a7\"> </span><span class=\"ls63 wsa1\">41,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _50\"> </span><span class=\"lsfc ws18f\">3<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>18<span class=\"_ _25\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _43\"> </span></span></span></span> <span class=\"_ _19e\"> </span><span class=\"ls3b ws12f\">3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _cf\"> </span><span class=\"ls87 ws7e\">437<span class=\"_ _25\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls26c ws0\" style=\"left:0.009376526px; bottom:183.78229px;\">x  <span class=\"_ _4e\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls22 ws0\" style=\"left:11.050667px; bottom:181.18488px;\">Th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nt inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n dis<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt r<span class=\"_ _0\"></span>ate ov<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r, whic<span class=\"_ _0\"></span>h ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en dr<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>en by a c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ing r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e in c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ds ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>is pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, ha<span class=\"_ _0\"></span>s le<span class=\"_ _0\"></span>d to a red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on in av<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ge d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls22 ws0\" style=\"left:11.050667px; bottom:170.13489px;\">the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:150.19989px;\">30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:133.94989px;\">Pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ump<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s for t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s prin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:421.70584px; bottom:113.1499px;\">Balfour Beatty<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:446.5799px; bottom:103.3999px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a2 ws192\" style=\"left:458.65875px; bottom:93.6499px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75726px; bottom:83.8999px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:470.50262px; bottom:74.1499px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:504.9845px; bottom:113.1499px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:509.18323px; bottom:103.3999px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:509.18323px; bottom:93.6499px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.7986px; bottom:83.8999px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:532.9466px; bottom:74.1499px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:551.7389px; bottom:113.1499px;\">Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:575.6049px; bottom:103.3999px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls159 ws147\" style=\"left:586.09357px; bottom:93.6499px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.39667px; bottom:83.8999px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:595.88153px; bottom:74.1499px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:634.091px; bottom:113.1499px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:636.75525px; bottom:103.3999px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:635.6787px; bottom:93.6499px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:83.8999px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:658.9054px; bottom:74.1499px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:58.820297px;\">Discou<span class=\"_ _6\"></span>nt rat<span class=\"_ _6\"></span>e<span class=\"_ _286\"> </span><span class=\"ff4d ls2e ws2c\">4.95<span class=\"_ _41\"> </span>4.95<span class=\"_ _b0\"> </span></span><span class=\"ls1b4 ws110\">1.<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _12c\"> </span>1.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:44.790695px;\">Inflation rate<span class=\"_ _71\"> </span><span class=\"ls3 ws0\">\u2013 RP<span class=\"_ _0\"></span>I<span class=\"_ _339\"> </span><span class=\"ff4d lsb5 ws9f\">3.35<span class=\"_ _118\"> </span>3.35<span class=\"_ _109\"> </span></span><span class=\"lsae ws99\">3.4<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span>3.40<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:68.7184px; bottom:30.761108px;\">\u2013 CP<span class=\"_ _0\"></span>I<span class=\"_ _125\"> </span><span class=\"ff4d lsbd ws97\">2<span class=\"_ _0\"></span>.75<span class=\"_ _41\"> </span><span class=\"lsf9 ws29\">2<span class=\"_ _0\"></span>.90<span class=\"_ _118\"> </span></span></span><span class=\"ls9b wse4\">2.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:16.731506px;\">Future in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>ses in p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le sa<span class=\"_ _0\"></span>lar<span class=\"_ _1\"></span>y<span class=\"_ _2c8\"> </span><span class=\"ff4d lsbd ws97\">2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>5<span class=\"_ _41\"> </span><span class=\"lsf9 ws29\">2.9<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span></span></span><span class=\"ls9b wse4\">2.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.00<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.7019043px;\">Rate of inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e in pen<span class=\"_ _0\"></span>sions i<span class=\"_ _0\"></span>n pay<span class=\"_ _0\"></span>ment (or s<span class=\"_ _0\"></span>uch oth<span class=\"_ _0\"></span>er rate as is g<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>anteed<span class=\"_ _0\"></span>)<span class=\"_ _33a\"> </span><span class=\"ff4d ls13e ws125\">3<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>0<span class=\"_ _12c\"> </span><span class=\"lsf9 ws29\">2.95<span class=\"_ _1d\"> </span></span></span><span class=\"lsff wse6\">3<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>0<span class=\"_ _b0\"> </span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.05<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:912.3933px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:857.1308px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:840.8808px;\">30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:827.8808px;\">On 2<span class=\"_ _0\"></span>3 Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F entered into a \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>.7bn lo<span class=\"_ _0\"></span>ngev<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y sw<span class=\"_ _0\"></span>ap to hed<span class=\"_ _0\"></span>ge th<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the m<span class=\"_ _0\"></span>ajo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of it<span class=\"_ _0\"></span>s pen<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>er po<span class=\"_ _0\"></span>pul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:814.8808px;\">aga<span class=\"_ _0\"></span>inst un<span class=\"_ _0\"></span>expe<span class=\"_ _0\"></span>cted i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ases in l<span class=\"_ _0\"></span>ife expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he sw<span class=\"_ _0\"></span>ap wil<span class=\"_ _0\"></span>l form p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s investment p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o and prov<span class=\"_ _0\"></span>ide i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me in th<span class=\"_ _0\"></span>e event </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:801.8808px;\">that p<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ons are p<span class=\"_ _0\"></span>aid ou<span class=\"_ _0\"></span>t for lon<span class=\"_ _0\"></span>ger th<span class=\"_ _0\"></span>an exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted. T<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F trus<span class=\"_ _0\"></span>tees ch<span class=\"_ _0\"></span>ose Zur<span class=\"_ _0\"></span>ich A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>suran<span class=\"_ _0\"></span>ce Ltd to ac<span class=\"_ _0\"></span>t as an insu<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e interm<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:788.8808px;\">bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n the BB<span class=\"_ _0\"></span>PF a<span class=\"_ _0\"></span>nd SC<span class=\"_ _0\"></span>OR S<span class=\"_ _0\"></span>E as th<span class=\"_ _0\"></span><span class=\"_ _399\">e reinsurer. The fair v</span><span class=\"_ _0\"></span>alue of t<span class=\"_ _0\"></span>he swap h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s fair valu<span class=\"_ _0\"></span>e of pla<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span><span class=\"_ _399\">s.  </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:769.3808px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he swap w<span class=\"_ _0\"></span>as val<span class=\"_ _0\"></span>ued at \u00a3<span class=\"_ _0\"></span>nil fair v<span class=\"_ _0\"></span>alue as i<span class=\"_ _0\"></span>t was c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered to rem<span class=\"_ _0\"></span>ain at fai<span class=\"_ _0\"></span>r mar<span class=\"_ _0\"></span>ket value for bot<span class=\"_ _0\"></span>h par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies over th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:756.3808px;\">limite<span class=\"_ _0\"></span>d per<span class=\"_ _0\"></span>iod f<span class=\"_ _0\"></span>rom 23 N<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 to 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:736.8808px;\">Th<span class=\"_ _0\"></span>e mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>alit<span class=\"_ _1\"></span>y assum<span class=\"_ _0\"></span>ption<span class=\"_ _0\"></span>s ado<span class=\"_ _0\"></span>pted for th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F and R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S for 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 are un<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d from 2<span class=\"_ _0\"></span>021, with the G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>ontinu<span class=\"_ _0\"></span>ing to set futu<span class=\"_ _0\"></span>re </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:723.8808px;\">improve<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n line wi<span class=\"_ _0\"></span>th the C<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inuou<span class=\"_ _0\"></span>s Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Invest<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>CM<span class=\"_ _0\"></span>I) 2<span class=\"_ _0\"></span>019 core projec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n mo<span class=\"_ _0\"></span>del du<span class=\"_ _0\"></span>e to the un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>y pre<span class=\"_ _0\"></span>sented w<span class=\"_ _0\"></span>ith </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:710.8808px;\">COV<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>-19. The G<span class=\"_ _0\"></span>roup w<span class=\"_ _0\"></span>ill up<span class=\"_ _0\"></span>date th<span class=\"_ _0\"></span>ese as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ions fo<span class=\"_ _0\"></span>llowi<span class=\"_ _0\"></span>ng the c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s 31 March 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 tr<span class=\"_ _0\"></span>iennia<span class=\"_ _0\"></span>l valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:688.1308px;\">BB<span class=\"_ _0\"></span>PF li<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:466.56226px; bottom:667.3308px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:428.46017px; bottom:657.5808px;\">Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:441.17133px; bottom:647.8308px;\">at 6<span class=\"_ _0\"></span>5 y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:599.10236px; bottom:667.3308px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:564.6583px; bottom:657.5808px;\">Aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e life ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:575.7854px; bottom:647.8308px;\">at 6<span class=\"_ _0\"></span>5 ye<span class=\"_ _0\"></span>ars o<span class=\"_ _0\"></span>f ag<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:450.50272px; bottom:630.93085px;\">Male<span class=\"_ _113\"> </span><span class=\"lscf wsb7\">Female<span class=\"_ _2e\"> </span><span class=\"ff4e lsc6 wsad\">Male<span class=\"_ _b2\"> </span><span class=\"ls139 ws120\">Fema<span class=\"_ _6\"></span>le<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:615.60126px;\">Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s in rece<span class=\"_ _0\"></span>ipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n<span class=\"_ _29b\"> </span><span class=\"ff4d ls9e wsb3\">21.7<span class=\"_ _b0\"> </span><span class=\"lsf wsd\">23.4<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _ae\"> </span><span class=\"ls1b4 ws110\">2<span class=\"_ _0\"></span>1.<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span><span class=\"lsae ws99\">23.3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:601.57166px;\">Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s not yet in rec<span class=\"_ _0\"></span>eipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n (cur<span class=\"_ _0\"></span>rent age 5<span class=\"_ _1\"></span>0)<span class=\"_ _98\"> </span><span class=\"ff4d ls91 ws85\">22.6<span class=\"_ _41\"> </span><span class=\"ls71 ws6b\">24.3<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _119\"> </span><span class=\"ls9b wse4\">2<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5<span class=\"_ _41\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:572.9716px;\">RP<span class=\"_ _0\"></span>S li<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:466.56226px; bottom:552.17163px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:428.46017px; bottom:542.42163px;\">Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:441.17133px; bottom:532.67163px;\">at 6<span class=\"_ _0\"></span>5 y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:599.10236px; bottom:552.17163px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:564.6583px; bottom:542.42163px;\">Aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e life ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:575.7854px; bottom:532.67163px;\">at 6<span class=\"_ _0\"></span>5 ye<span class=\"_ _0\"></span>ars o<span class=\"_ _0\"></span>f ag<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:450.50272px; bottom:515.7716px;\">Male<span class=\"_ _113\"> </span><span class=\"lscf wsb7\">Female<span class=\"_ _2e\"> </span><span class=\"ff4e lsc6 wsad\">Male<span class=\"_ _b2\"> </span><span class=\"ls139 ws120\">Fema<span class=\"_ _6\"></span>le<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:500.44202px;\">Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s in rece<span class=\"_ _0\"></span>ipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n<span class=\"_ _33b\"> </span><span class=\"ff4d lsbd ws97\">20<span class=\"_ _0\"></span>.7<span class=\"_ _b0\"> </span>2<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.7<span class=\"_ _72\"> </span></span> <span class=\"_ _119\"> </span><span class=\"ls87 ws7e\">20.6<span class=\"_ _b0\"> </span><span class=\"ls9b wse4\">22.6<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:486.4124px;\">Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s not yet in rec<span class=\"_ _0\"></span>eipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n (cur<span class=\"_ _0\"></span>rent age 5<span class=\"_ _1\"></span>0)<span class=\"_ _1e3\"> </span><span class=\"ff4d ls9e wsb3\">21.<span class=\"_ _0\"></span>6<span class=\"_ _12c\"> </span><span class=\"lsbd ws97\">2<span class=\"_ _0\"></span>3.7<span class=\"_ _72\"> </span></span></span> <span class=\"_ _ae\"> </span><span class=\"ls1b4 ws110\">2<span class=\"_ _0\"></span>1.<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span><span class=\"ls73 ws6d\">23.6<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:457.81244px;\">Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:444.81244px;\">Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F def<span class=\"_ _0\"></span>ined c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ion em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyer co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns pai<span class=\"_ _0\"></span>d and c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n sep<span class=\"_ _0\"></span>aratel<span class=\"_ _0\"></span>y ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:431.81244px;\">bel<span class=\"_ _0\"></span>ow and th<span class=\"_ _0\"></span>e defin<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on sec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lities a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nting to \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>8m) h<span class=\"_ _0\"></span>ave been exclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d from the t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:418.81244px;\">pag<span class=\"_ _0\"></span>es 2<span class=\"_ _0\"></span>25 to 2<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>. Defi<span class=\"_ _0\"></span>ned c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>es for othe<span class=\"_ _0\"></span>r sche<span class=\"_ _0\"></span>mes in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns to mult<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oyer pen<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:249.69522px; bottom:398.01245px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:252.2327px; bottom:388.26245px;\">Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:247.42453px; bottom:378.51245px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a2 ws192\" style=\"left:259.1994px; bottom:368.76242px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:259.1994px; bottom:359.01242px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:266.9123px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:297.89923px; bottom:388.26245px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:303.17554px; bottom:378.51245px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:301.5633px; bottom:368.76242px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:315.07742px; bottom:359.01242px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:321.15363px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:365.91705px; bottom:378.51245px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:353.7852px; bottom:368.76242px;\">scheme<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:370.86902px; bottom:359.01242px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:377.4998px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:425.13882px; bottom:368.76242px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:425.13882px; bottom:359.01242px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:432.98782px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:472.9216px; bottom:398.01245px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:475.37677px; bottom:388.26245px;\">Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:470.01688px; bottom:378.51245px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls159 ws147\" style=\"left:480.93054px; bottom:368.76242px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:480.93054px; bottom:359.01242px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:487.45563px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:522.68524px; bottom:388.26245px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:526.29517px; bottom:378.51245px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:524.7773px; bottom:368.76242px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:536.13556px; bottom:359.01242px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:543.4878px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:588.39996px; bottom:378.51245px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:577.1148px; bottom:368.76242px;\">schemes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:591.08276px; bottom:359.01242px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:599.10236px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:368.76242px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:359.01242px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:349.26242px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.0066986084px; bottom:333.93283px;\">Group <span class=\"_ _1d6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _2e\"> </span> <span class=\"_ _11c\"> </span> <span class=\"_ _2e\"> </span> <span class=\"_ _139\"> </span><span class=\"ff4e\"> <span class=\"_ _11c\"> </span> <span class=\"_ _2e\"> </span> <span class=\"_ _2e\"> </span> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:319.90323px;\">Current service cost<span class=\"_ _1ea\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _12c\"> </span>(2)<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _1d\"> </span></span></span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _1d\"> </span>(2)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:305.87363px;\">Defined contribution charge<span class=\"_ _33c\"> </span><span class=\"ff4d lsaa ws140\">(5<span class=\"_ _0\"></span>2)<span class=\"_ _f8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _b2\"> </span><span class=\"ls7a ws1ad\">(5<span class=\"_ _0\"></span>8)<span class=\"_ _b2\"> </span></span></span></span></span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>9)<span class=\"_ _f9\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _a3\"> </span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:291.84402px;\">Inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 7<span class=\"_ _0\"></span>)<span class=\"_ _26\"> </span><span class=\"ff4d ls9c ws91\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _12c\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1d\"> </span><span class=\"ls7a ws1ad\">(7)<span class=\"_ _b2\"> </span><span class=\"lsc0 ws1a9\">(6<span class=\"_ _0\"></span>3)<span class=\"_ _aa\"> </span></span></span></span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>51)<span class=\"_ _1da\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1d\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _b2\"> </span><span class=\"lsaf ws9a\">(6<span class=\"_ _0\"></span>0)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:277.56107px;\">Inter<span class=\"_ _6\"></span>est income<span class=\"_ _91\"> </span><span class=\"ff4d lsf8 wse1\">75<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _95\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls154 ws13f\">82<span class=\"_ _1d\"> </span></span></span></span><span class=\"ls2e ws2c\">57<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _c\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:263.53146px;\">Inter<span class=\"_ _6\"></span>est cost<span class=\"_ _33d\"> </span><span class=\"ff4d lsb4 ws87\">(6<span class=\"_ _0\"></span>9)<span class=\"_ _12c\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _f8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _ae\"> </span><span class=\"ls7a ws1ad\">(7<span class=\"_ _0\"></span>7)<span class=\"_ _b2\"> </span></span></span></span></span><span class=\"lsf8 wse1\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _1d\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span>(<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:249.50186px;\">Net fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span>/(c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>) (N<span class=\"_ _0\"></span>ote 8<span class=\"_ _0\"></span>)<span class=\"_ _1b7\"> </span><span class=\"ff4d\">6<span class=\"_ _f8\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _f9\"> </span></span>\u2013<span class=\"_ _29\"> </span>5<span class=\"_ _c\"> </span></span>3<span class=\"_ _207\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _9a\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _207\"> </span></span>1<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:235.47226px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t <span class=\"_ _f3\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _1\"></span>8)<span class=\"_ _1d\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _12c\"> </span><span class=\"ls7a ws1ad\">(7)<span class=\"_ _b2\"> </span>(5<span class=\"_ _0\"></span>8)<span class=\"_ _b2\"> </span><span class=\"ff4e ls71 ws6b\">(4<span class=\"_ _0\"></span>8)<span class=\"_ _1d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1d\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _a3\"> </span><span class=\"lsae ws99\">(59<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:206.87238px;\">Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ive i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:249.69522px; bottom:186.07227px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:252.2327px; bottom:176.32227px;\">Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:247.42453px; bottom:166.57227px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a2 ws192\" style=\"left:259.1994px; bottom:156.82227px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:260.5215px; bottom:147.07227px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:266.9123px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:297.89923px; bottom:176.32227px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:303.17554px; bottom:166.57227px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:301.5633px; bottom:156.82227px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:315.07742px; bottom:147.07227px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:321.15363px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:365.91705px; bottom:166.57227px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:353.7852px; bottom:156.82227px;\">scheme<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:370.86902px; bottom:147.07227px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:377.4998px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:425.13882px; bottom:156.82227px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:425.13882px; bottom:147.07227px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:432.98782px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:472.9216px; bottom:186.07227px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:475.37677px; bottom:176.32227px;\">Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:470.01688px; bottom:166.57227px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls159 ws147\" style=\"left:480.93054px; bottom:156.82227px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:480.93054px; bottom:147.07227px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:487.45563px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:522.68524px; bottom:176.32227px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:526.29517px; bottom:166.57227px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:524.7773px; bottom:156.82227px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:536.13556px; bottom:147.07227px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:543.4878px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:588.39996px; bottom:166.57227px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:577.1148px; bottom:156.82227px;\">schemes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:591.08276px; bottom:147.07227px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:599.10236px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:156.82227px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:147.07227px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:137.32227px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:121.9928px;\">Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n pen<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:108.99278px;\">oblig<span class=\"_ _0\"></span>ations<span class=\"_ _17d\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _119\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _ab\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>316<span class=\"_ _9a\"> </span></span></span></span></span><span class=\"ls94 ws145\">17<span class=\"_ _f8\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1d\"> </span>(4)<span class=\"_ _41\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:94.96318px;\">Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n pen<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets<span class=\"_ _1c4\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls9c ws91\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _f8\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _ba\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span></span></span><span class=\"ls141 ws129\">53<span class=\"_ _12c\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _c\"> </span></span></span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:80.93359px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:67.93359px;\">s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me (N<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls13e ws125\" style=\"left:0.0066986084px; bottom:54.933594px;\">3<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>.1)<span class=\"_ _13f\"> </span><span class=\"ls1b4 ws110\">(13<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span><span class=\"ls71 ws6b\">77<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _ae\"> </span><span class=\"lsaa ws140\">(5<span class=\"_ _0\"></span>2)<span class=\"_ _af\"> </span><span class=\"ff4e ls29 ws25\">70<span class=\"_ _dc\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _77\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _ae\"> </span><span class=\"ls1b1 ws1a6\">98<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:40.90399px;\">Cumul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al movem<span class=\"_ _0\"></span>ents rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:27.903992px;\">the st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of com<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _1ca\"> </span><span class=\"ff4d ls1ad ws1a1\">(1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1)<span class=\"_ _af\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _ae\"> </span><span class=\"lsaa ws140\">(2<span class=\"_ _0\"></span>2)<span class=\"_ _ce\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span></span></span><span class=\"ff4e\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _a3\"> </span><span class=\"ls40 ws26\">(5<span class=\"_ _0\"></span>3)<span class=\"_ _332\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _b5\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.5539856px;\">Th<span class=\"_ _0\"></span>e act<span class=\"_ _0\"></span>ual retur<span class=\"_ _0\"></span>n on pl<span class=\"_ _0\"></span>an as<span class=\"_ _0\"></span>sets wa<span class=\"_ _0\"></span>s a loss of \u00a3<span class=\"_ _0\"></span>1,28<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>4<span class=\"_ _1\"></span>9m g<span class=\"_ _0\"></span>ain).<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:759.7714px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:743.5214px;\">30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:727.2714px;\">Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e She<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:250.1481px; bottom:706.47144px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:252.49942px; bottom:696.72144px;\">Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:247.58774px; bottom:686.97144px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a2 ws192\" style=\"left:259.61365px; bottom:677.22144px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:261.1595px; bottom:667.47144px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:267.92795px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:298.79785px; bottom:696.72144px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:303.61346px; bottom:686.97144px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:303.61346px; bottom:677.22144px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:315.6815px; bottom:667.47144px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:323.25333px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:368.65036px; bottom:686.97144px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:356.98224px; bottom:677.22144px;\">sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s </div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:391.23334px; bottom:679.81885px;\">\u2020<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:373.932px; bottom:667.47144px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:378.76828px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:424.89957px; bottom:677.22144px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:426.27118px; bottom:667.47144px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:432.49976px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:473.87964px; bottom:706.47144px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:476.7022px; bottom:696.72144px;\">Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:470.50262px; bottom:686.97144px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls159 ws147\" style=\"left:481.9347px; bottom:677.22144px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:481.9347px; bottom:667.47144px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:488.2527px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:523.5979px; bottom:696.72144px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:527.5486px; bottom:686.97144px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:525.74615px; bottom:677.22144px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:536.94745px; bottom:667.47144px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:544.3688px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:590.8718px; bottom:686.97144px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:580.1535px; bottom:677.22144px;\">schemes </div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:613.0601px; bottom:679.81885px;\">\u2020<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:594.3158px; bottom:667.47144px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:601.8805px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:677.22144px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:667.47144px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:657.72144px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:642.39185px;\">Prese<span class=\"_ _0\"></span>nt value of o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _176\"> </span><span class=\"ff4d ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _10f\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _a1\"> </span>(3<span class=\"_ _0\"></span>9)<span class=\"_ _b8\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>03)<span class=\"_ _b8\"> </span></span></span></span><span class=\"lsae ws99\">(3,7<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>8)<span class=\"_ _10f\"> </span><span class=\"ls87 ws7e\">(4<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>6)<span class=\"_ _b8\"> </span>(4,201<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:628.36224px;\">Fair v<span class=\"_ _0\"></span>alue of pl<span class=\"_ _0\"></span>an as<span class=\"_ _0\"></span>sets<span class=\"_ _20b\"> </span><span class=\"ff4d ls2e ws2c\">2,6<span class=\"_ _0\"></span>89<span class=\"_ _12\"> </span><span class=\"ls91 ws85\">337<span class=\"_ _95\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _c8\"> </span><span class=\"ls34 ws33\">3,026<span class=\"_ _cf\"> </span></span></span><span class=\"lsf wsd\">4,03<span class=\"_ _0\"></span>9<span class=\"_ _332\"> </span><span class=\"ls13f ws126\">393<span class=\"_ _c\"> </span></span></span>\u2013<span class=\"_ _cf\"> </span><span class=\"ls2e ws2c\">4,432<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:614.33264px;\">Asset/(<span class=\"_ _6\"></span>liabilitie<span class=\"_ _0\"></span>s<span class=\"_ _6\"></span>) in the<span class=\"_ _6\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _1ca\"> </span><span class=\"lsb0 ws9b\">225<span class=\"_ _1d\"> </span><span class=\"ls91 ws85\">37<span class=\"_ _aa\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>9)<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">223<span class=\"_ _12\"> </span><span class=\"ff4e lsaa ws140\">3<span class=\"_ _0\"></span>21<span class=\"_ _ae\"> </span><span class=\"lsf8 wse1\">(4<span class=\"_ _0\"></span>4)<span class=\"_ _332\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>6)<span class=\"_ _113\"> </span><span class=\"ls28 ws24\">2<span class=\"_ _0\"></span>31<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:590.9327px;\">+ <span class=\"_ _33\"> </span>Inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in m<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>al fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a324<span class=\"_ _0\"></span>m) a<span class=\"_ _0\"></span>re hel<span class=\"_ _0\"></span>d to s<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>sf<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 20<span class=\"_ _0\"></span>.1<span class=\"_ _6\"></span>).<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:571.4327px;\">Th<span class=\"_ _0\"></span>e defin<span class=\"_ _0\"></span>ed be<span class=\"_ _0\"></span>nefit o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rise \u00a3<span class=\"_ _1\"></span>39<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m) aris<span class=\"_ _0\"></span>ing from w<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>lly unfu<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d pla<span class=\"_ _0\"></span>ns and \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,76<span class=\"_ _0\"></span>4m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>4,<span class=\"_ _6\"></span>155<span class=\"_ _0\"></span>m) arisi<span class=\"_ _0\"></span>ng from </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:558.4327px;\">pla<span class=\"_ _0\"></span>ns that a<span class=\"_ _0\"></span>re who<span class=\"_ _0\"></span>lly or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y fun<span class=\"_ _0\"></span>ded<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:535.6827px;\">Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:250.1481px; bottom:514.4287px;\">Balfour </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:252.49942px; bottom:504.6787px;\">Beatt<span class=\"_ _0\"></span>y </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:247.58774px; bottom:494.9287px;\">Pension </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:259.61365px; bottom:485.1787px;\">Fu<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:261.1595px; bottom:475.4287px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:267.92795px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:298.79785px; bottom:504.6787px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:303.61346px; bottom:494.9287px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:303.61346px; bottom:485.1787px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:315.6815px; bottom:475.4287px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:323.25333px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:367.3934px; bottom:494.9287px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:354.4125px; bottom:485.1787px;\">scheme<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:371.0377px; bottom:475.4287px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:376.68008px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:424.89957px; bottom:485.1787px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:426.27118px; bottom:475.4287px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:432.49976px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:473.87964px; bottom:514.4287px;\">Balfour </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:476.7022px; bottom:504.6787px;\">Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:470.50262px; bottom:494.9287px;\">Pension </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:481.9347px; bottom:485.1787px;\">Fun<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:481.9347px; bottom:475.4287px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:488.2527px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:523.5979px; bottom:504.6787px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:527.5486px; bottom:494.9287px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:525.74615px; bottom:485.1787px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:536.94745px; bottom:475.4287px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:544.3688px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:589.7604px; bottom:494.9287px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:577.92255px; bottom:485.1787px;\">schemes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:592.0537px; bottom:475.4287px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:598.73193px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:485.1787px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:475.4287px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:465.6787px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:450.34912px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _da\"> </span><span class=\"ff4d ls7b ws13c\">(3<span class=\"_ _0\"></span>,718)<span class=\"_ _10f\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _1\"></span>37)<span class=\"_ _a3\"> </span>(4<span class=\"_ _1\"></span>6)<span class=\"_ _8\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>1)<span class=\"_ _1c4\"> </span></span></span></span><span class=\"lsae ws99\">(3,828) <span class=\"_ _1c7\"> </span></span>(4<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>) <span class=\"_ _81\"> </span>(<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>) <span class=\"_ _51\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:436.31952px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _112\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _77\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _12c\"> </span>(<span class=\"_ _0\"></span>3)<span class=\"_ _f8\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>2<span class=\"_ _29\"> </span>2<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:422.28992px;\">Current service cost <span class=\"_ _101\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _1d\"> </span>(2)<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _12c\"> </span></span></span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1d\"> </span>(2)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:408.2603px;\">Inter<span class=\"_ _6\"></span>est cost <span class=\"_ _97\"> </span><span class=\"ff4d lsb4 ws87\">(6<span class=\"_ _0\"></span>9)<span class=\"_ _12c\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _207\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _ae\"> </span><span class=\"ls7a ws1ad\">(77)<span class=\"_ _a3\"> </span></span></span></span></span><span class=\"lsf8 wse1\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _1d\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span>(<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:394.2307px;\">Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments f<span class=\"_ _0\"></span>rom reas<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:381.2307px;\">dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en RP<span class=\"_ _0\"></span>I and C<span class=\"_ _0\"></span>PI<span class=\"_ _1f\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _29\"> </span>2<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>2<span class=\"_ _77\"> </span></span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _1d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _207\"> </span></span></span>\u2013<span class=\"_ _109\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:367.20123px;\">Other financi<span class=\"_ _0\"></span>al actuarial movements<span class=\"_ _1d3\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>7<span class=\"_ _aa\"> </span><span class=\"ls7b ws13c\">129<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _cf\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _dc\"> </span></span></span></span></span><span class=\"lsf9 ws29\">23<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _77\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _af\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls8e wse2\" style=\"left:0.009376526px; bottom:353.17163px;\">Ex<span class=\"_ _0\"></span>perienc<span class=\"_ _0\"></span>e gains<span class=\"_ _33e\"> </span><span class=\"ff4d lsaa ws140\">21<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _1da\"> </span></span>21<span class=\"_ _c\"> </span></span><span class=\"ls3 ws0\">1<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:339.14203px;\">T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al move<span class=\"_ _0\"></span>ments<span class=\"_ _11f\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _119\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _29\"> </span></span></span><span class=\"ff4d\">7<span class=\"_ _ab\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>316<span class=\"_ _9a\"> </span></span></span><span class=\"ls94 ws145\">17<span class=\"_ _f8\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _dc\"> </span>(4)<span class=\"_ _118\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:325.11243px;\">Benefits paid<span class=\"_ _2c4\"> </span><span class=\"ff4d ls4e ws3\">147<span class=\"_ _fd\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _30\"> </span></span>16<span class=\"_ _0\"></span>7<span class=\"_ _aa\"> </span></span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _12\"> </span></span>16<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:311.08282px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _33f\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _10f\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _a3\"> </span>(39)<span class=\"_ _1c4\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3)<span class=\"_ _b8\"> </span><span class=\"ff4e lsae ws99\">(3,<span class=\"_ _6\"></span>71<span class=\"_ _6\"></span>8)<span class=\"_ _10f\"> </span><span class=\"ls87 ws7e\">(4<span class=\"_ _0\"></span>37)<span class=\"_ _332\"> </span><span class=\"ls71 ws6b\">(46<span class=\"_ _0\"></span>)<span class=\"_ _1c6\"> </span>(4,<span class=\"_ _0\"></span>201<span class=\"_ _17\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:282.48285px;\">Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f pla<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:324.9883px; bottom:261.68283px;\">Balfour </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:326.3584px; bottom:251.93283px;\">Beatt<span class=\"_ _0\"></span>y </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:321.2885px; bottom:242.18283px;\">Pension </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:333.84302px; bottom:232.43283px;\">Fu<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:333.84302px; bottom:222.68283px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:340.1368px; bottom:212.93283px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:380.07843px; bottom:251.93283px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:384.7414px; bottom:242.18283px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:384.7414px; bottom:232.43283px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:396.34195px; bottom:222.68283px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:404.19095px; bottom:212.93283px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:457.635px; bottom:232.43283px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75726px; bottom:222.68283px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.14844px; bottom:212.93283px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:514.6909px; bottom:261.68283px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:516.94086px; bottom:251.93283px;\">Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:511.35724px; bottom:242.18283px;\">Pension </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:523.5979px; bottom:232.43283px;\">Fun<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.7986px; bottom:222.68283px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:212.93283px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:571.6369px; bottom:251.93283px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:575.6049px; bottom:242.18283px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:573.6274px; bottom:232.43283px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.39667px; bottom:222.68283px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:212.93283px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:232.43283px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:648.716px; bottom:222.68283px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:212.93283px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:197.60321px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _20f\"> </span><span class=\"ff4d ls35 ws34\">4,0<span class=\"_ _0\"></span>39<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">393<span class=\"_ _142\"> </span><span class=\"lsf8 wse1\">4,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>32<span class=\"_ _a1\"> </span></span></span></span><span class=\"lsf wsd\">4,0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _9a\"> </span><span class=\"ls39 ws38\">363<span class=\"_ _a1\"> </span><span class=\"ls2e ws2c\">4,40<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:183.57361px;\">Inter<span class=\"_ _6\"></span>est income <span class=\"_ _293\"> </span><span class=\"ff4d lsf8 wse1\">75<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">82<span class=\"_ _99\"> </span></span></span></span><span class=\"ls2e ws2c\">57<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _99\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:169.54404px;\">Actuarial mo<span class=\"_ _6\"></span>vements<span class=\"_ _1d9\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>31<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"ls9c ws91\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _ab\"> </span></span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span></span><span class=\"ls141 ws129\">53<span class=\"_ _c\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:155.51443px;\">Contributions f<span class=\"_ _6\"></span>rom employer<span class=\"_ _340\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:141.48483px;\">\u2013 regular funding<span class=\"_ _18a\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _3f\"> </span><span class=\"ff4e\">2<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:127.45523px;\">\u2013 ongoing de<span class=\"_ _6\"></span>ficit funding<span class=\"_ _169\"> </span><span class=\"ff4d lsb5 ws9f\">35<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _78\"> </span><span class=\"lscc ws94\">41<span class=\"_ _2d\"> </span></span></span></span><span class=\"ls155 ws141\">33<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:113.42563px;\">Benefits paid<span class=\"_ _341\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span>(1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(16<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span></span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>14<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"lsa4 ws86\">(16<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(16<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:99.39603px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _1e2\"> </span><span class=\"ls2e ws2c\">2,68<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls91 ws85\">3<span class=\"_ _0\"></span>37<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,0<span class=\"_ _0\"></span>26<span class=\"_ _142\"> </span><span class=\"ff4e lsf wsd\">4<span class=\"_ _0\"></span>,03<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls13f ws126\">393<span class=\"_ _a1\"> </span></span></span></span></span><span class=\"ff4e\">4,4<span class=\"_ _0\"></span>32<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.04602px;\">Th<span class=\"_ _0\"></span>ere was an ex<span class=\"_ _0\"></span>trem<span class=\"_ _0\"></span>ely s<span class=\"_ _0\"></span>ignif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant inc<span class=\"_ _0\"></span>rease in c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate bo<span class=\"_ _0\"></span>nd yi<span class=\"_ _0\"></span>eld<span class=\"_ _0\"></span>s in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 that l<span class=\"_ _0\"></span>ed to a co<span class=\"_ _0\"></span>rresp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ding i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se in th<span class=\"_ _0\"></span>e IA<span class=\"_ _0\"></span>S 19 disc<span class=\"_ _0\"></span>ount rate </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:61.04602px;\">(an inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e from 1.9% as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21 to 4.<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5% as at 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2). T<span class=\"_ _0\"></span>he inc<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n disc<span class=\"_ _0\"></span>ount ra<span class=\"_ _0\"></span>te led to a redu<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on in th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws9d\" style=\"left:0.009376526px; bottom:48.04602px;\">present v<span class=\"_ _0\"></span>alue of o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons of ap<span class=\"_ _0\"></span>proxim<span class=\"_ _0\"></span>ately 3<span class=\"_ _0\"></span>5%, whe<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d to thos<span class=\"_ _0\"></span>e impl<span class=\"_ _0\"></span>ied by th<span class=\"_ _0\"></span>e disc<span class=\"_ _0\"></span>ount r<span class=\"_ _0\"></span>ate as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, an<span class=\"_ _0\"></span>d was the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:35.04602px;\">prim<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>rive<span class=\"_ _0\"></span>r of the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>aria<span class=\"_ _0\"></span>l moveme<span class=\"_ _0\"></span>nts in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>his move<span class=\"_ _0\"></span>ment wa<span class=\"_ _0\"></span>s slig<span class=\"_ _0\"></span>htly of<span class=\"_ _0\"></span>fset by c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges d<span class=\"_ _0\"></span>ue to inflat<span class=\"_ _0\"></span>ion. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.5460205px;\">Th<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n mar<span class=\"_ _0\"></span>ket condi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s over the ye<span class=\"_ _0\"></span>ar have als<span class=\"_ _0\"></span>o led to a si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt redu<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n in ass<span class=\"_ _0\"></span>ets in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>is cha<span class=\"_ _0\"></span>nge p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>aril<span class=\"_ _0\"></span>y bein<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5460205px;\">dri<span class=\"_ _0\"></span>ven by the h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ging s<span class=\"_ _0\"></span>trateg<span class=\"_ _0\"></span>y in p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:767.3308px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:712.0683px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:695.8183px;\">30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:679.5683px;\">Fair v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s he<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:316.75626px; bottom:658.7683px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:318.1787px; bottom:649.0183px;\">Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:313.81708px; bottom:639.2683px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a2 ws192\" style=\"left:325.6398px; bottom:629.5183px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:325.6398px; bottom:619.7683px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:332.41034px; bottom:610.0183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:372.3696px; bottom:649.0183px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:375.6617px; bottom:639.2683px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws272\" style=\"left:375.6617px; bottom:629.5183px;\">Sc h e me  </div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:407.56516px; bottom:632.1157px;\">\u2020<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:388.74088px; bottom:619.7683px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:396.19028px; bottom:610.0183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:450.50272px; bottom:629.5183px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:451.8234px; bottom:619.7683px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:457.91583px; bottom:610.0183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:514.36615px; bottom:658.7683px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:515.3874px; bottom:649.0183px;\">Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:510.73157px; bottom:639.2683px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls159 ws147\" style=\"left:522.68524px; bottom:629.5183px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:619.7683px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:610.0183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:569.8587px; bottom:649.0183px;\">Railways<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:573.16565px; bottom:639.2683px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d ws273\" style=\"left:573.16565px; bottom:629.5183px;\">Scheme  </div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:602.42426px; bottom:632.1157px;\">\u2020<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:619.7683px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:610.0183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:629.5183px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:619.7683px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:610.0183px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:594.6887px;\">Return<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>seeking<span class=\"_ _2d1\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _0\"></span>8<span class=\"_ _82\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls1b9 ws1ae\">888<span class=\"_ _24\"> </span></span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _b2\"> </span><span class=\"ls158 ws146\">1<span class=\"_ _0\"></span>,11<span class=\"_ _0\"></span>2<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>9<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:580.6591px;\">\u2013 Develo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d nati<span class=\"_ _0\"></span>on eq<span class=\"_ _0\"></span>uiti<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:130.84235px; bottom:583.25653px;\">#<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9c ws91\" style=\"left:327.59473px; bottom:580.6591px;\">197<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span></span>197<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls37 ws36\">383<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls37 ws36\">383<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:566.6295px;\">\u2013 Emerg<span class=\"_ _0\"></span>ing ma<span class=\"_ _0\"></span>rket equi<span class=\"_ _0\"></span>ties<span class=\"_ _342\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _24\"> </span></span></span> <span class=\"_ _c4\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:552.5999px;\">\u2013 Hed<span class=\"_ _0\"></span>ge fu<span class=\"_ _0\"></span>nds</div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls26d ws274\" style=\"left:68.04545px; bottom:555.1973px;\">&amp;#<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsaf ws9a\" style=\"left:327.59473px; bottom:552.5999px;\">395<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9a\"> </span></span>395<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls1a3 ws193\">3<span class=\"_ _0\"></span>92<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls1a3 ws193\">3<span class=\"_ _0\"></span>92<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:538.5703px;\">\u2013 Retur<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>see<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g grow<span class=\"_ _0\"></span>th p<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>led fu<span class=\"_ _0\"></span>nds<span class=\"_ _343\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _82\"> </span>14<span class=\"_ _0\"></span>0<span class=\"_ _72\"> </span></span></span> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span>209<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:524.5407px;\">\u2013 Other return-<span class=\"_ _0\"></span>seek<span class=\"_ _0\"></span>ing assets<span class=\"_ _399\"> </span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:140.28893px; bottom:527.1381px;\">#<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls7b ws13c\" style=\"left:327.59473px; bottom:524.5407px;\">126<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>12<span class=\"_ _0\"></span>6<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ls35 ws34\">275<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls35 ws34\">275<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:510.51123px;\">Liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y-<span class=\"_ _1\"></span>matching bon<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>-t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe asset<span class=\"_ _0\"></span>s<span class=\"_ _2a7\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _82\"> </span><span class=\"ls9c ws91\">197<span class=\"_ _b2\"> </span></span>1,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _72\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _25\"> </span><span class=\"ls91 ws85\">2,2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>4<span class=\"_ _142\"> </span></span>2,4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:496.48163px;\">\u2013 Corporate bonds<span class=\"_ _344\"> </span><span class=\"ff4d lsb0 ws9b\">298<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>298<span class=\"_ _24\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls26a ws11b\">488<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _fd\"> </span><span class=\"ls26a ws11b\">488<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:482.4521px;\">\u2013 Fixed intere<span class=\"_ _0\"></span>st gilt<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:93.78168px; bottom:485.91528px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:327.59473px; bottom:482.4521px;\">665<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>665<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls37 ws36\">640<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _fd\"> </span><span class=\"ls37 ws36\">640<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:468.4225px;\">\u2013 Ind<span class=\"_ _0\"></span>ex-<span class=\"_ _0\"></span>linked gi<span class=\"_ _0\"></span>lts<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:86.92795px; bottom:471.88568px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls1b7 ws13b\" style=\"left:327.59473px; bottom:468.4225px;\">604<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _fd\"> </span></span>60<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _a1\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _3b\"> </span>3<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _30\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:454.39288px;\">\u2013 Cur<span class=\"_ _0\"></span>rency h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ging<span class=\"_ _239\"> </span><span class=\"ff4d ls2e ws2c\">28<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _24\"> </span></span></span> <span class=\"_ _76\"> </span>2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:440.36328px;\">\u2013 Liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y-<span class=\"_ _1\"></span>matching po<span class=\"_ _0\"></span>oled fund<span class=\"_ _0\"></span>s<span class=\"_ _345\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span>197<span class=\"_ _1f9\"> </span></span><span class=\"ff4e\"> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>4<span class=\"_ _82\"> </span>18<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:426.33368px;\">\u2013 Interest an<span class=\"_ _0\"></span>d inflat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>ate swaps<span class=\"_ _144\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _33\"> </span></span></span> <span class=\"_ _346\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:412.30408px;\">Pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _9\"> </span><span class=\"ff4d lsa2 ws2a\">98<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span></span>98<span class=\"_ _1f9\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>3<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:398.27448px;\">Secure i<span class=\"_ _6\"></span>ncome assets<span class=\"_ _347\"> </span><span class=\"ff4d ls7b ws13c\">18<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>18<span class=\"_ _0\"></span>6<span class=\"_ _1f9\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _1d\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls142 ws12b\">213<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:384.24487px;\">Pro<span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s<span class=\"_ _239\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _f0\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:370.21527px;\">C<span class=\"_ _0\"></span>ash and ot<span class=\"_ _0\"></span>her<span class=\"_ _348\"> </span><span class=\"ff4d lsaf ws9a\">234<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9a\"> </span><span class=\"lsaf ws9a\">234<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _12c\"> </span><span class=\"ls140 ws128\">2<span class=\"_ _0\"></span>51<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls140 ws128\">2<span class=\"_ _0\"></span>51<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.0066986084px; bottom:356.18567px;\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"> </span><span class=\"ls2e ws2c\">2,6<span class=\"_ _0\"></span>89<span class=\"_ _9c\"> </span><span class=\"ls91 ws85\">337<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,0<span class=\"_ _0\"></span>26<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _25\"> </span><span class=\"lsf wsd\">4,0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls13f ws126\">393<span class=\"_ _a1\"> </span></span></span></span></span></span><span class=\"ff4e\">4,43<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:335.38306px;\">\u2020</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:2.0384712px; bottom:332.78564px;\"> <span class=\"_ _4e\"> </span>T<span class=\"_ _0\"></span>he amounts r<span class=\"_ _6\"></span>epresent 100% of<span class=\"_ _6\"></span> the scheme\u2019s<span class=\"_ _6\"></span> assets. </div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:320.64807px;\">^</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:2.0384712px; bottom:318.05066px;\"> <span class=\"_ _43\"> </span>O<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ab<span class=\"_ _0\"></span>ove, \u00a3<span class=\"_ _0\"></span>1,2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a31,7<span class=\"_ _6\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m) a<span class=\"_ _0\"></span>re as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at ha<span class=\"_ _0\"></span>ve qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>s in ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>aini<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at a<span class=\"_ _0\"></span>re nei<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>r tra<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve ma<span class=\"_ _0\"></span>rket ar<span class=\"_ _0\"></span>e </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:10.748081px; bottom:307.00067px;\">st<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>tes pr<span class=\"_ _0\"></span>ovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r of th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>r fun<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:294.86298px;\">&amp;</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:3.691681px; bottom:292.26556px;\">  <span class=\"_ _3\"> </span>\u00a3<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>3m o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r c<span class=\"_ _0\"></span>ash m<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at h<span class=\"_ _0\"></span>ave o<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ast q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ter of t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>ar, due to D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:10.748081px; bottom:281.21558px;\">val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns no<span class=\"_ _0\"></span>t bei<span class=\"_ _0\"></span>ng av<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>ese v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>es to b<span class=\"_ _0\"></span>e a fa<span class=\"_ _0\"></span>ir ap<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>oxim<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. </div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls26e ws275\" style=\"left:0.0066986084px; bottom:269.078px;\">#  </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:12.627361px; bottom:266.4806px;\">Leve<span class=\"_ _0\"></span>l 3 as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s, \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>7m of d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m of oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ek<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>. Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons re<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wsae\" style=\"left:10.748081px; bottom:255.4306px;\">from in<span class=\"_ _6\"></span>vestment managers. </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:232.6806px;\">Es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to b<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s prin<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 20<span class=\"_ _0\"></span>23<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:510.73157px; bottom:211.88058px;\">Balfour<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:513.261px; bottom:202.13058px;\">Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:508.1078px; bottom:192.38058px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a2 ws192\" style=\"left:521.01733px; bottom:182.63058px;\">Fund<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:172.88058px;\">2023<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:163.13058px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3c ws3a\" style=\"left:566.811px; bottom:202.13058px;\">Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:570.9263px; bottom:192.38058px;\">Pension<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:570.9263px; bottom:182.63058px;\">Scheme<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:172.88058px;\">2023<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:163.13058px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:646.3632px; bottom:182.63058px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:646.3632px; bottom:172.88058px;\">2023<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.35535px; bottom:163.13058px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:147.801px;\">Regular funding<span class=\"_ _349\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:133.68896px;\">Ongoing deficit<span class=\"_ _6\"></span> funding<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:110.557785px; bottom:137.15216px;\">+<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsaf ws9a\" style=\"left:527.52136px; bottom:133.68896px;\">23<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:119.65936px;\">T<span class=\"_ _6\"></span>otal contributions<span class=\"_ _34a\"> </span><span class=\"ff4d lsb5 ws9f\">25<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:105.62976px;\">Esti<span class=\"_ _0\"></span>mated B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F runni<span class=\"_ _0\"></span>ng co<span class=\"_ _0\"></span>sts to b<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>ed from d<span class=\"_ _0\"></span>efic<span class=\"_ _0\"></span>it co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:325.6398px; bottom:109.09296px;\">*<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9a ws8b\" style=\"left:530.6225px; bottom:105.62976px;\">(4)<span class=\"_ _7b\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _16f\"> </span></span>(4)<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:91.60016px;\">Estimated tota<span class=\"_ _6\"></span>l cash contributions<span class=\"_ _127\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:68.20029px;\">* <span class=\"_ _4\"> </span>T<span class=\"_ _0\"></span>he r<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s of the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F a<span class=\"_ _0\"></span>re fun<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m def<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>it c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns as p<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F sc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>dul<span class=\"_ _0\"></span>e of co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:50.6503px;\">+ <span class=\"_ _33\"> </span>Th<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d ab<span class=\"_ _0\"></span>ove f<span class=\"_ _0\"></span>or th<span class=\"_ _0\"></span>e BB<span class=\"_ _0\"></span>PF i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 are i<span class=\"_ _0\"></span>n lin<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt ag<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ed in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:31.1503px;\">Th<span class=\"_ _0\"></span>e sensi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ana<span class=\"_ _0\"></span>lysi<span class=\"_ _0\"></span>s bel<span class=\"_ _0\"></span>ow has b<span class=\"_ _0\"></span>een d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ed ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>ible c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in a<span class=\"_ _0\"></span>ssum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns oc<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ring at t<span class=\"_ _0\"></span>he end of t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:18.1503px;\">repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. In ea<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>ase th<span class=\"_ _0\"></span>e relevant c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e in as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>ccur<span class=\"_ _0\"></span>s in iso<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on from p<span class=\"_ _0\"></span>otentia<span class=\"_ _0\"></span>l cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n other a<span class=\"_ _0\"></span>ssump<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span>. In pr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ice </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.550293px;\">more th<span class=\"_ _0\"></span>an one v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e is likely to ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e at the s<span class=\"_ _0\"></span>ame tim<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he sens<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lated u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cted u<span class=\"_ _0\"></span>nit cre<span class=\"_ _0\"></span>dit m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:926.22455px;\">30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:909.97455px;\">30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:893.72455px;\">Se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>t 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 to d<span class=\"_ _0\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ac<span class=\"_ _1\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ump<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:313.9526px; bottom:869.67456px;\">Sensitivity to increase in<span class=\"_ _6\"></span> assumption<span class=\"_ _77\"> </span><span class=\"ls269 ws26e\">Sensitivity to<span class=\"_ _6\"></span> decrease in assumptio<span class=\"_ _6\"></span>n<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:0.009376526px; bottom:823.5246px;\">Assump<span class=\"_ _0\"></span>tions<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls16c wse5\" style=\"left:305.07428px; bottom:833.2746px;\">Percentage<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:298.79785px; bottom:823.5246px;\">points/years<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:367.3934px; bottom:852.7746px;\">(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:370.00836px; bottom:843.0246px;\">increase in<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:367.3934px; bottom:833.2746px;\">obligations </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:404.19095px; bottom:823.5246px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:429.11896px; bottom:852.7746px;\">(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:432.49976px; bottom:843.0246px;\">increase in<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:430.95886px; bottom:833.2746px;\">obligations </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:461.4571px; bottom:823.5246px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls16c wse5\" style=\"left:497.4983px; bottom:833.2746px;\">Percentage<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:492.22046px; bottom:823.5246px;\">points/years<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:573.6274px; bottom:852.7746px;\">Increase/<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:559.6031px; bottom:843.0246px;\">(decrease)<span class=\"_ _6\"></span> in<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:564.11865px; bottom:833.2746px;\">obligations </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:601.8805px; bottom:823.5246px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:635.6787px; bottom:852.7746px;\">Increase/<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:621.9426px; bottom:843.0246px;\">(decrease)<span class=\"_ _6\"></span> in<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:626.8259px; bottom:833.2746px;\">obligations </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:658.9054px; bottom:823.5246px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:808.195px;\">Discou<span class=\"_ _6\"></span>nt rat<span class=\"_ _6\"></span>e<span class=\"_ _320\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _c0\"> </span><span class=\"ls1b4 ws110\">(1.<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _119\"> </span><span class=\"ls8c ws8d\">(32<span class=\"_ _0\"></span>.6)<span class=\"_ _81\"> </span></span></span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"ls9e wsb3\">1.<span class=\"_ _1\"></span>2%<span class=\"_ _b0\"> </span><span class=\"lsf wsd\">33.<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:794.1654px;\">Ma<span class=\"_ _0\"></span>rket expec<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>ion of R<span class=\"_ _0\"></span>PI infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _e1\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"ls5 ws4\">0.8%<span class=\"_ _b0\"> </span>20.8<span class=\"_ _332\"> </span></span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span>%<span class=\"_ _b4\"> </span><span class=\"ls99 ws8f\">(0.<span class=\"_ _0\"></span>9)%<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:780.1358px;\">Salar<span class=\"_ _0\"></span>y grow<span class=\"_ _0\"></span>th<span class=\"_ _28d\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"ls2c ws9d\">0.0%<span class=\"_ _346\"> </span></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _30\"> </span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _ae\"> </span><span class=\"ls2c ws9d\">0.0%<span class=\"_ _82\"> </span></span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:766.1062px;\">Discou<span class=\"_ _6\"></span>nt rat<span class=\"_ _6\"></span>e<span class=\"_ _34b\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _d2\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _25\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>.4)<span class=\"_ _c0\"> </span></span>(1.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _c0\"> </span><span class=\"ls9a ws8b\">13.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>%<span class=\"_ _a3\"> </span><span class=\"ls2e ws2c\">367<span class=\"_ _17\"></span>.2<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:752.0766px;\">Ma<span class=\"_ _0\"></span>rket expec<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>ion of R<span class=\"_ _0\"></span>PI infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _34c\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _ae\"> </span><span class=\"ls96 ws89\">7.<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>%<span class=\"_ _12\"> </span><span class=\"ls9a ws8b\">213<span class=\"_ _0\"></span>.6<span class=\"_ _a3\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _25\"> </span></span></span>(<span class=\"_ _1\"></span>7.<span class=\"_ _3b\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span>%<span class=\"_ _25\"> </span></span></span><span class=\"ff4d\">(20<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:738.047px;\">Salar<span class=\"_ _0\"></span>y grow<span class=\"_ _0\"></span>th<span class=\"_ _2ad\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _119\"> </span><span class=\"ls2c ws9d\">0.0%<span class=\"_ _40\"> </span></span></span><span class=\"ff4d\">0.<span class=\"_ _0\"></span>8<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _119\"> </span><span class=\"ls2c ws9d\">0.0<span class=\"_ _0\"></span>%<span class=\"_ _9a\"> </span><span class=\"lsb4 ws87\">(0.<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsaa ws140\" style=\"left:0.009376526px; bottom:724.0175px;\">Li<span class=\"_ _0\"></span>fe ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y<span class=\"_ _34d\"> </span><span class=\"ff4d ls3 ws0\">1 yea<span class=\"_ _0\"></span>r<span class=\"_ _aa\"> </span><span class=\"ls3c ws3a\">3.<span class=\"_ _0\"></span>9%<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>8<span class=\"_ _b1\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span> y<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>)<span class=\"_ _b4\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>.0)%<span class=\"_ _dc\"> </span><span class=\"ls143 ws12c\">(11<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:695.4175px;\">Se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 to c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls16c wse5\" style=\"left:495.9804px; bottom:655.1175px;\">Percentage<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:515.7969px; bottom:645.3675px;\">points<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:559.6031px; bottom:674.6175px;\">(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:570.3055px; bottom:664.8675px;\">increase<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:568.27124px; bottom:655.1175px;\">in<span class=\"_ _6\"></span> assets<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:595.88153px; bottom:645.3675px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:621.9426px; bottom:674.6175px;\">(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:633.04474px; bottom:664.8675px;\">increase<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:631.02026px; bottom:655.1175px;\">in<span class=\"_ _6\"></span> assets<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.957px; bottom:645.3675px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:630.0379px;\">Increase in int<span class=\"_ _6\"></span>erest rates<span class=\"_ _257\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _a1\"> </span>(1<span class=\"_ _1\"></span>.1)<span class=\"_ _1\"></span>%<span class=\"_ _af\"> </span>(<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:616.0083px;\">Inc<span class=\"_ _0\"></span>rease in m<span class=\"_ _0\"></span>arket expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of RP<span class=\"_ _0\"></span>I inflat<span class=\"_ _0\"></span>ion<span class=\"_ _263\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"lsbd ws97\">0<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>%<span class=\"_ _12c\"> </span><span class=\"ls9e wsb3\">2<span class=\"_ _0\"></span>1.0<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:601.9787px;\">Increase in int<span class=\"_ _6\"></span>erest rates<span class=\"_ _251\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _d2\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _113\"> </span><span class=\"ls8c ws8d\">(317<span class=\"_ _17\"></span>.<span class=\"_ _0\"></span>9)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:587.9491px;\">Inc<span class=\"_ _0\"></span>rease in m<span class=\"_ _0\"></span>arket expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of RP<span class=\"_ _0\"></span>I inflat<span class=\"_ _0\"></span>ion<span class=\"_ _34e\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _109\"> </span><span class=\"ls13e ws125\">7.1<span class=\"_ _0\"></span>%<span class=\"_ _30\"> </span><span class=\"lsbd ws97\">213<span class=\"_ _0\"></span>.7<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:562.5991px;\">Th<span class=\"_ _0\"></span>e asset s<span class=\"_ _0\"></span>ensit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties on<span class=\"_ _0\"></span>ly t<span class=\"_ _0\"></span>ake into acco<span class=\"_ _0\"></span>unt the im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n market co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s on bo<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe as<span class=\"_ _0\"></span>sets. T<span class=\"_ _0\"></span>he v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>emes\u2019 </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:549.5991px;\">return<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>seeki<span class=\"_ _0\"></span>ng ass<span class=\"_ _0\"></span>ets is not d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tly c<span class=\"_ _0\"></span>orre<span class=\"_ _0\"></span>lated w<span class=\"_ _0\"></span>ith move<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n interest ra<span class=\"_ _0\"></span>tes or RP<span class=\"_ _0\"></span>I infl<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. W<span class=\"_ _0\"></span>hilst th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F ha<span class=\"_ _0\"></span>s entered into the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:536.5991px;\">lon<span class=\"_ _0\"></span>gevi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hed<span class=\"_ _0\"></span>ge, th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>onal s<span class=\"_ _0\"></span>etup of th<span class=\"_ _0\"></span>e swap is s<span class=\"_ _0\"></span>till on<span class=\"_ _0\"></span>goi<span class=\"_ _0\"></span>ng, t<span class=\"_ _0\"></span>herefore a sens<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e imp<span class=\"_ _0\"></span>act of c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in l<span class=\"_ _0\"></span>ife expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y on the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:523.5991px;\">value of t<span class=\"_ _0\"></span>he swa<span class=\"_ _0\"></span>p can<span class=\"_ _0\"></span>not be p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>is time.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:500.84912px;\">Y<span class=\"_ _6\"></span>ea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>d his<span class=\"_ _1\"></span>tor<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:396.34195px; bottom:480.04913px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:404.19095px; bottom:470.29913px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:459.75726px; bottom:480.04913px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:466.70624px; bottom:470.29913px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls40 ws26\" style=\"left:521.7986px; bottom:480.04913px;\">2020<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:528.66656px; bottom:470.29913px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsaa ws140\" style=\"left:586.09357px; bottom:480.04913px;\">20<span class=\"_ _0\"></span>19<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:470.29913px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls166 ws154\" style=\"left:648.716px; bottom:480.04913px;\">20<span class=\"_ _0\"></span>18<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:470.29913px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:454.96948px;\">Prese<span class=\"_ _0\"></span>nt value of o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _34f\"> </span><span class=\"ff4d lsc0 ws1a9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3)<span class=\"_ _b1\"> </span></span><span class=\"ls71 ws6b\">(4,201<span class=\"_ _6\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span><span class=\"lsae ws99\">(3,9<span class=\"_ _0\"></span>59)<span class=\"_ _10f\"> </span>(3,<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>42)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:440.9399px;\">Fair v<span class=\"_ _0\"></span>alue of as<span class=\"_ _0\"></span>sets<span class=\"_ _219\"> </span><span class=\"ff4d ls34 ws33\">3,026<span class=\"_ _142\"> </span></span><span class=\"ls2e ws2c\">4,4<span class=\"_ _0\"></span>32<span class=\"_ _a1\"> </span>4,4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _142\"> </span><span class=\"lsf wsd\">4,0<span class=\"_ _0\"></span>92<span class=\"_ _b2\"> </span><span class=\"lsa4 ws86\">3,7<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:426.8951px;\">Surp<span class=\"_ _0\"></span>lus<span class=\"_ _2ed\"> </span><span class=\"ff4d lsaf ws9a\">223<span class=\"_ _9c\"> </span></span><span class=\"ls28 ws24\">2<span class=\"_ _0\"></span>31<span class=\"_ _99\"> </span><span class=\"ls38 ws37\">89<span class=\"_ _9a\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _1\"></span>3<span class=\"_ _99\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:412.8655px;\">Ex<span class=\"_ _0\"></span>perience adjustment for obligations<span class=\"_ _24c\"> </span><span class=\"ff4d lsaa ws140\">21<span class=\"_ _89\"> </span></span><span class=\"ls3 ws0\">1<span class=\"_ _3f\"> </span>5<span class=\"_ _f9\"> </span><span class=\"ls40 ws26\">(5<span class=\"_ _0\"></span>3)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:398.8359px;\">Ex<span class=\"_ _0\"></span>perience adjustment for asse<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span></span><span class=\"ls40 ws26\">87<span class=\"_ _fd\"> </span><span class=\"ls1a3 ws193\">392<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">329<span class=\"_ _dc\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>117<span class=\"_ _3b\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:384.8063px;\">T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l defi<span class=\"_ _0\"></span>cit fu<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>ng<span class=\"_ _2c7\"> </span><span class=\"ff4d lscc ws94\">41<span class=\"_ _99\"> </span></span><span class=\"ls39 ws38\">39<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _99\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:356.2063px;\">30.<span class=\"_ _0\"></span>3 L<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>al t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>al f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:551.7389px; bottom:341.9063px;\">Ba<span class=\"_ _0\"></span>lfou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:575.6049px; bottom:332.1563px;\">Pension </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:586.09357px; bottom:322.4063px;\">Fun<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:590.8718px; bottom:312.6563px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:634.091px; bottom:341.9063px;\">Railways </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:636.75525px; bottom:332.1563px;\">Pension </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:635.6787px; bottom:322.4063px;\">Scheme </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:312.6563px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:297.3267px;\">Date of la<span class=\"_ _0\"></span>st form<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>ienni<span class=\"_ _0\"></span>al fund<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on<span class=\"_ _230\"> </span><span class=\"lsfc ws18f\">31/<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>019<span class=\"_ _ed\"> </span>3<span class=\"_ _0\"></span>1/<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>019<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsaf ws9a\" style=\"left:0.009376526px; bottom:283.2971px;\">Scheme<span class=\"_ _6\"></span> de<span class=\"_ _0\"></span>ficit<span class=\"_ _351\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:269.2675px;\">Ma<span class=\"_ _0\"></span>rket value of as<span class=\"_ _0\"></span>sets<span class=\"_ _352\"> </span><span class=\"ls156 ws143\">4<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _3b\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:255.23788px;\">Prese<span class=\"_ _0\"></span>nt value of o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _2ef\"> </span><span class=\"ls2e ws2c\">(4,228)<span class=\"_ _aa\"> </span><span class=\"lsae ws99\">(380<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:241.20831px;\">Deficit in defined benefit scheme<span class=\"_ _336\"> </span><span class=\"lsf8 wse1\">(92)<span class=\"_ _9a\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.009376526px; bottom:227.17883px;\">Fund<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g level<span class=\"_ _353\"> </span><span class=\"ls1b8 ws1ac\">9<span class=\"_ _1\"></span>7.<span class=\"_ _3b\"></span>8<span class=\"_ _0\"></span>%<span class=\"_ _b5\"> </span><span class=\"ls20 ws88\">9<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2%<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:191.42883px;\">31 Share c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:468.28082px; bottom:177.12883px;\">2022<span class=\"_ _1b7\"> </span><span class=\"ff4e ls13a ws121\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:446.5799px; bottom:160.22882px;\">Million<span class=\"_ _99\"> </span><span class=\"ls13b ws122\">\u00a3m<span class=\"_ _b0\"> </span><span class=\"ff4e ls10d wsd1\">Milli<span class=\"_ _0\"></span>on<span class=\"_ _2d\"> </span><span class=\"ls87 ws7e\">\u00a3m<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:144.89923px;\">C<span class=\"_ _0\"></span>alled<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>up sh<span class=\"_ _0\"></span>are c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al in is<span class=\"_ _0\"></span>sue<span class=\"_ _221\"> </span><span class=\"ff4d lsae ws99\">58<span class=\"_ _0\"></span>8<span class=\"_ _9a\"> </span><span class=\"lsb0 ws9b\">294<span class=\"_ _40\"> </span></span></span><span class=\"ls155 ws141\">69<span class=\"_ _0\"></span>0<span class=\"_ _1da\"> </span><span class=\"ls39 ws38\">3<span class=\"_ _0\"></span>45<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:119.549225px;\">Al<span class=\"_ _0\"></span>l issue<span class=\"_ _0\"></span>d ordi<span class=\"_ _0\"></span>nar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>hares are fu<span class=\"_ _0\"></span>lly p<span class=\"_ _0\"></span>aid<span class=\"_ _0\"></span>. Ordi<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>y shares have a n<span class=\"_ _0\"></span>omin<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e of \u00a3<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 eac<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y no r<span class=\"_ _0\"></span>ight to fixe<span class=\"_ _0\"></span>d inc<span class=\"_ _0\"></span>ome bu<span class=\"_ _0\"></span>t eac<span class=\"_ _0\"></span>h sha<span class=\"_ _0\"></span>re </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:106.549225px;\">ca<span class=\"_ _0\"></span>rrie<span class=\"_ _0\"></span>s the ri<span class=\"_ _0\"></span>ght to one vote at g<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>al me<span class=\"_ _0\"></span>eting<span class=\"_ _0\"></span>s of the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any. No ordin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares were is<span class=\"_ _0\"></span>sued d<span class=\"_ _0\"></span>urin<span class=\"_ _0\"></span>g the cu<span class=\"_ _0\"></span>rrent or p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r year. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:87.049225px;\">In 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>ed the s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nd ph<span class=\"_ _0\"></span>ase of it<span class=\"_ _0\"></span>s share b<span class=\"_ _0\"></span>uy<span class=\"_ _0\"></span>bac<span class=\"_ _0\"></span>k prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>me, whi<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>leted on 15 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.049225px;\">purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d 52.<span class=\"_ _0\"></span>0m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021: 50.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m) share<span class=\"_ _0\"></span>s for a total c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of \u00a3<span class=\"_ _0\"></span>150<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3150<span class=\"_ _0\"></span>m) an<span class=\"_ _0\"></span>d hel<span class=\"_ _0\"></span>d these s<span class=\"_ _0\"></span>hares in t<span class=\"_ _0\"></span>reasur<span class=\"_ _1\"></span>y with n<span class=\"_ _0\"></span>o voting </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:61.049225px;\">rig<span class=\"_ _0\"></span>hts. T<span class=\"_ _0\"></span>he pu<span class=\"_ _0\"></span>rcha<span class=\"_ _0\"></span>se of thes<span class=\"_ _0\"></span>e shares<span class=\"_ _0\"></span>, toget<span class=\"_ _0\"></span>her wi<span class=\"_ _0\"></span>th as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iated fee<span class=\"_ _0\"></span>s and st<span class=\"_ _0\"></span>amp d<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>y am<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g to \u00a31m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31m), utilised \u00a3<span class=\"_ _0\"></span>15<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:48.049225px;\">\u00a315<span class=\"_ _6\"></span>1m) of the Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny\u2019s distri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le profi<span class=\"_ _0\"></span>ts.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:28.549225px;\">On 7 J<span class=\"_ _0\"></span>une 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and 2<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany c<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span>d the 5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3m tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y shares an<span class=\"_ _0\"></span>d 52.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m treasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d throu<span class=\"_ _0\"></span>gh the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.549225px;\">20<span class=\"_ _0\"></span>21 and 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 ph<span class=\"_ _0\"></span>ases of i<span class=\"_ _0\"></span>ts sh<span class=\"_ _0\"></span>are buy<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ck pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>mme res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>ly. These c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns resulte<span class=\"_ _0\"></span>d in dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es in c<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>p share c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital i<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5492249px;\">issue tot<span class=\"_ _0\"></span>allin<span class=\"_ _0\"></span>g \u00a351<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il) an<span class=\"_ _0\"></span>d cor<span class=\"_ _0\"></span>resp<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>ing inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es in the c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al rede<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on reser<span class=\"_ _1\"></span>ve.<span class=\"_ _399\"> </span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>32 M<span class=\"_ _0\"></span>oveme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in e<span class=\"_ _0\"></span>q<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>32.<span class=\"_ _17\"></span>1 Group<span class=\"_ _399\"> </span>Other reserves<span class=\"_ _399\"> </span>Called-<span class=\"_ _399\"> </span>up s<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>capital<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Share<span class=\"_ _399\"> </span>premium<span class=\"_ _399\"> </span>account<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Capital redemption re<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Share<span class=\"_ _399\"> </span>of joint<span class=\"_ _399\"> </span>ventures\u2019<span class=\"_ _399\"> </span>and<span class=\"_ _399\"> </span>associa<span class=\"_ _0\"></span>tes\u2019<span class=\"_ _399\"> </span>reserves<span class=\"_ _399\"> </span>(No<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 19.6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Hedging<span class=\"_ _399\"> </span>reserves<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>PPP<span class=\"_ _399\"> </span>financial<span class=\"_ _399\"> </span>assets<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Currency<span class=\"_ _399\"> </span>translation<span class=\"_ _399\"> </span>re<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r \u00b5 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Retained<span class=\"_ _399\"> </span>profits<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non-<span class=\"_ _399\"> </span>controlling<span class=\"_ _399\"> </span>interes<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _1ac\"> </span><span class=\"ff4d lsa2 ws2a\">345<span class=\"_ _1ce\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _58\"> </span></span></span><span class=\"ff4d\">1<span class=\"_ _ae\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _e\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _ab\"> </span></span></span>4<span class=\"_ _c0\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>0<span class=\"_ _53\"> </span><span class=\"ls36 ws35\">45<span class=\"_ _1c6\"> </span></span>6<span class=\"_ _1\"></span>31<span class=\"_ _1da\"> </span></span>7<span class=\"_ _1f9\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>37<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span>Profi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(los<span class=\"_ _0\"></span>s) for the ye<span class=\"_ _0\"></span>ar<span class=\"_ _17f\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _354\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _142\"> </span></span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _1b3\"> </span></span>\u2013<span class=\"_ _b8\"> </span><span class=\"ff4d ls7b ws13c\">18<span class=\"_ _0\"></span>3<span class=\"_ _118\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _bf\"> </span><span class=\"ls2e ws2c\">287<span class=\"_ _399\"> </span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _1ca\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _7b\"> </span>\u2013<span class=\"_ _119\"> </span><span class=\"lsaf ws9a\">23<span class=\"_ _a0\"> </span></span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _12\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _b1\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _b2\"> </span></span>\u2013<span class=\"_ _dc\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"lsaf ws9a\">55<span class=\"_ _399\"> </span></span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benefit assets/<span class=\"_ _0\"></span>liabilities<span class=\"_ _17f\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _7b\"> </span>\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _1da\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1ce\"> </span></span><span class=\"lsaa ws140\">(5<span class=\"_ _0\"></span>2)<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _16b\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>51)<span class=\"_ _399\"> </span></span></span>Fair value reval<span class=\"_ _6\"></span>u<span class=\"_ _0\"></span>ations<span class=\"_ _120\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _86\"> </span> <span class=\"_ _15\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _aa\"> </span> <span class=\"_ _142\"> </span> <span class=\"_ _c4\"> </span> <span class=\"_ _b5\"> </span> <span class=\"_ _30\"> </span> <span class=\"_ _207\"> </span> <span class=\"_ _b1\"> </span> </span>\u2013 PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets<span class=\"_ _11d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _10f\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _25\"> </span></span>\u2013<span class=\"_ _ab\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _b0\"> </span></span>\u2013<span class=\"_ _b1\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _dc\"> </span>\u2013<span class=\"_ _bf\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>\u2013 ca<span class=\"_ _0\"></span>sh flow he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es<span class=\"_ _21\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _86\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _a1\"> </span></span>3<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _b1\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _dc\"> </span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _399\"> </span></span></span>\u2013  <span class=\"_ _b\"></span>investme<span class=\"_ _0\"></span>nts in mu<span class=\"_ _0\"></span>tual fu<span class=\"_ _0\"></span>nds mea<span class=\"_ _0\"></span>sured at fa<span class=\"_ _0\"></span>ir value t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I <span class=\"_ _1d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _7b\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _54\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _142\"> </span></span>\u2013<span class=\"_ _1c7\"> </span></span>\u2013<span class=\"_ _ae\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e income statemen<span class=\"_ _6\"></span>t on disposal<span class=\"_ _399\"> </span>@<span class=\"_ _399\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _b5\"> </span></span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _b1\"> </span>\u2013<span class=\"_ _b2\"> </span>\u2013<span class=\"_ _dc\"> </span>\u2013<span class=\"_ _1dc\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in other comprehensiv<span class=\"_ _6\"></span>e income<span class=\"_ _355\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _e\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _e\"> </span></span></span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _1b3\"> </span>\u2013<span class=\"_ _c8\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _9c\"> </span></span>\u2013<span class=\"_ _50\"> </span><span class=\"ls37 ws36\">44<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _17\"></span>otal comprehensive<span class=\"_ _6\"></span> income/(loss) <span class=\"_ _399\">for the yea</span><span class=\"_ _0\"></span>r<span class=\"_ _356\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"lse0 ws92\">56<span class=\"_ _113\"> </span></span>1<span class=\"_ _ab\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _a0\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _53\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _8\"> </span><span class=\"lsb4 ws87\">152<span class=\"_ _118\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _bf\"> </span></span></span></span>232<span class=\"_ _399\"> </span></span></span></span>Ordinary dividends<span class=\"_ _357\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _b1\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1ce\"> </span></span><span class=\"ls7a ws1ad\">(5<span class=\"_ _0\"></span>8)<span class=\"_ _109\"> </span></span>\u2013<span class=\"_ _cb\"> </span><span class=\"ls7a ws1ad\">(<span class=\"_ _0\"></span>58)<span class=\"_ _399\"> </span></span></span>Joint vent<span class=\"_ _6\"></span>ures\u2019 and associates\u2019 dividends<span class=\"_ _b1\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _e\"> </span><span class=\"ls1b4 ws110\">(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _b4\"> </span></span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _1da\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _b8\"> </span></span><span class=\"ls4e ws3\">14<span class=\"_ _1\"></span>8<span class=\"_ _9a\"> </span></span>\u2013<span class=\"_ _cf\"> </span>\u2013<span class=\"_ _399\"> </span></span>Non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>controlling<span class=\"_ _6\"></span> interests\u2019 dividends<span class=\"_ _2d\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _b2\"> </span></span>\u2013<span class=\"_ _af\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1c4\"> </span>(1)<span class=\"_ _399\"> </span></span></span>Purchase of treasury shares<span class=\"_ _49\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _7b\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _50\"> </span></span><span class=\"ls1ad ws1a1\">(1<span class=\"_ _0\"></span>51)<span class=\"_ _41\"> </span></span>\u2013<span class=\"_ _bd\"> </span><span class=\"ls1ad ws1a1\">(15<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span>C<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>llati<span class=\"_ _0\"></span>on of ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y shares<span class=\"_ _f0\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>1)<span class=\"_ _354\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _1b3\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _dc\"> </span>\u2013<span class=\"_ _cf\"> </span>\u2013<span class=\"_ _399\"> </span></span>Movem<span class=\"_ _0\"></span>ents rel<span class=\"_ _0\"></span>ating to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>+<span class=\"_ _399\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _ab\"> </span>1<span class=\"_ _1bd\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _16b\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2f\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _0\"></span>4<span class=\"_ _b9\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _40\"> </span><span class=\"ls2e ws2c\">52<span class=\"_ _b2\"> </span><span class=\"ls28 ws24\">(20)<span class=\"_ _1c7\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>)<span class=\"_ _ab\"> </span></span></span></span></span></span>1<span class=\"_ _c0\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _0\"></span>2<span class=\"_ _1dc\"> </span><span class=\"lscc ws94\">41<span class=\"_ _b8\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _0\"></span>6<span class=\"_ _fd\"> </span></span></span></span>5<span class=\"_ _4e\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _399\"> </span></span>\u00b5 <span class=\"_ _4e\"> </span>O<span class=\"_ _0\"></span>ther reserves include \u00a322m of special r<span class=\"_ _6\"></span>eser<span class=\"_ _0\"></span>ve.<span class=\"_ _399\"> </span>+ <span class=\"_ _43\"> </span> <span class=\"_ _5f\"></span>Mo<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng to sh<span class=\"_ _0\"></span>are<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e \u00a3<span class=\"_ _0\"></span>2m t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>dit (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a3nil) re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n ret<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ed p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Other reserves<span class=\"_ _399\"> </span>Calle<span class=\"_ _0\"></span>d-<span class=\"_ _399\"> </span>up shar<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>capital<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Sha<span class=\"_ _0\"></span>re<span class=\"_ _399\"> </span>premium<span class=\"_ _399\"> </span>acc<span class=\"_ _0\"></span>ount<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Capit<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span>redempt<span class=\"_ _6\"></span>ion reserve<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Sha<span class=\"_ _0\"></span>re<span class=\"_ _399\"> </span>of jo<span class=\"_ _0\"></span>int<span class=\"_ _399\"> </span>ventures<span class=\"_ _6\"></span>\u2019<span class=\"_ _399\"> </span>and<span class=\"_ _399\"> </span>ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates\u2019<span class=\"_ _399\"> </span>reserves<span class=\"_ _399\"> </span>(<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span> 19.<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Hedging<span class=\"_ _399\"> </span>reserves<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>PPP<span class=\"_ _399\"> </span>financial<span class=\"_ _399\"> </span>assets<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>translation<span class=\"_ _399\"> </span>reserve<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>\u00b5<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Retai<span class=\"_ _0\"></span>ned<span class=\"_ _399\"> </span>profit<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non<span class=\"_ _0\"></span>-<span class=\"_ _399\"> </span>contro<span class=\"_ _0\"></span>lling<span class=\"_ _399\"> </span>interests<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _1ac\"> </span><span class=\"ls39 ws38\">345<span class=\"_ _1ce\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>6<span class=\"_ _12c\"> </span></span></span>1<span class=\"_ _86\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _1ce\"> </span><span class=\"lsf8 wse1\">(32)<span class=\"_ _54\"> </span></span>30<span class=\"_ _332\"> </span><span class=\"ls1b1 ws1a6\">98<span class=\"_ _c8\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _1bd\"> </span><span class=\"ls50 ws4d\">6<span class=\"_ _0\"></span>12<span class=\"_ _9a\"> </span></span></span></span></span>9<span class=\"_ _16c\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span>Profi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(los<span class=\"_ _0\"></span>s) for the ye<span class=\"_ _0\"></span>ar<span class=\"_ _17f\"> </span>\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _a1\"> </span></span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ls151 wsee\">83<span class=\"_ _118\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _16b\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _1ca\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _c0\"> </span></span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _1da\"> </span>2<span class=\"_ _142\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _25\"> </span>1<span class=\"_ _399\"> </span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments  on reti<span class=\"_ _6\"></span>rement benefit assets/<span class=\"_ _0\"></span>liabilities<span class=\"_ _118\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _82\"> </span>7<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ls1b1 ws1a6\">98<span class=\"_ _1da\"> </span></span>\u2013<span class=\"_ _358\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Fair value reval<span class=\"_ _6\"></span>u<span class=\"_ _0\"></span>ations<span class=\"_ _399\"> </span>\u2013 PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets<span class=\"_ _11d\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _b4\"> </span></span>\u2013<span class=\"_ _ab\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _41\"> </span></span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _ab\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _399\"> </span></span>\u2013 ca<span class=\"_ _0\"></span>sh flow he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>es<span class=\"_ _21\"> </span>\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _b5\"> </span></span>8<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _fd\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _25\"> </span>2<span class=\"_ _399\"> </span>\u2013  <span class=\"_ _b\"></span>investme<span class=\"_ _0\"></span>nts in mu<span class=\"_ _0\"></span>tual fu<span class=\"_ _0\"></span>nds mea<span class=\"_ _0\"></span>sured at fa<span class=\"_ _0\"></span>ir value t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I <span class=\"_ _1d\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _82\"> </span>\u2013<span class=\"_ _a0\"> </span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _a1\"> </span>3<span class=\"_ _332\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _25\"> </span>3<span class=\"_ _399\"> </span>Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e income statemen<span class=\"_ _6\"></span>t on disposal<span class=\"_ _399\"> </span>@<span class=\"_ _399\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _bb\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _54\"> </span><span class=\"lsf8 wse1\">(22)<span class=\"_ _41\"> </span></span></span></span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _1dc\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d  in other c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _31c\"> </span>\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _b5\"> </span></span>\u2013<span class=\"_ _10f\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _b0\"> </span></span>\u2013<span class=\"_ _b5\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _b9\"> </span><span class=\"lsf8 wse1\">(22)<span class=\"_ _41\"> </span></span></span>\u2013<span class=\"_ _53\"> </span><span class=\"ls35 ws34\">(27<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal comprehensive<span class=\"_ _6\"></span> income/(loss) <span class=\"_ _399\">for the yea</span><span class=\"_ _0\"></span>r<span class=\"_ _356\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _ab\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _53\"> </span><span class=\"ls73 ws6d\">(26)<span class=\"_ _109\"> </span></span></span></span>2<span class=\"_ _a1\"> </span>2<span class=\"_ _b9\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>9<span class=\"_ _41\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _b6\"> </span><span class=\"ls71 ws6b\">204<span class=\"_ _399\"> </span></span></span></span>Ordinary dividends<span class=\"_ _357\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _d2\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _41\"> </span></span>\u2013<span class=\"_ _53\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _399\"> </span></span></span>Joi<span class=\"_ _0\"></span>nt ventures\u2019 and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes\u2019 dividends<span class=\"_ _204\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _a3\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">(6<span class=\"_ _0\"></span>8)<span class=\"_ _b5\"> </span></span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _1b3\"> </span><span class=\"ls38 ws37\">68<span class=\"_ _fd\"> </span></span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _399\"> </span></span>Non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>controlling<span class=\"_ _6\"></span> interests\u2019 dividends<span class=\"_ _2d\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _a1\"> </span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _12\"> </span>\u2013<span class=\"_ _41\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _cf\"> </span>(1)<span class=\"_ _399\"> </span></span></span>Purchase of treasury shares<span class=\"_ _49\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _53\"> </span><span class=\"ls1b4 ws110\">(15<span class=\"_ _0\"></span>1)<span class=\"_ _b0\"> </span></span>\u2013<span class=\"_ _1a6\"> </span><span class=\"ls1b4 ws110\">(15<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span>Movem<span class=\"_ _0\"></span>ents rel<span class=\"_ _0\"></span>ating to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _113\"> </span>2<span class=\"_ _a3\"> </span>6<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _25\"> </span>8<span class=\"_ _399\"> </span>Rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve tran<span class=\"_ _0\"></span>sfers rel<span class=\"_ _0\"></span>ating to jo<span class=\"_ _0\"></span>int ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _11e\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _332\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _86\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _113\"> </span></span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _9a\"> </span>\u2013<span class=\"_ _142\"> </span>\u2013<span class=\"_ _ac\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _c0\"> </span>\u2013<span class=\"_ _399\"> </span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>021<span class=\"_ _1e5\"> </span><span class=\"ff4e ls39 ws38\">345<span class=\"_ _b9\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span></span></span><span class=\"ff4e\">1<span class=\"_ _ae\"> </span><span class=\"lsf8 wse1\">72<span class=\"_ _e\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _b1\"> </span></span></span>4<span class=\"_ _b5\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _c8\"> </span><span class=\"ls39 ws38\">45<span class=\"_ _54\"> </span><span class=\"ls28 ws24\">6<span class=\"_ _0\"></span>31<span class=\"_ _fd\"> </span></span></span></span>7<span class=\"_ _bf\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span>\u00b5 <span class=\"_ _4e\"> </span>O<span class=\"_ _0\"></span>ther reserves include \u00a322m of special r<span class=\"_ _6\"></span>eser<span class=\"_ _0\"></span>ve.<span class=\"_ _399\"> </span>@ <span class=\"_ _5\"> </span>R<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>yc<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g of rev<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on re<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves to t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt on d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l has n<span class=\"_ _0\"></span>o as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t.<span class=\"_ _399\"> </span>32 M<span class=\"_ _0\"></span>oveme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in e<span class=\"_ _0\"></span>q<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>nti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>32<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny<span class=\"_ _399\"> </span>Other reserves<span class=\"_ _399\"> </span>Calle<span class=\"_ _0\"></span>d-<span class=\"_ _0\"></span>up<span class=\"_ _399\"> </span>share<span class=\"_ _399\"> </span>capital<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Sha<span class=\"_ _0\"></span>re<span class=\"_ _399\"> </span>premium<span class=\"_ _399\"> </span>acc<span class=\"_ _0\"></span>ount<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ca<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l redempt<span class=\"_ _6\"></span>ion<span class=\"_ _399\"> </span>reserve<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Special reserve<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Retai<span class=\"_ _0\"></span>ned<span class=\"_ _399\"> </span>profit<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2d2\"> </span><span class=\"ls39 ws38\">345<span class=\"_ _30\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _1\"></span>6<span class=\"_ _c\"> </span></span></span>1<span class=\"_ _dc\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _30\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>1<span class=\"_ _30\"> </span><span class=\"lsaa ws140\">7<span class=\"_ _0\"></span>71<span class=\"_ _1b3\"> </span><span class=\"ls63 wsa1\">1,<span class=\"_ _0\"></span>41<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span>Profi<span class=\"_ _0\"></span>t for the yea<span class=\"_ _0\"></span>r<span class=\"_ _18e\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls141 ws129\">80<span class=\"_ _1d\"> </span>80<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _25c\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>3<span class=\"_ _29\"> </span>3<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive p<span class=\"_ _0\"></span>rofit for th<span class=\"_ _0\"></span>e year<span class=\"_ _359\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls151 wsee\">83<span class=\"_ _12c\"> </span>83<span class=\"_ _399\"> </span></span>Ordinary dividends<span class=\"_ _35a\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _a3\"> </span>(29)<span class=\"_ _399\"> </span></span></span>Purchase of treasury shares<span class=\"_ _2d4\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>51)<span class=\"_ _81\"> </span>(1<span class=\"_ _0\"></span>51)<span class=\"_ _399\"> </span></span></span>Movem<span class=\"_ _0\"></span>ents rel<span class=\"_ _0\"></span>ating to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _93\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>5<span class=\"_ _c\"> </span>2<span class=\"_ _29\"> </span>7<span class=\"_ _399\"> </span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _e0\"> </span><span class=\"ls39 ws38\">345<span class=\"_ _30\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _1\"></span>6<span class=\"_ _c\"> </span></span></span>1<span class=\"_ _dc\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _12\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>6<span class=\"_ _30\"> </span><span class=\"ls34 ws33\">676<span class=\"_ _c8\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span>Profi<span class=\"_ _0\"></span>t for the yea<span class=\"_ _0\"></span>r<span class=\"_ _18e\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _aa\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>8<span class=\"_ _aa\"> </span>17<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _25c\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _77\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _1d\"> </span>(3)<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive p<span class=\"_ _0\"></span>rofit for th<span class=\"_ _0\"></span>e year<span class=\"_ _359\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _aa\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>5<span class=\"_ _aa\"> </span>17<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Ordinary dividends<span class=\"_ _35a\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls7a ws1ad\">(<span class=\"_ _0\"></span>58)<span class=\"_ _a3\"> </span>(5<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span></span>Purchase of treasury shares<span class=\"_ _2d4\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls1ad ws1a1\">(1<span class=\"_ _0\"></span>51)<span class=\"_ _25\"> </span>(15<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span>C<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>llati<span class=\"_ _0\"></span>on of ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y shares<span class=\"_ _a7\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>51)<span class=\"_ _f9\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _1da\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _99\"> </span></span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _399\"> </span></span>Movem<span class=\"_ _0\"></span>ents rel<span class=\"_ _0\"></span>ating to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>+<span class=\"_ _399\"> </span>\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>8<span class=\"_ _af\"> </span><span class=\"ls9c ws91\">(24)<span class=\"_ _12\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _37\"> </span><span class=\"lsb0 ws9b\">294<span class=\"_ _30\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _1da\"> </span><span class=\"ls2e ws2c\">52<span class=\"_ _1d\"> </span></span></span>22<span class=\"_ _119\"> </span><span class=\"ls143 ws12c\">114<span class=\"_ _119\"> </span><span class=\"ls7b ws13c\">618<span class=\"_ _c8\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>76<span class=\"_ _399\"> </span></span></span></span></span>+ Mo<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng to sh<span class=\"_ _0\"></span>are<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e \u00a31m ta<span class=\"_ _0\"></span>x cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21: \u00a3nil<span class=\"_ _0\"></span>) rec<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d dire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>hin re<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d pro<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>As p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted un<span class=\"_ _0\"></span>der S<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tion 4<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>8 of the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anie<span class=\"_ _0\"></span>s Ac<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6, th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any has e<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>ted not to pres<span class=\"_ _0\"></span>ent its s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent of co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ing the p<span class=\"_ _0\"></span>rofit an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>) for th<span class=\"_ _0\"></span>e year. Balfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted a profi<span class=\"_ _0\"></span>t for the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial ye<span class=\"_ _0\"></span>ar end<span class=\"_ _0\"></span>ed 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 of \u00a3178m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m profi<span class=\"_ _0\"></span>t).<span class=\"_ _399\"> </span>Dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year, \u00a31<span class=\"_ _6\"></span>51<span class=\"_ _6\"></span>m of the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s distri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e profit<span class=\"_ _0\"></span>s were uti<span class=\"_ _0\"></span>lised for t<span class=\"_ _0\"></span>he purc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e of shares into tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>15<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m) a<span class=\"_ _0\"></span>nd 102.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m treasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res were c<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>lled<span class=\"_ _0\"></span>. Se<span class=\"_ _0\"></span>e Note 31.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e retain<span class=\"_ _0\"></span>ed profi<span class=\"_ _0\"></span>ts of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c are wh<span class=\"_ _0\"></span>oll<span class=\"_ _0\"></span>y distr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ble. B<span class=\"_ _0\"></span>y spe<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l resol<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n on 13 May 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>4, c<span class=\"_ _0\"></span>onfir<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d by the c<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>n 16 June 20<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4, th<span class=\"_ _0\"></span>e share p<span class=\"_ _0\"></span>remium ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt was re<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>ed by \u00a3181<span class=\"_ _6\"></span>m a<span class=\"_ _0\"></span>nd the \u00a3<span class=\"_ _0\"></span>4m c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l redem<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n reser<span class=\"_ _0\"></span>ve w<span class=\"_ _0\"></span>as c<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>lled<span class=\"_ _0\"></span>, ef<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>ive on 25 J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4, and a sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ial rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve of \u00a318<span class=\"_ _0\"></span>5m w<span class=\"_ _0\"></span>as crea<span class=\"_ _0\"></span>ted. T<span class=\"_ _0\"></span>his rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>es dis<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e to the ex<span class=\"_ _0\"></span>tent of future in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>ses in sh<span class=\"_ _0\"></span>are ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d share premium a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>, of whic<span class=\"_ _0\"></span>h \u00a3nil o<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>urred i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil).<span class=\"_ _399\"> </span>32<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oye<span class=\"_ _0\"></span>e Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>p T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t Th<span class=\"_ _0\"></span>e retain<span class=\"_ _0\"></span>ed profi<span class=\"_ _0\"></span>ts in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p and th<span class=\"_ _0\"></span>e retaine<span class=\"_ _0\"></span>d profi<span class=\"_ _0\"></span>ts of the C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny are state<span class=\"_ _0\"></span>d net of investm<span class=\"_ _0\"></span>ents in B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y plc ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y shares a<span class=\"_ _0\"></span>cqu<span class=\"_ _0\"></span>ired<span class=\"_ _0\"></span> by the G<span class=\"_ _0\"></span>roup\u2019s employe<span class=\"_ _0\"></span>e disc<span class=\"_ _0\"></span>retion<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y tr<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>, the B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>e Sha<span class=\"_ _0\"></span>re Ow<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ship T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>, to satis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y award<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er the Pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e Sha<span class=\"_ _0\"></span>re Pla<span class=\"_ _0\"></span>n, the D<span class=\"_ _0\"></span>eferred B<span class=\"_ _0\"></span>onu<span class=\"_ _0\"></span>s Pla<span class=\"_ _0\"></span>n and th<span class=\"_ _0\"></span>e Restr<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ted Sh<span class=\"_ _0\"></span>are Pla<span class=\"_ _0\"></span>n. In 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, 9<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>8m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: n<span class=\"_ _0\"></span>il) sha<span class=\"_ _0\"></span>res were purc<span class=\"_ _0\"></span>hase<span class=\"_ _0\"></span>d at a co<span class=\"_ _0\"></span>st of \u00a3<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil<span class=\"_ _0\"></span>). The<span class=\"_ _0\"></span> market val<span class=\"_ _0\"></span>ue of the 7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>5m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 1.2m) sh<span class=\"_ _0\"></span>ares hel<span class=\"_ _0\"></span>d by the tr<span class=\"_ _0\"></span>ust at 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 was \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m). T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>ying va<span class=\"_ _0\"></span>lue of the<span class=\"_ _0\"></span>se sha<span class=\"_ _0\"></span>res is \u00a319.<span class=\"_ _0\"></span>8m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>3.<span class=\"_ _0\"></span>0m).<span class=\"_ _0\"></span> Fol<span class=\"_ _0\"></span>lowin<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>nfirm<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e cri<span class=\"_ _0\"></span>teria at t<span class=\"_ _0\"></span>he end of t<span class=\"_ _0\"></span>he pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e per<span class=\"_ _0\"></span>iod i<span class=\"_ _0\"></span>n the c<span class=\"_ _0\"></span>ase of th<span class=\"_ _0\"></span>e Per<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>manc<span class=\"_ _0\"></span>e Sh<span class=\"_ _0\"></span>are Pl<span class=\"_ _0\"></span>an, an<span class=\"_ _0\"></span>d at the en<span class=\"_ _0\"></span>d of the vest<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e cas<span class=\"_ _0\"></span>e of the D<span class=\"_ _0\"></span>eferred B<span class=\"_ _0\"></span>onus P<span class=\"_ _0\"></span>lan a<span class=\"_ _0\"></span>nd the R<span class=\"_ _0\"></span>estr<span class=\"_ _0\"></span>icte<span class=\"_ _0\"></span>d Sha<span class=\"_ _0\"></span>re Plan<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>ppro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ate numb<span class=\"_ _0\"></span>er of sha<span class=\"_ _0\"></span>res will b<span class=\"_ _0\"></span>e unc<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nall<span class=\"_ _0\"></span>y trans<span class=\"_ _0\"></span>ferred to p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ants. I<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, 1.<span class=\"_ _6\"></span>7m shares we<span class=\"_ _0\"></span>re trans<span class=\"_ _0\"></span>ferred to p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ants in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 2019 awards un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>he Per<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce S<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span> Pla<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 0.<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m share<span class=\"_ _0\"></span>s were tran<span class=\"_ _0\"></span>sferred to p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ants in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>018 awards und<span class=\"_ _0\"></span>er the P<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e Sh<span class=\"_ _0\"></span>are Pla<span class=\"_ _0\"></span>n), 0.6<span class=\"_ _0\"></span>m sh<span class=\"_ _0\"></span>ares were<span class=\"_ _0\"></span> trans<span class=\"_ _0\"></span>ferred to p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ants in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to awards u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r the Defer<span class=\"_ _0\"></span>red Bo<span class=\"_ _0\"></span>nus P<span class=\"_ _0\"></span>lan (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 0<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>m sh<span class=\"_ _0\"></span>ares) and 1.2m sh<span class=\"_ _0\"></span>ares were tr<span class=\"_ _0\"></span>ansfer<span class=\"_ _0\"></span>red to pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>pant<span class=\"_ _0\"></span>s in relat<span class=\"_ _0\"></span>ion to award<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er the R<span class=\"_ _0\"></span>estr<span class=\"_ _0\"></span>icte<span class=\"_ _0\"></span>d Sha<span class=\"_ _0\"></span>re Pla<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 1<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m).<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e trus<span class=\"_ _0\"></span>tees have w<span class=\"_ _0\"></span>aived t<span class=\"_ _0\"></span>he ri<span class=\"_ _0\"></span>ghts to di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s on sha<span class=\"_ _0\"></span>res hel<span class=\"_ _0\"></span>d by the tr<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>. Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ants i<span class=\"_ _0\"></span>n the sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ve an award of s<span class=\"_ _0\"></span>hares to rep<span class=\"_ _0\"></span>resent th<span class=\"_ _0\"></span>e div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds w<span class=\"_ _0\"></span>hich w<span class=\"_ _0\"></span>ould h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n paya<span class=\"_ _0\"></span>ble o<span class=\"_ _0\"></span>n the sh<span class=\"_ _0\"></span>ares sin<span class=\"_ _0\"></span>ce the d<span class=\"_ _0\"></span>ate of gr<span class=\"_ _0\"></span>ant.<span class=\"_ _399\"> </span>Ot<span class=\"_ _0\"></span>her rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p and C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>8m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>8.<span class=\"_ _0\"></span>2m) rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to unvested Pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance S<span class=\"_ _0\"></span>hare P<span class=\"_ _0\"></span>lan aw<span class=\"_ _0\"></span>ards<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span><span class=\"_ _399\">: \u00a3</span><span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>m) rel<span class=\"_ _0\"></span>ating to unve<span class=\"_ _0\"></span>sted Re<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>cted S<span class=\"_ _0\"></span>hare P<span class=\"_ _0\"></span>lan awa<span class=\"_ _0\"></span>rds an<span class=\"_ _0\"></span>d \u00a3<span class=\"_ _0\"></span>2.7m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5m) rel<span class=\"_ _0\"></span>ating to u<span class=\"_ _0\"></span>nvested Defer<span class=\"_ _0\"></span>red B<span class=\"_ _0\"></span>onus P<span class=\"_ _0\"></span>lan awa<span class=\"_ _0\"></span>rds.<span class=\"_ _399\"> </span>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>33 N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t of c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h f<span class=\"_ _0\"></span>lows<span class=\"_ _399\"> </span>33.<span class=\"_ _59\"></span>1 Cash from<span class=\"_ _6\"></span>/(<span class=\"_ _17\"></span>use<span class=\"_ _0\"></span>d in<span class=\"_ _6\"></span>) operatio<span class=\"_ _6\"></span>ns<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Underlying it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ms 1<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non-<span class=\"_ _399\"> </span>underlying<span class=\"_ _399\"> </span>items<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _35b\"> </span> <span class=\"_ _40\"> </span><span class=\"ff4d ls87 ws7e\">279<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">275<span class=\"_ _99\"> </span></span></span></span><span class=\"ls35 ws34\">97<span class=\"_ _399\"> </span></span>Sha<span class=\"_ _0\"></span>re of results of j<span class=\"_ _0\"></span>oint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates<span class=\"_ _c7\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _b0\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _9a\"> </span></span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span>Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant and e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pment<span class=\"_ _212\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _99\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _2d\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _99\"> </span></span></span><span class=\"ls2c ws9d\">24<span class=\"_ _399\"> </span></span>Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of rig<span class=\"_ _0\"></span>ht-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>use a<span class=\"_ _0\"></span>ssets<span class=\"_ _22f\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _2d\"> </span><span class=\"ff4d ls154 ws13f\">54<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">54<span class=\"_ _95\"> </span></span></span><span class=\"ls2d ws2b\">54<span class=\"_ _399\"> </span></span>Depreciation of inv<span class=\"_ _6\"></span>estment proper<span class=\"_ _0\"></span>ties<span class=\"_ _17c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _89\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _89\"> </span><span class=\"ff4e\">1<span class=\"_ _399\"> </span></span></span></span>Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of othe<span class=\"_ _0\"></span>r intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets<span class=\"_ _2ba\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _89\"> </span></span><span class=\"ff4d\">7<span class=\"_ _3f\"> </span>6<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _78\"> </span></span></span><span class=\"lsfc ws18f\">18<span class=\"_ _399\"> </span></span>Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t ful<span class=\"_ _0\"></span>filme<span class=\"_ _0\"></span>nt asset<span class=\"_ _0\"></span>s<span class=\"_ _80\"> </span><span class=\"ff4d lsb4 ws87\">15<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _2d\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _78\"> </span></span></span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span>Pensi<span class=\"_ _0\"></span>on defi<span class=\"_ _0\"></span>cit p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents, i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g regul<span class=\"_ _0\"></span>ar fund<span class=\"_ _0\"></span>ing<span class=\"_ _35c\"> </span><span class=\"ls87 ws7e\">30.<span class=\"_ _0\"></span>2<span class=\"_ _f9\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _7b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>3)<span class=\"_ _fd\"> </span></span></span><span class=\"ls3c ws3a\">(<span class=\"_ _0\"></span>42)<span class=\"_ _399\"> </span></span>Movem<span class=\"_ _0\"></span>ents rel<span class=\"_ _0\"></span>ating to e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y-<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _b3\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4d\">9<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>9<span class=\"_ _89\"> </span></span>7<span class=\"_ _399\"> </span>Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of interes<span class=\"_ _0\"></span>ts in invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _3a\"> </span><span class=\"ls2e ws2c\">3<span class=\"_ _0\"></span>4.3<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _f9\"> </span></span><span class=\"ls73 ws6d\">(<span class=\"_ _0\"></span>26)<span class=\"_ _399\"> </span></span>Profi<span class=\"_ _0\"></span>t on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>ty, plant an<span class=\"_ _0\"></span>d equ<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>ent<span class=\"_ _101\"> </span> <span class=\"_ _245\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _99\"> </span></span></span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Other non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ash items<span class=\"_ _121\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _245\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _16f\"> </span></span></span>1<span class=\"_ _399\"> </span></span>Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows before m<span class=\"_ _0\"></span>ovement<span class=\"_ _0\"></span>s in work<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l<span class=\"_ _179\"> </span> <span class=\"_ _40\"> </span><span class=\"ff4d ls91 ws85\">237<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">2<span class=\"_ _9c\"> </span><span class=\"lsaf ws9a\">239<span class=\"_ _95\"> </span></span></span><span class=\"ls39 ws38\">85<span class=\"_ _399\"> </span></span>(In<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e)/de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ting wo<span class=\"_ _0\"></span>rkin<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _1e3\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _95\"> </span><span class=\"ls9c ws91\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _118\"> </span></span></span><span class=\"ls73 ws6d\">26<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span>Inventor<span class=\"_ _0\"></span>ies<span class=\"_ _297\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _15\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _c4\"> </span></span></span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span>Contract assets<span class=\"_ _318\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _99\"> </span><span class=\"ls7a ws1ad\">(78)<span class=\"_ _40\"> </span></span></span><span class=\"ls131 ws12a\">74<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s<span class=\"_ _100\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _7b\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _207\"> </span></span></span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span>Contract liabilit<span class=\"_ _6\"></span>ies<span class=\"_ _223\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _99\"> </span><span class=\"ls8c ws8d\">(59)<span class=\"_ _b0\"> </span></span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _35d\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ls2c ws9d\">57<span class=\"_ _95\"> </span></span></span><span class=\"ls2d ws2b\">43<span class=\"_ _399\"> </span></span>Provisions<span class=\"_ _2ed\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _3f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _f9\"> </span></span></span><span class=\"ls2e ws2c\">28<span class=\"_ _399\"> </span></span></span>Cash from<span class=\"_ _6\"></span> operations<span class=\"_ _219\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _c4\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>5<span class=\"_ _9a\"> </span></span></span><span class=\"ls145 ws12e\">354<span class=\"_ _399\"> </span></span></span>1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span>33.2 Cash<span class=\"_ _6\"></span> and cash equiv<span class=\"_ _6\"></span>alent<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Group<span class=\"ls3 ws0\"> </span>2022<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>Group<span class=\"ls3 ws0\"> </span>20<span class=\"_ _0\"></span>21<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>Company<span class=\"_ _6\"></span><span class=\"ls3 ws0\"> </span>2022<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>Company<span class=\"ls3 ws0\"> </span>20<span class=\"_ _0\"></span>21<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>ash and d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s<span class=\"_ _128\"> </span><span class=\"ff4d ls2e ws2c\">828<span class=\"_ _9c\"> </span></span><span class=\"ls34 ws33\">76<span class=\"_ _0\"></span>6<span class=\"_ _99\"> </span><span class=\"ff4d ls36 ws35\">95<span class=\"_ _c\"> </span></span><span class=\"ls2d ws2b\">96<span class=\"_ _399\"> </span></span></span>Te<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _2a6\"> </span><span class=\"ff4d ls40 ws26\">332<span class=\"_ _9a\"> </span></span><span class=\"ls3c ws3a\">25<span class=\"_ _0\"></span>0<span class=\"_ _9a\"> </span><span class=\"ff4d ls40 ws26\">329<span class=\"_ _9c\"> </span></span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span>Cash bal<span class=\"_ _0\"></span>ances within infrastructure concessions<span class=\"_ _1df\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _78\"> </span></span><span class=\"ls94 ws145\">17<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span>Bank ove<span class=\"_ _0\"></span>rdraf<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s <span class=\"_ _29c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span></span><span class=\"lsf8 wse1\">(34)<span class=\"_ _9a\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _82\"> </span></span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)</span></span> <span class=\"_ _2cb\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>9<span class=\"_ _9c\"> </span></span><span class=\"ls38 ws37\">999<span class=\"_ _9c\"> </span><span class=\"ff4d ls91 ws85\">379<span class=\"_ _9a\"> </span></span><span class=\"ls2e ws2c\">328<span class=\"_ _399\"> </span></span></span>C<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh in han<span class=\"_ _0\"></span>d, d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sits h<span class=\"_ _0\"></span>eld at c<span class=\"_ _0\"></span>all w<span class=\"_ _0\"></span>ith b<span class=\"_ _0\"></span>anks an<span class=\"_ _0\"></span>d other s<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>m highl<span class=\"_ _0\"></span>y liq<span class=\"_ _0\"></span>uid invest<span class=\"_ _0\"></span>ments w<span class=\"_ _0\"></span>ith o<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>inal matur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s of less t<span class=\"_ _0\"></span>han th<span class=\"_ _0\"></span>ree mont<span class=\"_ _0\"></span>hs.<span class=\"_ _399\"> </span>33<span class=\"_ _0\"></span>.3 A<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ys<span class=\"_ _0\"></span>is o<span class=\"_ _0\"></span>f m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>concessions<span class=\"_ _399\"> </span>non-<span class=\"_ _0\"></span>recourse<span class=\"_ _399\"> </span>project finance<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>US privat<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>placement<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ba<span class=\"_ _0\"></span>nk overdr<span class=\"_ _6\"></span>af<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _128\"> </span><span class=\"lsae ws99\">(339)<span class=\"_ _119\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _118\"> </span><span class=\"lse0 ws92\">(528)<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _220\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span>Pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds of lo<span class=\"_ _0\"></span>ans<span class=\"_ _2eb\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _9c\"> </span><span class=\"ls3c ws3a\">(42)<span class=\"_ _399\"> </span></span></span>Rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents of lo<span class=\"_ _0\"></span>ans<span class=\"_ _10a\"> </span>6<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>6<span class=\"_ _399\"> </span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of Wo<span class=\"_ _0\"></span>odl<span class=\"_ _0\"></span>and V<span class=\"_ _0\"></span>iew H<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.2 a<span class=\"_ _0\"></span>nd 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.7<span class=\"_ _0\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp; Re<span class=\"_ _0\"></span>scue (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 and 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.7)<span class=\"_ _31e\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2b9\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _aa\"> </span><span class=\"ls71 ws6b\">(48<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _220\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span>Pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds of lo<span class=\"_ _0\"></span>ans<span class=\"_ _2eb\"> </span><span class=\"ff4d lsa3 ws124\">(8<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(13<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents of lo<span class=\"_ _0\"></span>ans<span class=\"_ _10a\"> </span><span class=\"ff4d\">7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _78\"> </span><span class=\"lscc ws94\">41<span class=\"_ _399\"> </span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _35e\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _118\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span>In Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the G<span class=\"_ _0\"></span>roup ra<span class=\"_ _0\"></span>ised U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$158<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _0\"></span>130<span class=\"_ _0\"></span>m) of de<span class=\"_ _0\"></span>bt in the fo<span class=\"_ _0\"></span>rm of new U<span class=\"_ _0\"></span>S pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>ment (U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>) notes on ter<span class=\"_ _0\"></span>ms and c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons mater<span class=\"_ _0\"></span>iall<span class=\"_ _0\"></span>y the s<span class=\"_ _0\"></span>ame as th<span class=\"_ _0\"></span>e existi<span class=\"_ _0\"></span>ng US<span class=\"_ _0\"></span>PP n<span class=\"_ _0\"></span>otes. T<span class=\"_ _0\"></span>he new d<span class=\"_ _0\"></span>ebt c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rises U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m of notes ma<span class=\"_ _0\"></span>turin<span class=\"_ _0\"></span>g in Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>27 at a f<span class=\"_ _0\"></span>ixed c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>on of 6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>31<span class=\"_ _17\"></span>%, US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m of n<span class=\"_ _0\"></span>otes matu<span class=\"_ _0\"></span>ring in J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>29 at a f<span class=\"_ _0\"></span>ixed c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>on of 6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9% and U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>3m of notes m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ing in J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>32 at a f<span class=\"_ _0\"></span>ixed c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>on of 6.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _6\"></span>%. Fol<span class=\"_ _0\"></span>lowin<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar end<span class=\"_ _0\"></span>, the new fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g was u<span class=\"_ _0\"></span>sed towar<span class=\"_ _0\"></span>ds the re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment of th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span>9m of U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes w<span class=\"_ _0\"></span>hich m<span class=\"_ _0\"></span>atured i<span class=\"_ _0\"></span>n Marc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3.<div class=\"t m0 h5 ff4d fs0 fcd sc0 ls119 wsff\" style=\"left:0.009376526px; bottom:940.69916px;\">34 A<span class=\"_ _6\"></span>cquisitions<span class=\"_ _6\"></span> and disposals<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:924.44916px;\">34.<span class=\"_ _59\"></span>1 Current and<span class=\"_ _6\"></span> prior y<span class=\"_ _6\"></span>ear acquisitions<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:911.44916px;\">Th<span class=\"_ _0\"></span>ere were no ma<span class=\"_ _0\"></span>teria<span class=\"_ _0\"></span>l acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ions in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:891.94916px;\">Deferre<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on pa<span class=\"_ _0\"></span>id dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns co<span class=\"_ _0\"></span>mplete<span class=\"_ _0\"></span>d in ear<span class=\"_ _0\"></span>lier ye<span class=\"_ _0\"></span>ars wa<span class=\"_ _0\"></span>s \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m). This rel<span class=\"_ _0\"></span>ated to the G<span class=\"_ _0\"></span>roup\u2019s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:878.94916px;\">acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion of C<span class=\"_ _0\"></span>entex Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>07<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:856.19916px;\">34.2 Current<span class=\"_ _6\"></span> year disposals<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:843.19916px;\">Dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of s<span class=\"_ _0\"></span>everal Inf<span class=\"_ _0\"></span>rast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s asset<span class=\"_ _0\"></span>s as det<span class=\"_ _0\"></span>aile<span class=\"_ _0\"></span>d bel<span class=\"_ _0\"></span>ow. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:823.69916px;\">Th<span class=\"_ _0\"></span>e gain re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d from t<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of as<span class=\"_ _0\"></span>sets th<span class=\"_ _0\"></span>at were hel<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>hin joi<span class=\"_ _0\"></span>nt venture entit<span class=\"_ _0\"></span>ies of the G<span class=\"_ _0\"></span>roup i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e Group\u2019s share </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:810.69916px;\">of result<span class=\"_ _0\"></span>s of joint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:3.1451035px; bottom:747.6492px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _199\"> </span><span class=\"ls15b ws149\">Disposal<span class=\"_ _6\"></span> date<span class=\"_ _77\"> </span><span class=\"lsc6 wsad\">Entity/asset<span class=\"_ _35f\"> </span><span class=\"ls3 ws0\">Str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e of sa<span class=\"_ _0\"></span>le </span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:402.16803px; bottom:767.1492px;\">Percent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:407.46524px; bottom:757.3992px;\"> disposed<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:435.52472px; bottom:747.6492px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:488.2527px; bottom:767.1492px;\">Cash<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:457.635px; bottom:757.3992px;\">consideration<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:493.88837px; bottom:747.6492px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1b5 ws1aa\" style=\"left:516.94086px; bottom:767.1492px;\">Net asset<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:523.5979px; bottom:757.3992px;\">disposed<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:544.3688px; bottom:747.6492px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:583.04755px; bottom:786.6492px;\">Am<span class=\"_ _0\"></span>ount</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls24e ws24f\" style=\"left:580.1535px; bottom:776.8992px;\"> recyc<span class=\"_ _0\"></span>led</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:593.0603px; bottom:767.1492px;\"> from<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:581.2048px; bottom:757.3992px;\">reserves<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:601.8805px; bottom:747.6492px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:626.8259px; bottom:767.1492px;\">Underlying<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:650.85254px; bottom:757.3992px;\">gain<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:747.6492px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls156 ws143\" style=\"left:3.1451035px; bottom:732.3196px;\">3<span class=\"_ _1\"></span>4<span class=\"_ _3b\"> </span>.<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>.1<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\">3<span class=\"_ _0\"></span>0 J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _1b3\"> </span>Reg<span class=\"_ _0\"></span>ard at M<span class=\"_ _0\"></span>ed C<span class=\"_ _0\"></span>enter (for<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>ly </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:133.97438px; bottom:719.3196px;\">Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake)</div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:179.39105px; bottom:721.917px;\"> ^<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:298.79785px; bottom:732.3196px;\">As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _78\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _109\"> </span><span class=\"lsa9 ws23\">(<span class=\"_ _0\"></span>5)<span class=\"_ _c4\"> </span></span></span></span>1<span class=\"_ _40\"> </span>8<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls145 ws12e\" style=\"left:3.1451035px; bottom:705.29px;\">34.2.2<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">1<span class=\"_ _17\"></span>1 Au<span class=\"_ _0\"></span>gust 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _50\"> </span>A<span class=\"_ _0\"></span>spire at D<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ark</span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:247.58774px; bottom:707.8874px;\"> ^<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:298.79785px; bottom:705.29px;\">As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b2\"> </span><span class=\"ls50 ws4d\">(12<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span></span></span></span>2<span class=\"_ _118\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:691.2604px;\">34.2.3<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">23 Au<span class=\"_ _0\"></span>gus<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _1a6\"> </span>P<span class=\"_ _0\"></span>reser<span class=\"_ _1\"></span>ve at So<span class=\"_ _0\"></span>uthwin<span class=\"_ _0\"></span>d</span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:240.21765px; bottom:693.8578px;\"> ^<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:298.79785px; bottom:691.2604px;\">Asset sale<span class=\"_ _162\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _12c\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _75\"> </span></span>\u2013<span class=\"_ _40\"> </span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf wsd\" style=\"left:3.1451035px; bottom:677.2308px;\">34<span class=\"_ _0\"></span>.2.<span class=\"_ _0\"></span>4<span class=\"_ _43\"> </span><span class=\"ff4e ls3 ws0\">23 A<span class=\"_ _0\"></span>ugu<span class=\"_ _0\"></span>st 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _51\"> </span><span class=\"ls5 ws4\">Preserve at Bar<span class=\"_ _0\"></span>tlett</span></span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:224.88284px; bottom:679.8282px;\"> ^<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:298.79785px; bottom:677.2308px;\">As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _78\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _41\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _c4\"> </span></span></span></span>\u2013<span class=\"_ _40\"> </span>9<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf wsd\" style=\"left:3.1451035px; bottom:663.2012px;\">34<span class=\"_ _0\"></span>.2.<span class=\"_ _0\"></span>5<span class=\"_ _43\"> </span><span class=\"ff4e ls3 ws0\">2 Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _c3\"> </span><span class=\"ls10 wse\">Waterchase Apar<span class=\"_ _0\"></span>tments</span></span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:247.58774px; bottom:665.7986px;\"> ^<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:298.79785px; bottom:663.2012px;\">Asset sale<span class=\"_ _162\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _40\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:493.88837px; bottom:649.1716px;\">93<span class=\"_ _113\"> </span><span class=\"ls3 ws0\">(26)<span class=\"_ _40\"> </span>3<span class=\"_ _41\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:632.59656px;\">^ <span class=\"_ _2c\"> </span>D<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in a jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>re ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:615.9116px;\">3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.<span class=\"_ _17\"></span>1 O<span class=\"_ _0\"></span>n 3<span class=\"_ _0\"></span>0 Ju<span class=\"_ _0\"></span>ne 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its R<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>rd at Me<span class=\"_ _0\"></span>d C<span class=\"_ _0\"></span>enter multi<span class=\"_ _0\"></span>famil<span class=\"_ _0\"></span>y pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>sset lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ated in H<span class=\"_ _0\"></span>ousto<span class=\"_ _0\"></span>n, T<span class=\"_ _6\"></span>exas<span class=\"_ _0\"></span>, and rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:602.9116px;\">total c<span class=\"_ _0\"></span>ash c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>2m<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e asset d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l resulted i<span class=\"_ _0\"></span>n an und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g gai<span class=\"_ _0\"></span>n of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m bein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of joi<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:589.9116px;\">ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of foreig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>rency t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>latio<span class=\"_ _0\"></span>n reser<span class=\"_ _1\"></span>ves recyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:576.9116px;\">dispos<span class=\"_ _0\"></span>al.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff4e fs4 fc2 sc0 ls1b9 ws1ae\" style=\"left:0.009376526px; bottom:557.4116px;\">34.2.2<span class=\"_ _6\"></span><span class=\"ff56 ls3 ws0\"> <span class=\"ff4e\">On 1<span class=\"_ _6\"></span>1 Aug<span class=\"_ _0\"></span>ust 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed of it<span class=\"_ _0\"></span>s As<span class=\"_ _0\"></span>pire at D<span class=\"_ _0\"></span>iscove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Pa<span class=\"_ _0\"></span>rk on<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n at Pu<span class=\"_ _0\"></span>rdue Un<span class=\"_ _0\"></span>ivers<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in West </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:544.4116px;\">L<span class=\"_ _0\"></span>afayet<span class=\"_ _0\"></span>te, Indi<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>, and rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d total c<span class=\"_ _0\"></span>ash c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of \u00a35<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e asset d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osal re<span class=\"_ _0\"></span>sulted in a<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m bein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:531.4116px;\">in the G<span class=\"_ _0\"></span>roup\u2019s share of joint vent<span class=\"_ _0\"></span>ures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng a ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>2m in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of foreig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncy t<span class=\"_ _0\"></span>ransl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n reser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s recyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:518.4116px;\">income statemen<span class=\"_ _6\"></span>t on disposal.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:498.91162px;\">3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.3 O<span class=\"_ _0\"></span>n 2<span class=\"_ _0\"></span>3 Aug<span class=\"_ _0\"></span>ust 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its P<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve at S<span class=\"_ _0\"></span>outhw<span class=\"_ _0\"></span>ind mul<span class=\"_ _0\"></span>tifam<span class=\"_ _0\"></span>ily p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>et loc<span class=\"_ _0\"></span>ated in M<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>phis<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>enne<span class=\"_ _0\"></span>ssee, a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:485.91162px;\">recei<span class=\"_ _0\"></span>ved tota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a34<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ted in an un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m bei<span class=\"_ _0\"></span>ng rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s share of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:472.91162px;\">joint ven<span class=\"_ _6\"></span>tures and associates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:453.41162px;\">3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.4 O<span class=\"_ _0\"></span>n 23 A<span class=\"_ _0\"></span>ugus<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its P<span class=\"_ _0\"></span>reser<span class=\"_ _1\"></span>ve at Bar<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t multi<span class=\"_ _0\"></span>famil<span class=\"_ _0\"></span>y prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set lo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ted in Ba<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tlet<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>enne<span class=\"_ _0\"></span>ssee<span class=\"_ _0\"></span>, and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:440.41162px;\">recei<span class=\"_ _0\"></span>ved tota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a313m. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>sset di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal res<span class=\"_ _0\"></span>ulted in a<span class=\"_ _0\"></span>n unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m b<span class=\"_ _0\"></span>eing re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s share of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:427.41162px;\">joint ven<span class=\"_ _6\"></span>tures and associates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:407.91162px;\">3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.5 O<span class=\"_ _0\"></span>n 2 Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of i<span class=\"_ _0\"></span>ts Waterc<span class=\"_ _0\"></span>hase A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ents mu<span class=\"_ _0\"></span>ltifa<span class=\"_ _0\"></span>mily p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set lo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d in L<span class=\"_ _0\"></span>argo<span class=\"_ _0\"></span>, Flor<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a, and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:394.91162px;\">recei<span class=\"_ _0\"></span>ved tota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a314m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in an u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a310<span class=\"_ _0\"></span>m bein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>hare of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:381.91162px;\">joint ven<span class=\"_ _6\"></span>tures and associates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:362.41162px;\">In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>ls ab<span class=\"_ _0\"></span>ove, the Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d a fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r \u00a31m of deferred co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of it<span class=\"_ _0\"></span>s Mid<span class=\"_ _0\"></span>dle E<span class=\"_ _0\"></span>aster<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:349.41162px;\">joint ventu<span class=\"_ _0\"></span>res in 2017<span class=\"_ _17\"></span>. Th<span class=\"_ _0\"></span>is deferre<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on was i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s assess<span class=\"_ _0\"></span>ment of the g<span class=\"_ _0\"></span>ain o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:326.66162px;\">34<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 Pr<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:313.66162px;\">Dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>021, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of several I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>ture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s asset<span class=\"_ _0\"></span>s as det<span class=\"_ _0\"></span>aile<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:294.16162px;\">Th<span class=\"_ _0\"></span>e gain re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d from t<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of as<span class=\"_ _0\"></span>sets th<span class=\"_ _0\"></span>at were hel<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>hin joi<span class=\"_ _0\"></span>nt venture entit<span class=\"_ _0\"></span>ies of the G<span class=\"_ _0\"></span>roup i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e Group\u2019s share </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:281.16162px;\">of result<span class=\"_ _0\"></span>s of joint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:3.1451035px; bottom:221.3616px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _199\"> </span><span class=\"ls15b ws149\">Disposal<span class=\"_ _6\"></span> date<span class=\"_ _77\"> </span><span class=\"lsc6 wsad\">Entity/asset<span class=\"_ _35f\"> </span><span class=\"ls3 ws0\">Str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e of sa<span class=\"_ _0\"></span>le </span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:402.16803px; bottom:240.8616px;\">Percent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:407.46524px; bottom:231.1116px;\"> disposed<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:435.52472px; bottom:221.3616px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:483.22992px; bottom:240.8616px;\">Cash<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:454.36005px; bottom:231.1116px;\">consideration<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:490.59326px; bottom:221.3616px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1b5 ws1aa\" style=\"left:516.94086px; bottom:240.8616px;\">Net asset<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:523.5979px; bottom:231.1116px;\">disposed<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:544.3688px; bottom:221.3616px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:583.04755px; bottom:260.3616px;\">Am<span class=\"_ _0\"></span>ount</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls24e ws24f\" style=\"left:580.1535px; bottom:250.6116px;\"> recyc<span class=\"_ _0\"></span>led</div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:593.0603px; bottom:240.8616px;\"> from<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:581.2048px; bottom:231.1116px;\">reserves<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:601.8805px; bottom:221.3616px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:626.8259px; bottom:240.8616px;\">Underlying<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:650.85254px; bottom:231.1116px;\">gain<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:221.3616px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:206.03201px;\">34.3.<span class=\"_ _59\"></span>1<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\">2 June 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _b2\"> </span>B<span class=\"_ _0\"></span>C Chil<span class=\"_ _0\"></span>dren\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>nd BC Wo<span class=\"_ _0\"></span>men\u2019s </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:133.97438px; bottom:193.03201px;\">Hospit<span class=\"_ _0\"></span>als</div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:177.36928px; bottom:195.62941px;\">#<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:298.79785px; bottom:206.03201px;\">Equity interest sale<span class=\"_ _b4\"> </span><span class=\"ls3 ws0\">70%<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _109\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _346\"> </span></span></span>4<span class=\"_ _40\"> </span>7<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:179.00241px;\">34.3.2<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">6 Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>21<span class=\"_ _af\"> </span><span class=\"ls35 ws34\">Woo<span class=\"_ _0\"></span>dland View Hospital</span></span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:248.75345px; bottom:181.59981px;\">+<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:298.79785px; bottom:179.00241px;\">Equity interest sale<span class=\"_ _bb\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0%<span class=\"_ _2e\"> </span><span class=\"ls3 ws0\">8<span class=\"_ _f8\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _f9\"> </span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:164.97281px;\">34.3.3<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">6 Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>21<span class=\"_ _af\"> </span>N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h West Fi<span class=\"_ _0\"></span>re &amp; Rescu<span class=\"_ _0\"></span>e</span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:256.7184px; bottom:167.5702px;\">+<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:298.79785px; bottom:164.97281px;\">Equity interest sale<span class=\"_ _bb\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0%<span class=\"_ _f8\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _40\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _40\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _f9\"> </span>5<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:150.9432px;\">34.3.4<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">6 Augu<span class=\"_ _0\"></span>st 20<span class=\"_ _0\"></span>21<span class=\"_ _1bd\"> </span><span class=\"ls10 wse\">A<span class=\"_ _0\"></span>berdeen Western Peripheral </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:133.97438px; bottom:137.9432px;\">Ro<span class=\"_ _0\"></span>ute</div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:161.1869px; bottom:140.5406px;\">#<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:298.79785px; bottom:150.9432px;\">Equit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nterest sa<span class=\"_ _0\"></span>le <span class=\"_ _52\"> </span><span class=\"lsa3 ws124\">3<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>3%<span class=\"_ _82\"> </span><span class=\"lsf9 ws29\">29<span class=\"_ _41\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _1\"></span>21)<span class=\"_ _c4\"> </span></span></span></span>3<span class=\"_ _12c\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:123.913605px;\">34.3.5<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">26 O<span class=\"_ _0\"></span>ctob<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21<span class=\"_ _d\"> </span><span class=\"ls5 ws4\">Riverchase L<span class=\"_ _0\"></span>anding</span></span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:224.88284px; bottom:126.511px;\">^</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:229.1626px; bottom:123.913605px;\"> <span class=\"_ _183\"> </span>A<span class=\"_ _0\"></span>sset s<span class=\"_ _0\"></span>ale <span class=\"_ _360\"> </span><span class=\"ls8e wse2\">n/a<span class=\"_ _78\"> </span></span>3<span class=\"_ _40\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _75\"> </span></span>\u2013<span class=\"_ _40\"> </span>2<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:3.1451035px; bottom:109.884px;\">34.3.6<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">1<span class=\"_ _6\"></span>2 N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21<span class=\"_ _1cd\"> </span><span class=\"lsf8 wse1\">Zephyr Ridge</span></span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:195.11664px; bottom:112.481415px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:298.79785px; bottom:109.884px;\">As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _2d\"> </span></span>9<span class=\"_ _f9\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _40\"> </span>7<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls141 ws129\" style=\"left:488.2527px; bottom:95.8544px;\">80<span class=\"_ _86\"> </span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _12c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _41\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:38.118744px; bottom:81.824814px;\">Ad<span class=\"_ _0\"></span>d: Proc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds rec<span class=\"_ _0\"></span>eived i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to defer<span class=\"_ _0\"></span>red co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on on t<span class=\"_ _0\"></span>he sal<span class=\"_ _0\"></span>e of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:38.118744px; bottom:68.82481px;\">Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (F<span class=\"_ _0\"></span>ife) Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:493.88837px; bottom:81.824814px;\">1<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:38.118744px; bottom:54.795334px;\">Disposal proceeds per th<span class=\"_ _6\"></span>e Directors\u2019<span class=\"_ _6\"></span> valuation<span class=\"_ _2dc\"> </span><span class=\"ls9b wse4\">81<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:31.39534px;\"># <span class=\"_ _4\"> </span>Di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of j<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t vent<span class=\"_ _0\"></span>ure.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:16.660225px;\">+ <span class=\"_ _2c\"> </span>D<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of sub<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:1.9251175px;\">^ <span class=\"_ _2c\"> </span>D<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in a jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>re ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:837.92456px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls119 wsff\" style=\"left:0.0066986084px; bottom:782.66205px;\">34 A<span class=\"_ _6\"></span>cquisitions<span class=\"_ _6\"></span> and disposals<span class=\"_ _6\"></span><span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:766.41205px;\">34<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 Pr<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:753.41205px;\">34.3.<span class=\"_ _59\"></span>1<span class=\"ff4e ls3 ws0\"> On 2 Ju<span class=\"_ _0\"></span>ne 20<span class=\"_ _0\"></span>21, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of i<span class=\"_ _0\"></span>ts enti<span class=\"_ _0\"></span>re 70% interest in Af<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>init<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rshi<span class=\"_ _0\"></span>ps (the B<span class=\"_ _0\"></span>C Chil<span class=\"_ _0\"></span>dren\u2019s and BC Wome<span class=\"_ _0\"></span>n\u2019<span class=\"_ _6\"></span>s H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ls </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:740.41205px;\">con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated in Vanc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ver<span class=\"_ _6\"></span>, C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nad<span class=\"_ _0\"></span>a) for a c<span class=\"_ _0\"></span>ash co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in a net g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>7m be<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n </div><div class=\"t m0 h26 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:724.8121px;\">und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g profit<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng a ga<span class=\"_ _0\"></span>in of \u00a34<span class=\"_ _0\"></span>m in resp<span class=\"_ _0\"></span>ect of P<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>P finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ves re<span class=\"_ _0\"></span>cycl<span class=\"_ _0\"></span>ed to the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al.<span class=\"ff56\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:705.3121px;\">34.3.2 <span class=\"ff4e ls3 ws0\">On 6 July 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its ent<span class=\"_ _0\"></span>ire 100% intere<span class=\"_ _0\"></span>st in Wo<span class=\"_ _0\"></span>odl<span class=\"_ _0\"></span>and V<span class=\"_ _0\"></span>iew P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>o Ltd for a c<span class=\"_ _0\"></span>ash co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m. </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:692.3121px;\">Th<span class=\"_ _0\"></span><span class=\"_ _399\">e disp</span><span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al resulte<span class=\"_ _0\"></span>d in a net g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m bei<span class=\"_ _0\"></span>ng rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ating p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g a ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:679.3121px;\">asset res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d a los<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g reser<span class=\"_ _0\"></span>ves re<span class=\"_ _0\"></span>cyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>sal i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:666.3121px;\">disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of \u00a3<span class=\"_ _0\"></span>2m. </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:646.8121px;\">34.3.3 <span class=\"ff4e ls3 ws0\">On 6 July 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its ent<span class=\"_ _0\"></span>ire 100% intere<span class=\"_ _0\"></span>st in Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Fire a<span class=\"_ _0\"></span>nd Res<span class=\"_ _0\"></span>cue N<span class=\"_ _0\"></span>W Ltd for a c<span class=\"_ _0\"></span>ash c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:633.8121px;\">\u00a31<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al resulte<span class=\"_ _0\"></span>d in a net ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>5m b<span class=\"_ _0\"></span>eing re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ng profi<span class=\"_ _0\"></span>t, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a g<span class=\"_ _0\"></span>ain of \u00a314m in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of PP<span class=\"_ _0\"></span>P </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:620.8121px;\">fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd a los<span class=\"_ _0\"></span>s of \u00a31<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>ing res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves rec<span class=\"_ _0\"></span>ycle<span class=\"_ _0\"></span>d to the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>tement on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:607.8121px;\">ca<span class=\"_ _0\"></span>sh disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of \u00a31m.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:588.3121px;\">34.3.4<span class=\"_ _6\"></span> <span class=\"ff4e ls20 ws0\">O<span class=\"_ _0\"></span>n 6 Aug<span class=\"_ _0\"></span>ust 2<span class=\"_ _0\"></span>021, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its ent<span class=\"_ _0\"></span>ire 3<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>3% interes<span class=\"_ _0\"></span>t in A<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rdee<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>ds H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>berd<span class=\"_ _0\"></span>een We<span class=\"_ _0\"></span>stern Pe<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>hera<span class=\"_ _0\"></span>l Rou<span class=\"_ _0\"></span>te) </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:575.3121px;\">for a ca<span class=\"_ _0\"></span>sh co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in a net g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _17\"></span>1m being rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g profit<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng a ga<span class=\"_ _0\"></span>in of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:562.3121px;\">\u00a34m i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of P<span class=\"_ _0\"></span>PP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d a los<span class=\"_ _0\"></span>s of \u00a31m in respec<span class=\"_ _0\"></span>t of hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g reser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s recyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al. </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:542.8121px;\">34.3.5<span class=\"_ _6\"></span> <span class=\"ff4e ls3 ws0\">O<span class=\"_ _0\"></span>n 26 O<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its Ri<span class=\"_ _0\"></span>verch<span class=\"_ _0\"></span>ase L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ding m<span class=\"_ _0\"></span>ultif<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set lo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d in Ho<span class=\"_ _0\"></span>over, Alab<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>a, for a total </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:529.8121px;\">ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ted in an un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>2m b<span class=\"_ _0\"></span>eing rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s share of joint ventu<span class=\"_ _0\"></span>res </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:516.8121px;\">and associates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:497.31207px;\">34.3.6<span class=\"_ _6\"></span> <span class=\"ff4e ls3 ws0\">O<span class=\"_ _0\"></span>n 1<span class=\"_ _6\"></span>2 N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of i<span class=\"_ _0\"></span>ts Ze<span class=\"_ _0\"></span>phyr R<span class=\"_ _0\"></span>idg<span class=\"_ _0\"></span>e mult<span class=\"_ _0\"></span>ifami<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>ty a<span class=\"_ _0\"></span>sset lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ated in Ze<span class=\"_ _0\"></span>phyr<span class=\"_ _0\"></span>hills<span class=\"_ _0\"></span>, Flor<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a, for a tota<span class=\"_ _0\"></span>l cas<span class=\"_ _0\"></span>h </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws8e\" style=\"left:0.0066986084px; bottom:484.31207px;\">con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in an u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>7m bein<span class=\"_ _0\"></span>g rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:464.81207px;\">In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>ls ab<span class=\"_ _0\"></span>ove, the Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d a fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r \u00a31m of deferred co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of it<span class=\"_ _0\"></span>s Mid<span class=\"_ _0\"></span>dle E<span class=\"_ _0\"></span>aster<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:451.81207px;\">joint ventu<span class=\"_ _0\"></span>res in 2017<span class=\"_ _17\"></span>. Th<span class=\"_ _0\"></span>is deferre<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on was i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s assess<span class=\"_ _0\"></span>ment of the g<span class=\"_ _0\"></span>ain o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:432.31207px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d \u00a31m of deferred co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal of it<span class=\"_ _0\"></span>s entire 5<span class=\"_ _0\"></span>0% interes<span class=\"_ _0\"></span>t in C<span class=\"_ _0\"></span>onso<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span>care (<span class=\"_ _0\"></span>Fife) H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:419.31207px;\">Ltd whic<span class=\"_ _0\"></span>h took p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>e in 2018. T<span class=\"_ _0\"></span>his d<span class=\"_ _0\"></span>eferred c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ider<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n was rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of the e<span class=\"_ _0\"></span>arn<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t agree<span class=\"_ _0\"></span>ment th<span class=\"_ _0\"></span>at was e<span class=\"_ _0\"></span>ntered into wit<span class=\"_ _0\"></span>h the bu<span class=\"_ _0\"></span>yer </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:406.31207px;\">as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of the di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal a<span class=\"_ _0\"></span>nd was i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s assessm<span class=\"_ _0\"></span>ent of the a<span class=\"_ _0\"></span>ddi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nal g<span class=\"_ _0\"></span>ain on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osal re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in 2019.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:383.56207px;\">3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.7 Sub<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls25f ws25f\" style=\"left:0.0066986084px; bottom:333.5121px;\">Net assets<span class=\"_ _6\"></span> disposed<span class=\"_ _361\"> </span><span class=\"ff4e ls9b wse4\">Note<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:468.0067px; bottom:353.0121px;\">Woo<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d V<span class=\"_ _0\"></span>iew </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:474.26736px; bottom:343.2621px;\">Pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>o Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:513.261px; bottom:333.5121px;\">\u00a3m </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:543.4878px; bottom:362.7621px;\">Ba<span class=\"_ _0\"></span>lfou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:537.9801px; bottom:353.0121px;\">Fire a<span class=\"_ _0\"></span>nd R<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>cue </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:566.811px; bottom:343.2621px;\">N<span class=\"_ _0\"></span>W Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:584.14703px; bottom:333.5121px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:343.2621px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:333.5121px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:318.1825px;\">PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _247\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _139\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _139\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _11c\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:304.1529px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _121\"> </span><span class=\"lsae ws99\">33.<span class=\"_ _0\"></span>3<span class=\"_ _15\"> </span><span class=\"ls63 wsa1\">(<span class=\"_ _0\"></span>41)<span class=\"_ _2e\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>0)<span class=\"_ _11c\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws140\" style=\"left:0.0066986084px; bottom:290.1233px;\">De<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"_ _362\"> </span><span class=\"lsff wse6\">2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>.1<span class=\"_ _ef\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _117\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _1f2\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:276.0937px;\">Derivative financial instruments<span class=\"_ _12b\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _0\"></span>)<span class=\"_ _58\"> </span><span class=\"lsfb ws13a\">(14<span class=\"_ _0\"></span>)<span class=\"_ _11c\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:262.0641px;\">Net wo<span class=\"_ _0\"></span>rkin<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al <span class=\"_ _363\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _f5\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _139\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:248.03448px;\">C<span class=\"_ _0\"></span>ash <span class=\"_ _364\"> </span>2<span class=\"_ _f0\"> </span>1<span class=\"_ _10\"> </span>3<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:519.39014px; bottom:234.00488px;\">5<span class=\"_ _f0\"> </span>9<span class=\"_ _7f\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:219.97528px;\">Cash consideration<span class=\"_ _365\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _16f\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>11)<span class=\"_ _16f\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:205.94568px;\">A<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts rec<span class=\"_ _0\"></span>ycl<span class=\"_ _0\"></span>ed fro<span class=\"_ _0\"></span>m rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves<span class=\"_ _366\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2b\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _89\"> </span>(3)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:191.91608px;\">Ga<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>n di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _367\"> </span><span class=\"ff4e ls40 ws26\">(3)<span class=\"_ _139\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _139\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:177.8866px;\">Ne<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ow e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:163.857px;\">T<span class=\"_ _17\"></span>otal consideration<span class=\"_ _367\"> </span><span class=\"ls3 ws0\">8<span class=\"_ _1f2\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _1f2\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:149.82742px;\">C<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sed<span class=\"_ _23a\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _f5\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _7f\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsaf ws9a\" style=\"left:0.0066986084px; bottom:135.79782px;\">Net cash<span class=\"_ _6\"></span> c<span class=\"_ _0\"></span>onsideration<span class=\"_ _251\"> </span><span class=\"ff4e ls3 ws0\">6<span class=\"_ _f5\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _f5\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:100.04782px;\">35 S<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:87.04782px;\">Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny op<span class=\"_ _0\"></span>erates th<span class=\"_ _0\"></span>ree equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents, n<span class=\"_ _0\"></span>amel<span class=\"_ _0\"></span>y the Pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e Sha<span class=\"_ _0\"></span>re Pla<span class=\"_ _0\"></span>n (P<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>P), th<span class=\"_ _0\"></span>e Deferre<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:74.04782px;\">Bonu<span class=\"_ _0\"></span>s Pla<span class=\"_ _0\"></span>n (D<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>) and t<span class=\"_ _0\"></span>he Res<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>ted Sh<span class=\"_ _0\"></span>are Pl<span class=\"_ _0\"></span>an (R<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>). Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed total ex<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>ses rela<span class=\"_ _0\"></span>ting to eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:61.04782px;\">trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>7m). Refer to the Remun<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t for d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ils of the P<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>P and D<span class=\"_ _0\"></span>BP sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:41.547806px;\">Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny also o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ates three c<span class=\"_ _0\"></span>ash<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d share<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>sed p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt arr<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s, nam<span class=\"_ _0\"></span>ely t<span class=\"_ _0\"></span>he Sh<span class=\"_ _0\"></span>adow P<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>P (S<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>), the S<span class=\"_ _0\"></span>had<span class=\"_ _0\"></span>ow RS<span class=\"_ _0\"></span>P (S<span class=\"_ _0\"></span>RS<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>) </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.547806px;\">and th<span class=\"_ _0\"></span>e Sha<span class=\"_ _0\"></span>dow D<span class=\"_ _0\"></span>eferred B<span class=\"_ _0\"></span>onus P<span class=\"_ _0\"></span>lan (<span class=\"_ _0\"></span>SD<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>). Th<span class=\"_ _0\"></span>ese sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ents mir<span class=\"_ _0\"></span>ror th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons of th<span class=\"_ _0\"></span>e equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d P<span class=\"_ _0\"></span>SP<span class=\"_ _17\"></span>, R<span class=\"_ _0\"></span>SP </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.547806px;\">and D<span class=\"_ _0\"></span>BP pl<span class=\"_ _0\"></span>ans, t<span class=\"_ _0\"></span>he onl<span class=\"_ _0\"></span>y dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ce b<span class=\"_ _0\"></span>eing th<span class=\"_ _0\"></span>ey are set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d in ca<span class=\"_ _0\"></span>sh. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised tot<span class=\"_ _0\"></span>al exp<span class=\"_ _0\"></span>enses re<span class=\"_ _0\"></span>latin<span class=\"_ _0\"></span>g to cas<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.5478058px;\">pay<span class=\"_ _0\"></span>ment tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _17\"></span>1m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5m).<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:937.1375px;\">35 S<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:920.8875px;\">Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s in s<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:904.6375px;\">Equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>et<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re<span class=\"_ _1\"></span>-b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>ym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t aw<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:864.3375px;\">20<span class=\"_ _0\"></span>22 n<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r of a<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:514.6909px; bottom:883.8375px;\">PSP<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:485.56927px; bottom:874.0875px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:500.79095px; bottom:864.3375px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:581.2048px; bottom:883.8375px;\">DBP<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:553.40796px; bottom:874.0875px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:569.2808px; bottom:864.3375px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:650.85254px; bottom:883.8375px;\">RSP<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:621.9426px; bottom:874.0875px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:636.75525px; bottom:864.3375px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:849.00793px;\">Out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g at 1 Ja<span class=\"_ _0\"></span>nuar<span class=\"_ _1\"></span>y<span class=\"_ _12b\"> </span><span class=\"ff4d lsf9 ws29\">9,333,34<span class=\"_ _17\"></span>1<span class=\"_ _52\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>5<span class=\"_ _1c6\"> </span><span class=\"ls13e ws125\">3<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>7,<span class=\"_ _3b\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _3b\"> </span>5<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:834.97833px;\">Granted during the year<span class=\"_ _2c0\"> </span><span class=\"ff4d ls71 ws6b\">3,624,24<span class=\"_ _0\"></span>9<span class=\"_ _e\"> </span><span class=\"ls13e ws125\">9<span class=\"_ _3b\"></span>4<span class=\"_ _0\"></span>7,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _3b\"></span>2<span class=\"_ _8\"> </span><span class=\"ls127 ws95\">1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _3b\"></span>5<span class=\"_ _0\"></span>,1<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>4<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:820.9487px;\">Awards i<span class=\"_ _0\"></span>n lieu of di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _368\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _b2\"> </span><span class=\"ls13e ws125\">7<span class=\"_ _0\"></span>7,<span class=\"_ _3b\"> </span>5<span class=\"_ _3b\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _1b3\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:806.9191px;\">For<span class=\"_ _0\"></span>fei<span class=\"_ _0\"></span>ted dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year<span class=\"_ _339\"> </span><span class=\"ff4d ls1ad ws1a1\">(1,<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>41)<span class=\"_ _c8\"> </span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,78<span class=\"_ _0\"></span>7)<span class=\"_ _53\"> </span></span>(4<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:792.8895px;\">Exercised during the year<span class=\"_ _22c\"> </span><span class=\"ff4d lsa3 ws124\">(1,728<span class=\"_ _0\"></span>,70<span class=\"_ _0\"></span>4)<span class=\"_ _1c6\"> </span><span class=\"ls9c ws91\">(<span class=\"_ _0\"></span>619,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _4c\"> </span><span class=\"ls127 ws95\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>8<span class=\"_ _3b\"> </span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:778.8599px;\">Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _12d\"> </span><span class=\"ls7b ws13c\">9<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>616<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>5<span class=\"_ _50\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>15<span class=\"_ _52\"> </span><span class=\"ls2c ws9d\">3,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>00,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>26<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:764.83044px;\">E<span class=\"_ _0\"></span>xer<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _248\"> </span>\u2013<span class=\"_ _369\"> </span>\u2013<span class=\"_ _369\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:750.80084px;\">Wei<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ave<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l l<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>e (yea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s) <span class=\"_ _36a\"> </span><span class=\"ls9e wsb3\">1.<span class=\"_ _0\"></span>3<span class=\"_ _7b\"> </span>1.<span class=\"_ _0\"></span>3<span class=\"_ _7b\"> </span>1.<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:736.7713px;\">Wei<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ave<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e of e<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e fo<span class=\"_ _0\"></span>r awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ds e<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r <span class=\"_ _ef\"> </span><span class=\"ls71 ws6b\">262.<span class=\"_ _0\"></span>2<span class=\"_ _118\"> </span><span class=\"lse0 ws92\">256.6<span class=\"_ _af\"> </span><span class=\"ls252 ws3b\">242.2<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:691.92126px;\">20<span class=\"_ _0\"></span>21 nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r o<span class=\"_ _0\"></span>f aw<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsaf ws9a\" style=\"left:520.03656px; bottom:711.42126px;\">PSP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:495.9804px; bottom:701.67126px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:509.18323px; bottom:691.92126px;\">awards<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls139 ws120\" style=\"left:583.04755px; bottom:711.42126px;\">DBP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:561.0149px; bottom:701.67126px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:573.6274px; bottom:691.92126px;\">awards<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:648.716px; bottom:711.42126px;\">RSP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:624.5585px; bottom:701.67126px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:638.8697px; bottom:691.92126px;\">awards<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:676.5917px;\">Out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g at 1 Ja<span class=\"_ _0\"></span>nuar<span class=\"_ _1\"></span>y<span class=\"_ _2ec\"> </span><span class=\"ls2e ws2c\">9,558,56<span class=\"_ _0\"></span>3<span class=\"_ _d\"> </span><span class=\"ls1a3 ws193\">2,309,364<span class=\"_ _b7\"> </span><span class=\"ls63 wsa1\">3<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>41,<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>9<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:662.5621px;\">Granted during the year<span class=\"_ _2b8\"> </span><span class=\"ls9f ws194\">3<span class=\"_ _3b\"></span>,<span class=\"_ _1\"></span>0<span class=\"_ _3b\"> </span>0<span class=\"_ _1\"></span>7,<span class=\"_ _3b\"></span>3<span class=\"_ _3b\"></span>4<span class=\"_ _3b\"></span>3<span class=\"_ _d2\"> </span><span class=\"ls63 wsa1\">419<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3b\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _b7\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _3b\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:648.5325px;\">Awards i<span class=\"_ _0\"></span>n lieu of di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _36b\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls156 ws143\">3<span class=\"_ _3b\"></span>3<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>5<span class=\"_ _c0\"> </span><span class=\"ls9f ws194\">5<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>9<span class=\"_ _3b\"></span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:634.50287px;\">For<span class=\"_ _0\"></span>fei<span class=\"_ _0\"></span>ted dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year<span class=\"_ _106\"> </span><span class=\"lscc ws94\">(<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1,7<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1bd\"> </span><span class=\"lsa4 ws86\">(<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _b6\"> </span><span class=\"lsf wsd\">(3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9,3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:620.47327px;\">Exercised during the year<span class=\"_ _128\"> </span><span class=\"lsb5 ws9f\">(9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0,<span class=\"_ _6\"></span>787)<span class=\"_ _b6\"> </span>(<span class=\"_ _0\"></span>7<span class=\"_ _17\"></span>4<span class=\"_ _0\"></span>8,260)<span class=\"_ _23\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,7<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:606.44366px;\">Outstanding at<span class=\"_ _6\"></span> 31 December<span class=\"_ _247\"> </span><span class=\"ls1a3 ws193\">9,333,3<span class=\"_ _0\"></span>4<span class=\"_ _17\"></span>1<span class=\"_ _b7\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _16b\"> </span><span class=\"ls9f ws194\">3<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:592.41406px;\">E<span class=\"_ _0\"></span>xercisa<span class=\"_ _0\"></span>ble at 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er<span class=\"_ _276\"> </span>\u2013<span class=\"_ _1f2\"> </span>\u2013<span class=\"_ _1f2\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:578.38446px;\">Weighte<span class=\"_ _0\"></span>d averag<span class=\"_ _0\"></span>e remai<span class=\"_ _0\"></span>ning c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al life (ye<span class=\"_ _0\"></span>ars)<span class=\"ff4d\"> <span class=\"_ _2c8\"> </span></span><span class=\"ls1b4 ws110\">1.<span class=\"_ _0\"></span>2<span class=\"_ _99\"> </span>1.<span class=\"_ _0\"></span>2<span class=\"_ _99\"> </span>1.<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:564.35486px;\">Weighte<span class=\"_ _0\"></span>d averag<span class=\"_ _0\"></span>e share p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>e at the d<span class=\"_ _0\"></span>ate of exercise for awa<span class=\"_ _0\"></span>rds exercise<span class=\"_ _0\"></span>d in the ye<span class=\"_ _0\"></span>ar <span class=\"_ _1e9\"> </span><span class=\"ls1b4 ws110\">3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>1.<span class=\"_ _0\"></span>0<span class=\"_ _30\"> </span><span class=\"ls73 ws6d\">29<span class=\"_ _0\"></span>8.6<span class=\"_ _aa\"> </span></span>2<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>1.<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:539.0049px;\">Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>udin<span class=\"_ _0\"></span>g expe<span class=\"_ _0\"></span>cted vo<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d from th<span class=\"_ _0\"></span>e histor<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al week<span class=\"_ _0\"></span>ly sh<span class=\"_ _0\"></span>are pri<span class=\"_ _0\"></span>ce move<span class=\"_ _0\"></span>ments ove<span class=\"_ _0\"></span>r the three<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>year p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:526.0049px;\">imme<span class=\"_ _0\"></span>diatel<span class=\"_ _0\"></span>y prec<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e award d<span class=\"_ _0\"></span>ate, used b<span class=\"_ _0\"></span>y the co<span class=\"_ _0\"></span>nsult<span class=\"_ _0\"></span>ants i<span class=\"_ _0\"></span>n the sto<span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>stic m<span class=\"_ _0\"></span>ode<span class=\"_ _0\"></span>l for the 3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3% of the P<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>P award<span class=\"_ _0\"></span>s grante<span class=\"_ _0\"></span>d in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:513.0049px;\">to market co<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>, were:<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:453.2049px;\">Awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d da<span class=\"_ _0\"></span>te<span class=\"_ _ef\"> </span>N<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f aw<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:310.5236px; bottom:462.9549px;\">Nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r o<span class=\"_ _0\"></span>f</div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:321.2885px; bottom:453.2049px;\"> award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:386.04996px; bottom:492.2049px;\">Closing<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:393.6907px; bottom:482.4549px;\">sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:384.7414px; bottom:472.7049px;\">pr<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ce o<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:371.0377px; bottom:462.9549px;\">awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d da<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls159 ws147\" style=\"left:391.23334px; bottom:453.2049px;\">Penc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:441.22px; bottom:482.4549px;\">Expected<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:432.49976px; bottom:472.7049px;\">volatility of<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:452.13367px; bottom:462.9549px;\">shares<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:470.50262px; bottom:453.2049px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1a3 ws193\" style=\"left:504.9845px; bottom:482.4549px;\">Expected<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:511.35724px; bottom:472.7049px;\">te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>m of<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:511.35724px; bottom:462.9549px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls98 ws5a\" style=\"left:519.03503px; bottom:453.2049px;\">Ye<span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:568.27124px; bottom:482.4549px;\">Risk-free<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:573.6274px; bottom:472.7049px;\">interes<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:587.63525px; bottom:462.9549px;\">rate<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:595.88153px; bottom:453.2049px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:624.5585px; bottom:492.2049px;\">Calcula<span class=\"_ _0\"></span>ted<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:629.89874px; bottom:482.4549px;\">fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:646.935px; bottom:472.7049px;\">of a<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:641.6434px; bottom:462.9549px;\">award<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls159 ws147\" style=\"left:642.6464px; bottom:453.2049px;\">Penc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:437.87527px;\">1 A<span class=\"_ _0\"></span>pril 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _7b\"> </span>P<span class=\"_ _0\"></span>SP awa<span class=\"_ _0\"></span>rd<span class=\"_ _a6\"> </span><span class=\"ff4d ls71 ws6b\">3,624,<span class=\"_ _0\"></span>249<span class=\"_ _a0\"> </span><span class=\"lse0 ws92\">256.8<span class=\"_ _bb\"> </span><span class=\"ls2c ws9d\">33<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>9%<span class=\"_ _c4\"> </span>3.0<span class=\"_ _b0\"> </span><span class=\"ls9e wsb3\">1.4<span class=\"_ _1\"></span>0<span class=\"_ _b2\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.0<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:412.52527px;\">For t<span class=\"_ _0\"></span>he 6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.7% of the PS<span class=\"_ _0\"></span>P award<span class=\"_ _0\"></span>s grante<span class=\"_ _0\"></span>d in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 subj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>arket co<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>nd for the D<span class=\"_ _0\"></span>BP a<span class=\"_ _0\"></span>nd RS<span class=\"_ _0\"></span>P award<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e fair </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:399.52527px;\">value of t<span class=\"_ _0\"></span>he award<span class=\"_ _0\"></span>s is the c<span class=\"_ _0\"></span>losi<span class=\"_ _0\"></span>ng sha<span class=\"_ _0\"></span>re pric<span class=\"_ _0\"></span>e on th<span class=\"_ _0\"></span>e date of gr<span class=\"_ _0\"></span>ant.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsae ws99\" style=\"left:0.009376526px; bottom:376.77527px;\">Cash-se<span class=\"_ _0\"></span>ttled share-based payme<span class=\"_ _6\"></span>nt awards<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:336.47528px;\">20<span class=\"_ _0\"></span>22 n<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r of a<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:514.6909px; bottom:355.97528px;\">SPSP<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:490.59326px; bottom:346.22528px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:506.17462px; bottom:336.47528px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:577.92255px; bottom:355.97528px;\">SDBP<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:555.35016px; bottom:346.22528px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:570.3055px; bottom:336.47528px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:642.6464px; bottom:355.97528px;\">SRSP<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:619.19745px; bottom:346.22528px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d wsae\" style=\"left:635.6787px; bottom:336.47528px;\">award<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:321.14566px;\">Out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g at 1 Ja<span class=\"_ _0\"></span>nuar<span class=\"_ _1\"></span>y<span class=\"_ _2ec\"> </span><span class=\"ff4d lsa8 ws96\">8,5<span class=\"_ _0\"></span>38,<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>3<span class=\"_ _b7\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>5,<span class=\"_ _1\"></span>815<span class=\"_ _19e\"> </span><span class=\"ls36 ws35\">1<span class=\"_ _6\"></span>,480<span class=\"_ _6\"></span>,557<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:307.11606px;\">Granted during the year<span class=\"_ _235\"> </span><span class=\"ff4d lsa3 ws124\">2,7<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>,73<span class=\"_ _0\"></span>3<span class=\"_ _1bd\"> </span><span class=\"ls1e ws30\">6<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>6<span class=\"_ _1bd\"> </span><span class=\"ls3 ws0\">49<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>50<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:293.0865px;\">Awards i<span class=\"_ _0\"></span>n lieu of di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _36b\"> </span>\u2013<span class=\"_ _e\"> </span><span class=\"ff4d ls34 ws33\">5<span class=\"_ _0\"></span>3,3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _e\"> </span><span class=\"ls29 ws25\">35,<span class=\"_ _1\"></span>29<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:279.0569px;\">For<span class=\"_ _0\"></span>fei<span class=\"_ _0\"></span>ted dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year<span class=\"_ _237\"> </span><span class=\"ff4d\">(1<span class=\"_ _6\"></span>,<span class=\"_ _0\"></span>314,076)<span class=\"_ _15\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _53\"> </span></span><span class=\"ls7b ws13c\">(216,<span class=\"_ _1\"></span>919)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:265.0274px;\">Exercised during the year<span class=\"_ _125\"> </span><span class=\"ff4d lsa4 ws86\">(1,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>7)<span class=\"_ _51\"> </span><span class=\"ls8c ws8d\">(316,0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _1a6\"> </span><span class=\"ls36 ws35\">(<span class=\"_ _6\"></span>451<span class=\"_ _17\"></span>,462<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:250.9978px;\">Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _36c\"> </span><span class=\"lsf9 ws29\">8,383,533<span class=\"_ _32\"> </span><span class=\"ls2e ws2c\">1,598,936<span class=\"_ _32\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:236.9682px;\">E<span class=\"_ _0\"></span>xer<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _36d\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1f2\"> </span>\u2013<span class=\"_ _f5\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:222.9386px;\">Wei<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ave<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l l<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>e (yea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s) <span class=\"_ _210\"> </span><span class=\"ls13e ws125\">1<span class=\"_ _0\"></span>.1<span class=\"_ _99\"> </span><span class=\"ls9e wsb3\">1.<span class=\"_ _0\"></span>2<span class=\"_ _95\"> </span>1.<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:208.909px;\">Wei<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ave<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e of e<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e fo<span class=\"_ _0\"></span>r awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ds e<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r <span class=\"_ _1de\"> </span><span class=\"ls2c ws9d\">2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>3.0<span class=\"_ _30\"> </span><span class=\"ls8e wse2\">25<span class=\"_ _0\"></span>9.5<span class=\"_ _30\"> </span><span class=\"ls5 ws4\">26<span class=\"_ _0\"></span>0.6<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:183.559px;\">As a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment aw<span class=\"_ _0\"></span>ards am<span class=\"_ _0\"></span>ounted to \u00a3<span class=\"_ _0\"></span>21m </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:170.559px;\">(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span><span class=\"_ _399\">: \u00a313m). This l</span><span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y ha<span class=\"_ _0\"></span>s bee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d withi<span class=\"_ _0\"></span>n acc<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>als.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:130.259px;\">20<span class=\"_ _0\"></span>21 nu<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r o<span class=\"_ _0\"></span>f aw<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsaf ws9a\" style=\"left:514.6909px; bottom:149.759px;\">SPSP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:495.9804px; bottom:140.009px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:509.18323px; bottom:130.259px;\">awards<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls139 ws120\" style=\"left:577.92255px; bottom:149.759px;\">SDBP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:561.0149px; bottom:140.009px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:573.6274px; bottom:130.259px;\">awards<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:644.402px; bottom:149.759px;\">SRSP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:624.5585px; bottom:140.009px;\">conditional<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:638.8697px; bottom:130.259px;\">awards<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:114.9294px;\">Out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g at 1 Ja<span class=\"_ _0\"></span>nuar<span class=\"_ _1\"></span>y<span class=\"_ _106\"> </span><span class=\"lsb5 ws9f\">8,87<span class=\"_ _6\"></span>6,597<span class=\"_ _19e\"> </span><span class=\"lsf wsd\">1<span class=\"_ _6\"></span>,0<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _17\"></span>,0<span class=\"_ _0\"></span>30<span class=\"_ _32\"> </span><span class=\"lsb5 ws9f\">1<span class=\"_ _6\"></span>,34<span class=\"_ _0\"></span>8,282<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:100.899796px;\">Granted during the year<span class=\"_ _235\"> </span><span class=\"ls156 ws143\">2<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>5<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>6<span class=\"_ _3b\"> </span>6<span class=\"_ _3b\"></span>8<span class=\"_ _1c7\"> </span><span class=\"ls3c ws3a\">3<span class=\"_ _0\"></span>07<span class=\"_ _17\"></span>,707<span class=\"_ _1ce\"> </span>426<span class=\"_ _0\"></span>,3<span class=\"_ _0\"></span>77<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:86.87021px;\">Awards i<span class=\"_ _0\"></span>n lieu of di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s<span class=\"_ _36b\"> </span>\u2013<span class=\"_ _81\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>5<span class=\"_ _3b\"></span>,17<span class=\"_ _1\"></span>1<span class=\"_ _b4\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:72.84061px;\">For<span class=\"_ _0\"></span>fei<span class=\"_ _0\"></span>ted dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year<span class=\"_ _28b\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,11<span class=\"_ _0\"></span>3<span class=\"_ _3b\"></span>)<span class=\"_ _ba\"> </span><span class=\"lsa2 ws2a\">(52,950)<span class=\"_ _1ce\"> </span><span class=\"ls87 ws7e\">(20,<span class=\"_ _0\"></span>373)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:58.811134px;\">Exercised during the year<span class=\"_ _1c1\"> </span><span class=\"ls38 ws37\">(809,<span class=\"_ _6\"></span>289)<span class=\"_ _bb\"> </span><span class=\"ls156 ws143\">(<span class=\"_ _3b\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>4<span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>)<span class=\"_ _1a6\"> </span><span class=\"lsf9 ws29\">(29<span class=\"_ _0\"></span>0,59<span class=\"_ _0\"></span>0)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:44.781532px;\">Ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _36e\"> </span><span class=\"ff4e lsb5 ws9f\">8,538,8<span class=\"_ _0\"></span>63<span class=\"_ _19e\"> </span>1<span class=\"_ _6\"></span>,255,81<span class=\"_ _17\"></span>5<span class=\"_ _32\"> </span><span class=\"ls2e ws2c\">1<span class=\"_ _6\"></span>,4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0,557<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:30.75193px;\">E<span class=\"_ _0\"></span>xer<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _36d\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1f2\"> </span>\u2013<span class=\"_ _f5\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:16.722328px;\">Wei<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ave<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l l<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>e (yea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s) <span class=\"_ _210\"> </span><span class=\"ff4e lsff wse6\">1.1<span class=\"_ _99\"> </span><span class=\"ls1b4 ws110\">1.<span class=\"_ _1\"></span>2<span class=\"_ _99\"> </span>1.<span class=\"_ _1\"></span>4<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.6927338px;\">Wei<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ave<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e da<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e of e<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e fo<span class=\"_ _0\"></span>r awa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ds e<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>rc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r <span class=\"_ _172\"> </span><span class=\"ff4e ls1b4 ws110\">3<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>1.<span class=\"_ _1\"></span>5<span class=\"_ _30\"> </span><span class=\"lsa8 ws96\">29<span class=\"_ _0\"></span>8.0<span class=\"_ _12\"> </span><span class=\"ls87 ws7e\">3<span class=\"_ _0\"></span>20.2<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:837.0652px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:781.8027px;\">36 Commitmen<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:768.8027px;\">C<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al exp<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>iture au<span class=\"_ _0\"></span>thor<span class=\"_ _0\"></span>ised a<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>cted for w<span class=\"_ _0\"></span>hich h<span class=\"_ _0\"></span>as not b<span class=\"_ _0\"></span>een p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed for in th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atement<span class=\"_ _0\"></span>s amou<span class=\"_ _0\"></span>nted to \u00a35<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3ni<span class=\"_ _0\"></span>l) in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:755.8027px;\">the Gro<span class=\"_ _0\"></span>up an<span class=\"_ _0\"></span>d \u00a3nil (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil<span class=\"_ _0\"></span>) in the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:736.3027px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has c<span class=\"_ _0\"></span>ommit<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to provid<span class=\"_ _0\"></span>e its s<span class=\"_ _0\"></span>hare of fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>her e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g and su<span class=\"_ _0\"></span>bor<span class=\"_ _0\"></span>dinate<span class=\"_ _0\"></span>d deb<span class=\"_ _0\"></span>t in Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Investm<span class=\"_ _0\"></span>ents pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts whi<span class=\"_ _0\"></span>ch </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:720.7027px;\">have rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l clo<span class=\"_ _0\"></span>se. Refer to N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1(f).<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls87 ws7e\" style=\"left:0.0066986084px; bottom:690.8027px;\">37 Contingent<span class=\"_ _6\"></span> liabili<span class=\"_ _0\"></span>ties<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:677.8027px;\">Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny and c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in subs<span class=\"_ _0\"></span>idia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>akin<span class=\"_ _0\"></span>gs h<span class=\"_ _0\"></span>ave, in the no<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>al cou<span class=\"_ _0\"></span>rse of b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss, g<span class=\"_ _0\"></span>iven gu<span class=\"_ _0\"></span>arante<span class=\"_ _0\"></span>es and e<span class=\"_ _0\"></span>ntered into cou<span class=\"_ _0\"></span>nter-<span class=\"_ _0\"></span>inde<span class=\"_ _0\"></span>mniti<span class=\"_ _0\"></span>es </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:664.8027px;\">in resp<span class=\"_ _0\"></span>ect of b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds rela<span class=\"_ _0\"></span>ting to the G<span class=\"_ _0\"></span>roup\u2019s own co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd gi<span class=\"_ _0\"></span>ven gua<span class=\"_ _0\"></span>rantees i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of t<span class=\"_ _0\"></span>heir sh<span class=\"_ _0\"></span>are of cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns of joint<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:651.8027px;\">ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates and c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain retirem<span class=\"_ _0\"></span>ent ben<span class=\"_ _0\"></span>efit li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties of th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pensi<span class=\"_ _0\"></span>on Fun<span class=\"_ _0\"></span>d and th<span class=\"_ _0\"></span>e Rail<span class=\"_ _0\"></span>ways Pe<span class=\"_ _0\"></span>nsion S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>eme.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:638.8027px;\">Gua<span class=\"_ _0\"></span>rantees a<span class=\"_ _0\"></span>re treated a<span class=\"_ _0\"></span>s conti<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>nt liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s until su<span class=\"_ _0\"></span>ch tim<span class=\"_ _0\"></span>e as it be<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>mes pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent will b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uired un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e terms of t<span class=\"_ _0\"></span>he gu<span class=\"_ _0\"></span>arantee.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:619.3027px;\">Provi<span class=\"_ _0\"></span>sion h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en ma<span class=\"_ _0\"></span>de for th<span class=\"_ _0\"></span>e Direc<span class=\"_ _0\"></span>tors\u2019 b<span class=\"_ _0\"></span>est es<span class=\"_ _0\"></span>timate of k<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n leg<span class=\"_ _0\"></span>al cl<span class=\"_ _0\"></span>aims<span class=\"_ _0\"></span>, investig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons and l<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>al ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s in prog<span class=\"_ _0\"></span>ress<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p takes le<span class=\"_ _0\"></span>gal<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:606.3027px;\">adv<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e as to the likelih<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d of succ<span class=\"_ _0\"></span>ess of c<span class=\"_ _0\"></span>laim<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>ns and n<span class=\"_ _0\"></span>o provi<span class=\"_ _0\"></span>sion is m<span class=\"_ _0\"></span>ade w<span class=\"_ _0\"></span>here th<span class=\"_ _0\"></span>e Dire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n that a<span class=\"_ _0\"></span>dv<span class=\"_ _0\"></span>ice, t<span class=\"_ _0\"></span>hat the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:593.3027px;\">act<span class=\"_ _0\"></span>ion is u<span class=\"_ _0\"></span>nlikely to suc<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>d, o<span class=\"_ _0\"></span>r that th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ca<span class=\"_ _0\"></span>nnot make a suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>ntly reli<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e estim<span class=\"_ _0\"></span>ate of the p<span class=\"_ _0\"></span>otential o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls9 ws8\" style=\"left:0.0066986084px; bottom:563.4027px;\">38 Related par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y transac<span class=\"_ _0\"></span>tions<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:547.1527px;\">Joint<span class=\"_ _6\"></span> ventures and<span class=\"_ _6\"></span> assoc<span class=\"_ _0\"></span>iates<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:534.1527px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cted w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>, provid<span class=\"_ _0\"></span>ed s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces to, an<span class=\"_ _0\"></span>d recei<span class=\"_ _0\"></span>ved m<span class=\"_ _0\"></span>anag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt fees from<span class=\"_ _0\"></span>, cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain jo<span class=\"_ _0\"></span>int ventures a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates am<span class=\"_ _0\"></span>ountin<span class=\"_ _0\"></span>g to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:521.1527px;\">\u00a34<span class=\"_ _1\"></span>47<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>325<span class=\"_ _0\"></span>m). Th<span class=\"_ _0\"></span>ese tr<span class=\"_ _0\"></span>ansa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons o<span class=\"_ _0\"></span>ccu<span class=\"_ _0\"></span>rred in t<span class=\"_ _0\"></span>he nor<span class=\"_ _0\"></span>mal c<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se of bus<span class=\"_ _0\"></span>ines<span class=\"_ _0\"></span>s at mar<span class=\"_ _0\"></span>ket rates and ter<span class=\"_ _0\"></span>ms. In a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n, the G<span class=\"_ _0\"></span>roup </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:508.1527px;\">proc<span class=\"_ _0\"></span>ured e<span class=\"_ _0\"></span>quip<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d lab<span class=\"_ _0\"></span>our o<span class=\"_ _0\"></span>n beh<span class=\"_ _0\"></span>alf of c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes whic<span class=\"_ _0\"></span>h were rech<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>ed at c<span class=\"_ _0\"></span>ost wi<span class=\"_ _0\"></span>th no m<span class=\"_ _0\"></span>ark-<span class=\"_ _0\"></span>up. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:495.1527px;\">due fro<span class=\"_ _0\"></span>m or to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes at the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ate are disc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>otes 24 and 2<span class=\"_ _0\"></span>5 respe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vely.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.0066986084px; bottom:472.4027px;\">T<span class=\"_ _17\"></span>rans<span class=\"_ _0\"></span>action<span class=\"_ _0\"></span>s with non-Group members<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:459.4027px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also entere<span class=\"_ _0\"></span>d into tran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns and h<span class=\"_ _0\"></span>ad amo<span class=\"_ _0\"></span>unts o<span class=\"_ _0\"></span>utst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>ith rel<span class=\"_ _0\"></span>ated pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ties w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h are not mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s of the G<span class=\"_ _0\"></span>roup as s<span class=\"_ _0\"></span>et out b<span class=\"_ _0\"></span>elow. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:446.4027px;\">Eac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny was a rela<span class=\"_ _0\"></span>ted pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as it wa<span class=\"_ _0\"></span>s cont<span class=\"_ _0\"></span>rolle<span class=\"_ _0\"></span>d, jo<span class=\"_ _0\"></span>intly c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lled o<span class=\"_ _0\"></span>r und<span class=\"_ _0\"></span>er sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ant inf<span class=\"_ _0\"></span>luenc<span class=\"_ _0\"></span>e by a Di<span class=\"_ _0\"></span>rector of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y plc.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:425.60272px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:415.85272px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:425.60272px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:415.85272px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:400.52313px;\">HMC<span class=\"_ _6\"></span> Archit<span class=\"_ _6\"></span>ec<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:386.49353px;\">Purchase of services<span class=\"_ _8e\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _3f\"> </span><span class=\"ff4e\">2<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:372.46393px;\">Am<span class=\"_ _0\"></span>ount owe<span class=\"_ _0\"></span>d to related p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es<span class=\"_ _314\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa2 ws2a\" style=\"left:0.0066986084px; bottom:358.43433px;\">Sev<span class=\"_ _6\"></span>er<span class=\"_ _0\"></span>field plc<span class=\"_ _36f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:344.40472px;\">Purc<span class=\"_ _0\"></span>hase of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s<span class=\"_ _370\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:330.37512px;\">Si<span class=\"_ _0\"></span>te A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>of<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>re L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:316.34552px;\">Purc<span class=\"_ _0\"></span>hase of s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces <span class=\"_ _371\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:290.9955px;\">Al<span class=\"_ _0\"></span>l trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h these re<span class=\"_ _0\"></span>lated p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s were co<span class=\"_ _0\"></span>nduc<span class=\"_ _0\"></span>ted on n<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>omme<span class=\"_ _0\"></span>rcial ter<span class=\"_ _0\"></span>ms, e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt to those c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>ucte<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h exter<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:277.9955px;\">No g<span class=\"_ _0\"></span>uara<span class=\"_ _0\"></span>ntees have b<span class=\"_ _0\"></span>een g<span class=\"_ _0\"></span>iven or re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved. N<span class=\"_ _0\"></span>o exp<span class=\"_ _0\"></span>ense h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in t<span class=\"_ _0\"></span>he year for b<span class=\"_ _0\"></span>ad o<span class=\"_ _0\"></span>r dou<span class=\"_ _0\"></span>bt<span class=\"_ _0\"></span>ful de<span class=\"_ _0\"></span>bts in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of am<span class=\"_ _0\"></span>ounts owe<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:264.9955px;\">by relate<span class=\"_ _0\"></span>d par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:242.24551px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n of ke<span class=\"_ _0\"></span>y ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>l o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:227.9455px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:218.1955px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:227.9455px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:218.1955px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:202.8659px;\">Shor<span class=\"_ _0\"></span>t-term benefits<span class=\"_ _15a\"> </span><span class=\"ff4d lsf wsd\">3.273<span class=\"_ _a1\"> </span></span><span class=\"ls2b ws28\">3.<span class=\"_ _6\"></span>000<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:188.8363px;\">Share<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>base<span class=\"_ _0\"></span>d payments<span class=\"_ _372\"> </span><span class=\"ff4d ls9e wsb3\">1.6<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _a3\"> </span></span><span class=\"ls1b4 ws110\">1.7<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls10 wse\" style=\"left:575.7854px; bottom:174.8067px;\">4.9<span class=\"_ _0\"></span>07<span class=\"_ _a0\"> </span><span class=\"ff4e ls4e ws3\">4<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:149.4567px;\">Key man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment pe<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>nnel c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rise t<span class=\"_ _0\"></span>he executi<span class=\"_ _0\"></span>ve Direc<span class=\"_ _0\"></span>tors w<span class=\"_ _0\"></span>ho are d<span class=\"_ _0\"></span>irect<span class=\"_ _0\"></span>ly res<span class=\"_ _0\"></span>pon<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e for the G<span class=\"_ _0\"></span>roup\u2019s activ<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s and th<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>executi<span class=\"_ _0\"></span>ve </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:136.4567px;\">Direc<span class=\"_ _0\"></span>tors<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsati<span class=\"_ _0\"></span>on inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed ab<span class=\"_ _0\"></span>ove is in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of the p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of th<span class=\"_ _0\"></span>e year du<span class=\"_ _0\"></span>ring w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h the in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>als were D<span class=\"_ _0\"></span>irecto<span class=\"_ _0\"></span>rs. Fur<span class=\"_ _1\"></span>ther det<span class=\"_ _0\"></span>ails </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:123.45685px;\">of Direc<span class=\"_ _0\"></span>tors\u2019 em<span class=\"_ _0\"></span>olum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, pos<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent ben<span class=\"_ _0\"></span>efits a<span class=\"_ _0\"></span>nd interest<span class=\"_ _0\"></span>s are set ou<span class=\"_ _0\"></span>t in the R<span class=\"_ _0\"></span>emune<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t on p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es 142 to 1<span class=\"_ _6\"></span>6<span class=\"_ _0\"></span>7<span class=\"_ _17\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:93.55682px;\">39 Even<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s af<span class=\"_ _1\"></span>te<span class=\"_ _0\"></span>r the r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:80.55682px;\">On 3 M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>roup rep<span class=\"_ _0\"></span>aid t<span class=\"_ _0\"></span>he third t<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>he of it<span class=\"_ _0\"></span>s 2013 US pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>ment notes a<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>ing to US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>7<span class=\"_ _0\"></span>3m). US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:67.55682px;\">these n<span class=\"_ _0\"></span>otes rema<span class=\"_ _0\"></span>in out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g and w<span class=\"_ _0\"></span>ill matu<span class=\"_ _0\"></span>re in Ma<span class=\"_ _0\"></span>rch 20<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:48.056824px;\">In the p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od fro<span class=\"_ _0\"></span>m 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23 to 13 March 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23 (<span class=\"_ _0\"></span>the la<span class=\"_ _0\"></span>test pra<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>ate pr<span class=\"_ _0\"></span>ior to the d<span class=\"_ _0\"></span>ate of this a<span class=\"_ _0\"></span>nnual re<span class=\"_ _0\"></span>por<span class=\"_ _1\"></span>t and ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nts), the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:35.05684px;\">Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d 1<span class=\"_ _6\"></span>2.7m ordina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res, wh<span class=\"_ _0\"></span>ich are he<span class=\"_ _0\"></span>ld in tre<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>ith n<span class=\"_ _0\"></span>o voting r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s, for a total c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ider<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of \u00a34<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>ding s<span class=\"_ _0\"></span>tam<span class=\"_ _0\"></span>p </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:22.056839px;\">dut<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d fees).<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.556839px;\">Th<span class=\"_ _0\"></span>ere were no oth<span class=\"_ _0\"></span>er mater<span class=\"_ _0\"></span>ial p<span class=\"_ _0\"></span>ost b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce sh<span class=\"_ _0\"></span>eet events ar<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g af<span class=\"_ _0\"></span>ter the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:891.5906px;\">40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsb0 ws9b\" style=\"left:0.009376526px; bottom:875.3406px;\">Capital<span class=\"_ _6\"></span> risk mana<span class=\"_ _6\"></span>gement<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:862.3406px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p man<span class=\"_ _0\"></span>ages i<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal to en<span class=\"_ _0\"></span>sure its a<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y to contin<span class=\"_ _0\"></span>ue as a go<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ern a<span class=\"_ _0\"></span>nd to maint<span class=\"_ _0\"></span>ain an o<span class=\"_ _0\"></span>ptim<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture to redu<span class=\"_ _0\"></span>ce th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:849.3406px;\">cos<span class=\"_ _0\"></span>t of ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nts of ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al are as fo<span class=\"_ _0\"></span>llows: e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble to e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ers of t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ising is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d ordin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:836.3406px;\">share c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>, reser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s and ret<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>nings a<span class=\"_ _0\"></span>s disc<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>otes 31 and 3<span class=\"_ _0\"></span>2; US p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ate pla<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ent as di<span class=\"_ _0\"></span>sclo<span class=\"_ _0\"></span>sed in N<span class=\"_ _0\"></span>ote 27; and c<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:823.3406px;\">equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ents an<span class=\"_ _0\"></span>d bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs as d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d in Note 27<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:803.8406px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p maint<span class=\"_ _0\"></span>ains o<span class=\"_ _0\"></span>r adju<span class=\"_ _0\"></span>sts it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture throu<span class=\"_ _0\"></span>gh th<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>ment of di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s to equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s, is<span class=\"_ _0\"></span>sue of new sh<span class=\"_ _0\"></span>ares and b<span class=\"_ _0\"></span>uy<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ck of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:790.8406px;\">existin<span class=\"_ _0\"></span>g share<span class=\"_ _0\"></span>s, and d<span class=\"_ _0\"></span>rawd<span class=\"_ _0\"></span>own of new b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s and re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment of exis<span class=\"_ _0\"></span>ting b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>y of the G<span class=\"_ _0\"></span>roup is to ens<span class=\"_ _0\"></span>ure an ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:777.8406px;\">bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>ween c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h, bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs (ot<span class=\"_ _0\"></span>her th<span class=\"_ _0\"></span>an the n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es eng<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed in I<span class=\"_ _0\"></span>nfrast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s proje<span class=\"_ _0\"></span>cts), </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:764.8406px;\">working capital and the value in the In<span class=\"_ _6\"></span>frastr<span class=\"_ _0\"></span>ucture Inv<span class=\"_ _6\"></span>estments investment port<span class=\"_ _0\"></span>folio.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:745.3406px;\">Th<span class=\"_ _0\"></span>e overall c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al risk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nt stra<span class=\"_ _0\"></span>tegy of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p rema<span class=\"_ _0\"></span>ins unc<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ged f<span class=\"_ _0\"></span>rom 20<span class=\"_ _0\"></span>21. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:725.8406px;\">In 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>ed the s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nd ph<span class=\"_ _0\"></span>ase of it<span class=\"_ _0\"></span>s share b<span class=\"_ _0\"></span>uy<span class=\"_ _0\"></span>bac<span class=\"_ _0\"></span>k prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>me, whi<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>leted on 15 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:712.8406px;\">purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d 52.<span class=\"_ _0\"></span>0m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021: 50.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m) share<span class=\"_ _0\"></span>s for a total c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of \u00a3<span class=\"_ _0\"></span>150<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3150<span class=\"_ _0\"></span>m) an<span class=\"_ _0\"></span>d hel<span class=\"_ _0\"></span>d these i<span class=\"_ _0\"></span>n treasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y wi<span class=\"_ _0\"></span>th no votin<span class=\"_ _0\"></span>g rig<span class=\"_ _0\"></span>hts. T<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:699.8406px;\">purch<span class=\"_ _0\"></span>ase of th<span class=\"_ _0\"></span>ese sh<span class=\"_ _0\"></span>ares, tog<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r with a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted fees an<span class=\"_ _0\"></span>d sta<span class=\"_ _0\"></span>mp dut<span class=\"_ _1\"></span>y amount<span class=\"_ _0\"></span>ing to \u00a31m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31m), utilise<span class=\"_ _0\"></span>d \u00a315<span class=\"_ _6\"></span>1m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a315<span class=\"_ _6\"></span>1m) of the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:686.8406px;\">Company\u2019<span class=\"_ _6\"></span>s distributable pro<span class=\"_ _6\"></span>fits.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:667.3406px;\">On 7 J<span class=\"_ _0\"></span>une 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and 2<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany c<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span>d the 5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3m tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y shares an<span class=\"_ _0\"></span>d 52.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m treasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d throu<span class=\"_ _0\"></span>gh the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:654.3406px;\">20<span class=\"_ _0\"></span>21 and 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 ph<span class=\"_ _0\"></span>ases of i<span class=\"_ _0\"></span>ts sh<span class=\"_ _0\"></span>are buy<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ck pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>mme res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>ly. These c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns resulte<span class=\"_ _0\"></span>d in dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es in c<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>p share c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital i<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:641.3406px;\">issue tot<span class=\"_ _0\"></span>allin<span class=\"_ _0\"></span>g \u00a351<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il) an<span class=\"_ _0\"></span>d cor<span class=\"_ _0\"></span>resp<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>ing inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es in the c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al rede<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on reser<span class=\"_ _1\"></span>ve.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:618.5906px;\">Categorie<span class=\"_ _0\"></span>s of financial inst<span class=\"_ _0\"></span>rument<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:79.98732px; bottom:588.0406px;\">Loans and<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:75.569534px; bottom:578.2906px;\">receivables </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls10d ws25f\" style=\"left:73.32625px; bottom:568.5406px;\">at am<span class=\"_ _6\"></span>or<span class=\"_ _0\"></span>tised </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:81.76091px; bottom:558.7906px;\">co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws98\" style=\"left:73.32625px; bottom:549.0406px;\">and deposits </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:102.04547px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:108.58005px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:140.16939px; bottom:578.2906px;\">Financial </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:130.60516px; bottom:568.5406px;\">liabilities at<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls25f ws25f\" style=\"left:135.85222px; bottom:558.7906px;\">amortised </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:159.49194px; bottom:549.0406px;\">co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:158.04128px; bottom:539.2906px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:163.20578px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:188.25444px; bottom:588.0406px;\">Financial </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:188.25444px; bottom:578.2906px;\">as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:188.25444px; bottom:568.5406px;\">fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:192.72604px; bottom:558.7906px;\">through<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:208.93106px; bottom:549.0406px;\">OCI<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:205.02771px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:211.33438px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:236.53253px; bottom:578.2906px;\">Financial </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:236.53253px; bottom:568.5406px;\">as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls25f ws25f\" style=\"left:231.72464px; bottom:558.7906px;\">amortised </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:254.70251px; bottom:549.0406px;\">cost<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:253.513px; bottom:539.2906px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:259.61365px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:280.9095px; bottom:588.0406px;\">Financial </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:280.9095px; bottom:578.2906px;\">as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:279.8318px; bottom:568.5406px;\">fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:285.0202px; bottom:558.7906px;\">through<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:300.30963px; bottom:549.0406px;\">P&amp;<span class=\"_ _0\"></span>L </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:296.84293px; bottom:539.2906px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:303.61346px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:323.25333px; bottom:549.0406px;\">Derivativ<span class=\"_ _6\"></span>es </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:348.7029px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:355.44614px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:386.04996px; bottom:597.7906px;\">Lo<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:381.30548px; bottom:588.0406px;\">receivables<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls250 wsad\" style=\"left:378.76828px; bottom:578.2906px;\">at amortised </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:386.04996px; bottom:568.5406px;\">co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>, ca<span class=\"_ _0\"></span>sh </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1b6 ws1ab\" style=\"left:410.05447px; bottom:558.7906px;\">and </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsb4 ws87\" style=\"left:393.6907px; bottom:549.0406px;\">deposits </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:404.19095px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:411.1215px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:442.8948px; bottom:578.2906px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:435.52472px; bottom:568.5406px;\">liabilities at </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:437.76538px; bottom:558.7906px;\">amortise<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:458.65875px; bottom:549.0406px;\">co<span class=\"_ _0\"></span>st </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:455.7738px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:462.98047px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:490.59326px; bottom:588.0406px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:489.38855px; bottom:578.2906px;\">ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:489.38855px; bottom:568.5406px;\">fair value<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:493.88837px; bottom:558.7906px;\">through<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:507.33868px; bottom:549.0406px;\">OCI<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:504.9845px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:511.35724px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:538.0141px; bottom:578.2906px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:538.0141px; bottom:568.5406px;\">ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:534.333px; bottom:558.7906px;\">amortise<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:555.35016px; bottom:549.0406px;\">cost<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:551.7389px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:557.74316px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:583.04755px; bottom:588.0406px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:583.04755px; bottom:578.2906px;\">ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:581.2048px; bottom:568.5406px;\">fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:586.09357px; bottom:558.7906px;\">through<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:598.73193px; bottom:549.0406px;\">P&amp;L<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:595.88153px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:601.8805px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:626.8259px; bottom:549.0406px;\">Derivatives </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:648.716px; bottom:539.2906px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:529.5406px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:514.211px;\">Financial </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.009376526px; bottom:501.211px;\">assets<span class=\"_ _f3\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _11c\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _75\"> </span> <span class=\"_ _2e\"> </span><span class=\"ff4e\"> <span class=\"_ _75\"> </span> <span class=\"_ _82\"> </span> <span class=\"_ _9a\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _75\"> </span> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:487.1814px;\">Fixed r<span class=\"_ _0\"></span>ate </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:474.1814px;\">bon<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:461.1814px;\">treasury stock<span class=\"_ _c4\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:448.45178px;\">Mutual fun<span class=\"_ _0\"></span>ds<span class=\"_ _2e\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _12c\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _12c\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:435.72223px;\">Ot<span class=\"_ _0\"></span>her </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:422.72223px;\">investmen<span class=\"_ _6\"></span>t </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:409.72223px;\">assets<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>7<span class=\"_ _25\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _207\"> </span></span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>9<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:396.9926px;\">PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:383.9926px;\">assets<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d ls71 ws6b\">26<span class=\"_ _12c\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _b0\"> </span></span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:371.263px;\">C<span class=\"_ _0\"></span>ash and </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:358.263px;\">depo<span class=\"_ _0\"></span>sits<span class=\"_ _1b\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>9<span class=\"_ _99\"> </span></span><span class=\"ls3 ws0\">\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _c8\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3<span class=\"_ _207\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:345.53354px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:332.53354px;\">other </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:319.53354px;\">receivables<span class=\"_ _12c\"> </span><span class=\"ff4d ls143 ws12c\">1<span class=\"_ _0\"></span>,111<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:170.18353px; bottom:318.23355px;\">\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:362.15427px; bottom:319.53354px;\">\u2013<span class=\"_ _ab\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _207\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:305.50394px;\">Derivatives<span class=\"_ _11\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:170.18353px; bottom:304.20395px;\">\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:361.08698px; bottom:305.50394px;\">1<span class=\"_ _77\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _109\"> </span>\u2013<span class=\"_ _109\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.009376526px; bottom:291.47433px;\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1ca\"> </span><span class=\"lsaf ws9a\">2,290<span class=\"_ _c\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _b2\"> </span></span><span class=\"lsdf wsc8\">46<span class=\"_ _118\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _c0\"> </span></span></span></span>11<span class=\"_ _77\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _b1\"> </span><span class=\"ff4e ls156 ws143\">2<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>5<span class=\"_ _207\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _41\"> </span></span>2<span class=\"_ _aa\"> </span>9<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:277.44473px;\">Financial </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:264.44473px;\">liabilities<span class=\"_ _183\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _2e\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _41\"> </span> <span class=\"_ _75\"> </span> <span class=\"_ _2e\"> </span><span class=\"ff4e\"> <span class=\"_ _75\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _82\"> </span> <span class=\"_ _109\"> </span> <span class=\"_ _75\"> </span> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:251.71515px;\">Bank </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:238.71515px;\">over<span class=\"_ _6\"></span>draf<span class=\"_ _0\"></span>ts<span class=\"_ _1d8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _ae\"> </span></span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:225.98553px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:212.98553px;\">other payables<span class=\"_ _82\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1bd\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _ae\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ls38 ws37\">(<span class=\"_ _6\"></span>1<span class=\"_ _17\"></span>,463)<span class=\"_ _119\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:200.25595px;\">Unsecured </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:187.25595px;\">borrowings<span class=\"_ _2b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _354\"> </span><span class=\"ff4d ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _86\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _e\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _ae\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:174.52634px;\">Infrastructure </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:161.52634px;\">concessions </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:148.52634px;\">non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.009376526px; bottom:135.52634px;\">ter<span class=\"_ _0\"></span>m lo<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>s<span class=\"_ _373\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _113\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _ae\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _ae\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:122.79674px;\">Derivatives<span class=\"_ _11\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _207\"> </span></span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.009376526px; bottom:108.767136px;\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _110\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _1dc\"> </span></span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _86\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _a3\"> </span><span class=\"ff4e lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _52\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>91<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span></span></span></span><span class=\"ff4e\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsb0 ws9b\" style=\"left:0.009376526px; bottom:94.73753px;\">Net<span class=\"_ _374\"> </span><span class=\"lsaf ws9a\">2,29<span class=\"_ _0\"></span>0<span class=\"_ _54\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _b4\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _b0\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _25\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _207\"> </span></span>\u2013<span class=\"_ _ab\"> </span><span class=\"ff4e lsaa ws140\">2,0<span class=\"_ _0\"></span>71<span class=\"_ _b8\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>)<span class=\"_ _25\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _41\"> </span></span></span></span><span class=\"ff4e\">2<span class=\"_ _119\"> </span>9<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws4\" style=\"left:0.009376526px; bottom:80.70793px;\">Current year </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls4e ws3\" style=\"left:0.009376526px; bottom:67.70793px;\">comprehensive </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws93\" style=\"left:0.009376526px; bottom:54.70793px;\">income/(loss) </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b4 ws140\" style=\"left:0.009376526px; bottom:41.70793px;\">excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.009376526px; bottom:28.707932px;\">of joint<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls137 ws24\" style=\"left:0.009376526px; bottom:15.707939px;\">venture<span class=\"_ _0\"></span>s and<span class=\"_ _0\"></span> </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsa4 ws86\" style=\"left:0.009376526px; bottom:2.7079391px;\">associates<span class=\"_ _117\"> </span><span class=\"ff4d lsb5 ws9f\">35<span class=\"_ _ae\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _b5\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _12c\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _aa\"> </span>6<span class=\"_ _77\"> </span>3<span class=\"_ _1d\"> </span></span></span></span></span><span class=\"ls155 ws141\">33<span class=\"_ _b2\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _ae\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _aa\"> </span>9<span class=\"_ _ae\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span></span></span></span></span></div>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Deriv<span class=\"_ _6\"></span>atives<span class=\"_ _399\"> </span>Financial assets/<span class=\"_ _6\"></span>(liabilities)<span class=\"_ _1be\"> </span><span class=\"ff4e lsc6 wsad\">Financial (liabilities)/assets<span class=\"_ _399\"> </span></span>Current 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Non-<span class=\"_ _399\"> </span>current 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Non<span class=\"_ _0\"></span>-<span class=\"_ _399\"> </span>cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Fue<span class=\"_ _0\"></span>l h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s Hel<span class=\"_ _0\"></span>d for tra<span class=\"_ _0\"></span>ding a<span class=\"_ _0\"></span>t fair val<span class=\"_ _0\"></span>ue throu<span class=\"_ _0\"></span>gh inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _f0\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span>Interest rate<span class=\"_ _6\"></span> swaps<span class=\"_ _69\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _b5\"> </span><span class=\"ff4e\"> <span class=\"_ _7b\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></span>Desi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ted as c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow hed<span class=\"_ _0\"></span>ges<span class=\"_ _1a0\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _2d\"> </span>(1)<span class=\"_ _33\"> </span></span></span> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)</span></span></span> <span class=\"_ _2b6\"> </span><span class=\"ff4d\">1<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _1f9\"> </span></span> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span>Non-de<span class=\"_ _0\"></span>rivativ<span class=\"_ _6\"></span>e financial liabilities gross maturity<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e deta<span class=\"_ _0\"></span>ils the re<span class=\"_ _0\"></span>maini<span class=\"_ _0\"></span>ng co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y for th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le refle<span class=\"_ _0\"></span>cts t<span class=\"_ _0\"></span>he undi<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unted co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al matu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es of the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g interest th<span class=\"_ _0\"></span>at will a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>rue on t<span class=\"_ _0\"></span>hose l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s except wh<span class=\"_ _0\"></span>ere the G<span class=\"_ _0\"></span>roup is entitl<span class=\"_ _0\"></span>ed to and i<span class=\"_ _0\"></span>ntends to rep<span class=\"_ _0\"></span>ay the li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y befo<span class=\"_ _0\"></span>re its ma<span class=\"_ _0\"></span>turit<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt colu<span class=\"_ _0\"></span>mn repre<span class=\"_ _0\"></span>sents th<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>le futu<span class=\"_ _0\"></span>re cas<span class=\"_ _0\"></span>h flows i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n the matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>aly<span class=\"_ _0\"></span>sis, suc<span class=\"_ _0\"></span>h as fut<span class=\"_ _0\"></span>ure interest<span class=\"_ _0\"></span>, that a<span class=\"_ _0\"></span>re not inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in the c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>e of the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. Ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>Non-rec<span class=\"_ _0\"></span>ourse<span class=\"_ _399\"> </span>pr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>borrowings<span class=\"_ _6\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r financial<span class=\"_ _399\"> </span>liabilities 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al n<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n- derivativ<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>financial<span class=\"_ _399\"> </span>liabilities 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Carrying va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r<span class=\"_ _1ea\"> </span><span class=\"ff4d lsaa ws140\">(3<span class=\"_ _0\"></span>2)<span class=\"_ _86\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span>(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span>(1,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _7b\"> </span></span></span><span class=\"ff4d\">2<span class=\"_ _c0\"> </span><span class=\"ls1b4 ws110\">(1,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _375\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>8)<span class=\"_ _9a\"> </span></span>(76)<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _40\"> </span>(76)<span class=\"_ _399\"> </span></span>Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _33d\"> </span><span class=\"ff4d\">(2<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span><span class=\"ls28 ws24\">(70)<span class=\"_ _fd\"> </span><span class=\"lsaa ws140\">(6<span class=\"_ _0\"></span>2)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(15<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span></span></span></span>1<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>7)<span class=\"_ _399\"> </span></span></span>Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _34\"> </span><span class=\"ff4d ls20 ws88\">(3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>5)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span></span>(<span class=\"_ _0\"></span>5)<span class=\"_ _aa\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2)<span class=\"_ _41\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _41\"> </span></span></span>(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5)</span> <span class=\"_ _323\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>51)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>5)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1,<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _c8\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _41\"> </span>19<span class=\"_ _1\"></span>0<span class=\"_ _ce\"> </span>(2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span></span></span>Discou<span class=\"_ _6\"></span>nt<span class=\"_ _9\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _0\"></span>0<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _82\"> </span></span>190<span class=\"_ _89\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> </span></span>Carrying v<span class=\"_ _6\"></span>alue<span class=\"_ _2db\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>61)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>5)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _c8\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>24<span class=\"_ _0\"></span>4)<span class=\"_ _16f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> </span></span></span></span></span>Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _399\"> </span>pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t finance 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>borrowing<span class=\"_ _6\"></span>s 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Other financial<span class=\"_ _399\"> </span>liabilities 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Total no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>- derivative<span class=\"_ _399\"> </span>financial<span class=\"_ _399\"> </span>liabilities 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Discoun<span class=\"_ _6\"></span>t 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ue 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r<span class=\"_ _376\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span>(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _1b\"> </span></span>1<span class=\"_ _25\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _18c\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">(15<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _9a\"> </span><span class=\"lsf8 wse1\">(4<span class=\"_ _1\"></span>4)<span class=\"_ _aa\"> </span><span class=\"lsf9 ws29\">(232)<span class=\"_ _16f\"> </span></span></span></span></span>1<span class=\"_ _b0\"> </span><span class=\"lsf9 ws29\">(231<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></span>Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _342\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">(37)<span class=\"_ _fd\"> </span><span class=\"lsae ws99\">(5<span class=\"_ _0\"></span>9)<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _1b\"> </span></span></span></span></span>1<span class=\"_ _dc\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _212\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>93)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _aa\"> </span><span class=\"lsae ws99\">(399)<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>3<span class=\"_ _118\"> </span><span class=\"ls71 ws6b\">(20<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span></span></span>(456<span class=\"_ _6\"></span>)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls38 ws37\">(<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>,463<span class=\"_ _6\"></span>)<span class=\"_ _25\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>)<span class=\"_ _1d\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>6<span class=\"_ _113\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>91<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Discou<span class=\"_ _6\"></span>nt<span class=\"_ _9\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _82\"> </span></span>19<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span>Carrying v<span class=\"_ _6\"></span>alue<span class=\"_ _d6\"> </span><span class=\"ff4e ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls38 ws37\">(<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>,463<span class=\"_ _6\"></span>)<span class=\"_ _10f\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Derivativ<span class=\"_ _6\"></span>e financial liabilities gross maturity<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e deta<span class=\"_ _0\"></span>ils the G<span class=\"_ _0\"></span>roup\u2019s expec<span class=\"_ _0\"></span>ted m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y for its d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e reflec<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>e undi<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unted net c<span class=\"_ _0\"></span>ash inflows<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(out<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ows) on th<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive inst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ents th<span class=\"_ _0\"></span>at set<span class=\"_ _0\"></span>tle o<span class=\"_ _0\"></span>n a net bas<span class=\"_ _0\"></span>is (interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>ps) and u<span class=\"_ _0\"></span>ndis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted gros<span class=\"_ _0\"></span>s inflows<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(out<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ows) for thos<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ivati<span class=\"_ _0\"></span>ves th<span class=\"_ _0\"></span>at are set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d on a gro<span class=\"_ _0\"></span>ss ba<span class=\"_ _0\"></span>sis (forei<span class=\"_ _0\"></span>gn exchan<span class=\"_ _0\"></span>ge co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>cts). W<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt paya<span class=\"_ _0\"></span>ble o<span class=\"_ _0\"></span>r rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble is n<span class=\"_ _0\"></span>ot fixed<span class=\"_ _0\"></span>, the amou<span class=\"_ _0\"></span>nt disc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d has b<span class=\"_ _0\"></span>een d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ned by referen<span class=\"_ _0\"></span>ce to the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ted interest r<span class=\"_ _0\"></span>ates, u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e yiel<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s at the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ate.<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>Pay<span class=\"_ _6\"></span>able 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Receivable 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Ne<span class=\"_ _0\"></span>t payable<span class=\"_ _6\"></span> 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Receivable 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Net pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r<span class=\"_ _143\"> </span><span class=\"ff4d ls143 ws12c\">(11)<span class=\"_ _75\"> </span>11<span class=\"_ _7f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span></span><span class=\"ls73 ws6d\">(26)<span class=\"_ _40\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _375\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _16f\"> </span></span><span class=\"ff4d\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _16f\"> </span></span>1<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span>Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _178\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span></span><span class=\"lsaf ws9a\">(6)<span class=\"_ _7b\"> </span></span>4<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _399\"> </span></span>Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _33d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _76\"> </span></span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span>To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _21b\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span><span class=\"ff4e lsa9 ws23\">(35)<span class=\"_ _40\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _11c\"> </span></span>(<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span>40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Financial risk factors<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies exp<span class=\"_ _0\"></span>ose it to a va<span class=\"_ _0\"></span>riet<span class=\"_ _0\"></span>y of fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks: ma<span class=\"_ _0\"></span>rket risk; c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t risk; a<span class=\"_ _0\"></span>nd liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up\u2019s financi<span class=\"_ _0\"></span>al risk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent strate<span class=\"_ _0\"></span>gy s<span class=\"_ _0\"></span>eeks to mini<span class=\"_ _0\"></span>mise the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al ad<span class=\"_ _0\"></span>verse ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of thes<span class=\"_ _0\"></span>e risks o<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s financ<span class=\"_ _0\"></span>ial pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span>Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al risk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent is c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>ied ou<span class=\"_ _0\"></span>t centr<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y by Grou<span class=\"_ _0\"></span>p T<span class=\"_ _6\"></span>reasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y und<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies ap<span class=\"_ _0\"></span>proved b<span class=\"_ _0\"></span>y the Bo<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>. Grou<span class=\"_ _0\"></span>p T<span class=\"_ _6\"></span>reasur<span class=\"_ _1\"></span>y liais<span class=\"_ _0\"></span>es wit<span class=\"_ _0\"></span>h the Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss unit<span class=\"_ _0\"></span>s to ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>y, evaluate and he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al risks<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Bo<span class=\"_ _0\"></span>ard prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s wri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ten prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>les for ove<span class=\"_ _0\"></span>rall fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isk man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>, as well as w<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ten p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies c<span class=\"_ _0\"></span>overi<span class=\"_ _0\"></span>ng sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic are<span class=\"_ _0\"></span>as, suc<span class=\"_ _0\"></span>h as foreig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge risk<span class=\"_ _0\"></span>, interes<span class=\"_ _0\"></span>t rate risk<span class=\"_ _0\"></span>, c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>, use of d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial instr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s and n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>der<span class=\"_ _0\"></span>ivati<span class=\"_ _0\"></span>ve fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nts, a<span class=\"_ _0\"></span>nd the inves<span class=\"_ _0\"></span>tment of exce<span class=\"_ _0\"></span>ss liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies a<span class=\"_ _0\"></span>nd exp<span class=\"_ _0\"></span>osure lim<span class=\"_ _0\"></span>its is moni<span class=\"_ _0\"></span>tored thro<span class=\"_ _0\"></span>ugh th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s i<span class=\"_ _0\"></span>nternal a<span class=\"_ _0\"></span>udit a<span class=\"_ _0\"></span>nd ris<span class=\"_ _0\"></span>k mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent pro<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ures. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup u<span class=\"_ _0\"></span>ses de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial in<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ments to h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>e cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain r<span class=\"_ _0\"></span>isk exp<span class=\"_ _0\"></span>osures. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not tra<span class=\"_ _0\"></span>de in fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial in<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, for spe<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>(a<span class=\"_ _6\"></span>) M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies exp<span class=\"_ _0\"></span>ose it p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>aril<span class=\"_ _0\"></span>y to the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks of ch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>s in foreig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>rency exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rates an<span class=\"_ _0\"></span>d interest rates<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p enters into a variet<span class=\"_ _1\"></span>y of deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l instr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s to man<span class=\"_ _0\"></span>age i<span class=\"_ _0\"></span>ts exp<span class=\"_ _0\"></span>osure to interest r<span class=\"_ _0\"></span>ate and forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ing: <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls1f\">for<span class=\"_ _0\"></span>ward fo<span class=\"_ _0\"></span>reign excha<span class=\"_ _0\"></span>nge c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s to hed<span class=\"_ _0\"></span>ge the exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate risk a<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g on tr<span class=\"_ _0\"></span>adin<span class=\"_ _0\"></span>g act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>acte<span class=\"_ _0\"></span>d in a cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y that is n<span class=\"_ _0\"></span>ot the fun<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l </span>cur<span class=\"_ _0\"></span>rency of t<span class=\"_ _0\"></span>he bus<span class=\"_ _0\"></span>iness u<span class=\"_ _0\"></span>nit; a<span class=\"_ _0\"></span>nd <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls1f\">interest rate sw<span class=\"_ _0\"></span>aps to mi<span class=\"_ _0\"></span>tig<span class=\"_ _0\"></span>ate the c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w vari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se proje<span class=\"_ _0\"></span>ct f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce lo<span class=\"_ _0\"></span>ans ar<span class=\"_ _0\"></span>ising f<span class=\"_ _0\"></span>rom var<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>le interest r<span class=\"_ _0\"></span>ates on b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o materi<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the Grou<span class=\"_ _0\"></span>p\u2019s e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to market ris<span class=\"_ _0\"></span>ks and th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o chan<span class=\"_ _0\"></span>ge in h<span class=\"_ _0\"></span>ow the G<span class=\"_ _0\"></span>roup ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>es tho<span class=\"_ _0\"></span>se risks since 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>(i) F<span class=\"_ _0\"></span>oreig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y risk ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ope<span class=\"_ _0\"></span>rates inter<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ly an<span class=\"_ _0\"></span>d is expo<span class=\"_ _0\"></span>sed to forei<span class=\"_ _0\"></span>gn exchan<span class=\"_ _0\"></span>ge ri<span class=\"_ _0\"></span>sk arisi<span class=\"_ _0\"></span>ng from ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re to vario<span class=\"_ _0\"></span>us cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>ies, p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>aril<span class=\"_ _0\"></span>y to US do<span class=\"_ _0\"></span>llar<span class=\"_ _0\"></span>s, euro<span class=\"_ _0\"></span>s and Hong Kong<span class=\"_ _6\"></span> dollars. Foreign e<span class=\"_ _6\"></span>xchange risk<span class=\"_ _6\"></span> arises from f<span class=\"_ _6\"></span>uture trading<span class=\"_ _6\"></span> transactions, assets and<span class=\"_ _6\"></span> liabilities and<span class=\"_ _6\"></span> net inv<span class=\"_ _6\"></span>estments in f<span class=\"_ _6\"></span>oreign operations.<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p pol<span class=\"_ _0\"></span>icy re<span class=\"_ _0\"></span>quires b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss uni<span class=\"_ _0\"></span>ts to man<span class=\"_ _0\"></span>age t<span class=\"_ _0\"></span>heir tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l foreign exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e risk ag<span class=\"_ _0\"></span>ains<span class=\"_ _0\"></span>t their f<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>al cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. W<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>never a cur<span class=\"_ _0\"></span>rent or<span class=\"_ _0\"></span> future forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>osure is id<span class=\"_ _0\"></span>entif<span class=\"_ _0\"></span>ied w<span class=\"_ _0\"></span>ith suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt reliab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y, Group T<span class=\"_ _6\"></span>rea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>y enter<span class=\"_ _0\"></span>s into for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts on b<span class=\"_ _0\"></span>eha<span class=\"_ _0\"></span>lf of busi<span class=\"_ _0\"></span>ness u<span class=\"_ _0\"></span>nits to<span class=\"_ _0\"></span> cover 10<span class=\"_ _0\"></span>0% of foreig<span class=\"_ _0\"></span>n exchang<span class=\"_ _0\"></span>e risk a<span class=\"_ _0\"></span>bove m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y level<span class=\"_ _0\"></span>s determ<span class=\"_ _0\"></span>ined b<span class=\"_ _0\"></span>y the Chi<span class=\"_ _0\"></span>ef Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al O<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>As a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e notio<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al amo<span class=\"_ _0\"></span>unts of foreig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y tran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns whe<span class=\"_ _0\"></span>re hed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span> acc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng is not a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lied wa<span class=\"_ _0\"></span>s \u00a316m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>31<span class=\"_ _6\"></span>m) rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble an<span class=\"_ _0\"></span>d \u00a316m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>31<span class=\"_ _6\"></span>m) pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h related c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to oc<span class=\"_ _0\"></span>cur w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>hree<span class=\"_ _0\"></span> years (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: t<span class=\"_ _0\"></span>hree year<span class=\"_ _0\"></span>s). The fore<span class=\"_ _0\"></span>ign exchan<span class=\"_ _0\"></span>ge g<span class=\"_ _0\"></span>ains o<span class=\"_ _0\"></span>r loss<span class=\"_ _0\"></span>es resul<span class=\"_ _0\"></span>ting fro<span class=\"_ _0\"></span>m fair va<span class=\"_ _0\"></span>luing th<span class=\"_ _0\"></span>ese un<span class=\"_ _0\"></span>hed<span class=\"_ _0\"></span>ged fo<span class=\"_ _0\"></span>reign excha<span class=\"_ _0\"></span>nge c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s will a<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ct the<span class=\"_ _0\"></span> income statemen<span class=\"_ _6\"></span>t throughout the same<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>eriods.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has not d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>nated a<span class=\"_ _0\"></span>ny for<span class=\"_ _0\"></span>ward exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts as c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow hed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in 20<span class=\"_ _0\"></span>21 and 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s in foreig<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ons are exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to foreign c<span class=\"_ _0\"></span>urren<span class=\"_ _0\"></span>cy tr<span class=\"_ _0\"></span>ansl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n risks. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not enter into for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd foreign<span class=\"_ _0\"></span> exchang<span class=\"_ _0\"></span>e or othe<span class=\"_ _0\"></span>r der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts to he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e foreign c<span class=\"_ _0\"></span>urren<span class=\"_ _0\"></span>cy d<span class=\"_ _0\"></span>enom<span class=\"_ _0\"></span>inated n<span class=\"_ _0\"></span>et asset<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>In Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the G<span class=\"_ _0\"></span>roup ra<span class=\"_ _0\"></span>ised U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$158<span class=\"_ _0\"></span>m of de<span class=\"_ _0\"></span>bt in the for<span class=\"_ _0\"></span>m of new U<span class=\"_ _0\"></span>S pri<span class=\"_ _0\"></span>vate pla<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ent (U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>) notes on ter<span class=\"_ _0\"></span>ms and c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>ly the s<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span> as the exi<span class=\"_ _0\"></span>sting U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes r<span class=\"_ _0\"></span>aise<span class=\"_ _0\"></span>d in 2013, of whi<span class=\"_ _0\"></span>ch US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m remain<span class=\"_ _0\"></span>ed ou<span class=\"_ _0\"></span>tst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2. Th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>PP n<span class=\"_ _0\"></span>otes are desi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ted as a net<span class=\"_ _0\"></span> investm<span class=\"_ _0\"></span>ent hed<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>gain<span class=\"_ _0\"></span>st ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es in the v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s U<span class=\"_ _0\"></span>S net ass<span class=\"_ _0\"></span>ets due to exch<span class=\"_ _0\"></span>ange m<span class=\"_ _0\"></span>ovement<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up rea<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>sed th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>$<span class=\"_ _1\"></span>4<span class=\"_ _6\"></span>17<span class=\"_ _6\"></span>m<span class=\"_ _0\"></span> hed<span class=\"_ _0\"></span>ge at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d tha<span class=\"_ _0\"></span>t the he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e conti<span class=\"_ _0\"></span>nued to b<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve. E<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge move<span class=\"_ _0\"></span>ments in t<span class=\"_ _0\"></span>he year tot<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>3m). <span class=\"_ _399\">A 5% increase</span><span class=\"_ _0\"></span>/de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>ase in th<span class=\"_ _0\"></span>e US do<span class=\"_ _0\"></span>llar to ste<span class=\"_ _0\"></span>rling exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate woul<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>d to a \u00a316m de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _0\"></span>18m inc<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>10m) in th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s balanc<span class=\"_ _0\"></span>e she<span class=\"_ _0\"></span>et, wi<span class=\"_ _0\"></span>th the m<span class=\"_ _0\"></span>ovement re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g pol<span class=\"_ _0\"></span>icy is rev<span class=\"_ _0\"></span>iewed p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span>ly. At the repor<span class=\"_ _1\"></span>ting d<span class=\"_ _0\"></span>ate there ha<span class=\"_ _0\"></span>d bee<span class=\"_ _0\"></span>n no ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the he<span class=\"_ _0\"></span>dgin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>y sinc<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>(ii) Inter<span class=\"_ _6\"></span>est rate risk management<span class=\"_ _399\"> </span>Interest ra<span class=\"_ _0\"></span>te risk ar<span class=\"_ _0\"></span>ises in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nies wh<span class=\"_ _0\"></span>ich b<span class=\"_ _0\"></span>orrow f<span class=\"_ _0\"></span>unds a<span class=\"_ _0\"></span>t both fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing an<span class=\"_ _0\"></span>d fixed interes<span class=\"_ _0\"></span>t rates an<span class=\"_ _0\"></span>d hol<span class=\"_ _0\"></span>d fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sured at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e throug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I. Fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing ra<span class=\"_ _0\"></span>te bor<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose th<span class=\"_ _0\"></span>e Group to c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low interest r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy to ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>e this ri<span class=\"_ _0\"></span>sk is to swap fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing rate intere<span class=\"_ _0\"></span>st to fixed r<span class=\"_ _0\"></span>ate, using i<span class=\"_ _0\"></span>nterest rate swa<span class=\"_ _0\"></span>p co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>In an interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>p, the Gro<span class=\"_ _0\"></span>up ag<span class=\"_ _0\"></span>rees to exchan<span class=\"_ _0\"></span>ge the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n fixed an<span class=\"_ _0\"></span>d flo<span class=\"_ _0\"></span>ating r<span class=\"_ _0\"></span>ate interest am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>s cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d notio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span> prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al am<span class=\"_ _0\"></span>ounts<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net ef<span class=\"_ _0\"></span>fect of a m<span class=\"_ _0\"></span>ovement i<span class=\"_ _0\"></span>n interest rates o<span class=\"_ _0\"></span>n inc<span class=\"_ _0\"></span>ome wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e imma<span class=\"_ _0\"></span>terial<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d by disc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing the f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows usin<span class=\"_ _0\"></span>g the y<span class=\"_ _0\"></span>ield c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ve at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate.<span class=\"_ _399\"> </span>Dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t subs<span class=\"_ _0\"></span>idia<span class=\"_ _0\"></span>ries\u2019 b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s at var<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>le rates of i<span class=\"_ _0\"></span>nterest were de<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>nated in s<span class=\"_ _0\"></span>terlin<span class=\"_ _0\"></span>g.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e notio<span class=\"_ _0\"></span>nal pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l amou<span class=\"_ _0\"></span>nts of the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ies\u2019 interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 tot<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d \u00a31<span class=\"_ _6\"></span>7m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a317<span class=\"_ _6\"></span>m) w<span class=\"_ _0\"></span>ith m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span> that m<span class=\"_ _0\"></span>atch the m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of the u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s of 9 year<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he fixed i<span class=\"_ _0\"></span>nterest rate wa<span class=\"_ _0\"></span>s 5.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>% (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 5.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>%) and the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l flo<span class=\"_ _0\"></span>ating r<span class=\"_ _0\"></span>ates are LI<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R plus a f<span class=\"_ _0\"></span>ixed ma<span class=\"_ _0\"></span>rgin. I<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> repl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>d LI<span class=\"_ _0\"></span>BOR w<span class=\"_ _0\"></span>ith S<span class=\"_ _0\"></span>ON<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>A plu<span class=\"_ _0\"></span>s a cred<span class=\"_ _0\"></span>it adj<span class=\"_ _0\"></span>ustm<span class=\"_ _0\"></span>ent spre<span class=\"_ _0\"></span>ad. N<span class=\"_ _0\"></span>o ma<span class=\"_ _0\"></span>terial i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ct aro<span class=\"_ _0\"></span>se from th<span class=\"_ _0\"></span>is tran<span class=\"_ _0\"></span>sitio<span class=\"_ _0\"></span>n.<span class=\"_ _399\"> </span>A 5<span class=\"_ _0\"></span>0 basi<span class=\"_ _0\"></span>s poi<span class=\"_ _0\"></span>nt incre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>/dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e in the interes<span class=\"_ _0\"></span>t rate on fl<span class=\"_ _0\"></span>oati<span class=\"_ _0\"></span>ng rate b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s for interest ra<span class=\"_ _0\"></span>te swaps w<span class=\"_ _0\"></span>ould l<span class=\"_ _0\"></span>ead to a \u00a3n<span class=\"_ _0\"></span>il incre<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _0\"></span>nil<span class=\"_ _0\"></span> dec<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m) i<span class=\"_ _0\"></span>n amou<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensive i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me by th<span class=\"_ _0\"></span>e Group i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to the G<span class=\"_ _0\"></span>roup\u2019s exposure to interes<span class=\"_ _0\"></span>t rates on<span class=\"_ _0\"></span> the P<span class=\"_ _0\"></span>PP fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges of it<span class=\"_ _0\"></span>s Infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uctu<span class=\"_ _0\"></span>re Investm<span class=\"_ _0\"></span>ents su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span>Interest ra<span class=\"_ _0\"></span>te risk als<span class=\"_ _0\"></span>o aris<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e Group\u2019s cash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash eq<span class=\"_ _0\"></span>uiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s, term d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s and oth<span class=\"_ _0\"></span>er bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e maj<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>bt of the G<span class=\"_ _0\"></span>roup is<span class=\"_ _0\"></span> held a<span class=\"_ _0\"></span>t fixed interes<span class=\"_ _0\"></span>t rates. A 5<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>asis p<span class=\"_ _0\"></span>oint i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase/<span class=\"_ _0\"></span>dec<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n the interest r<span class=\"_ _0\"></span>ate of eac<span class=\"_ _0\"></span>h cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y in whic<span class=\"_ _0\"></span>h the<span class=\"_ _0\"></span>se fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nts are he<span class=\"_ _0\"></span>ld would l<span class=\"_ _0\"></span>ead to a \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5m)<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>\u00a3<span class=\"_ _0\"></span>6m in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5m) in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s net financ<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t.<span class=\"_ _399\"> </span>NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span>40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Financial risk factors<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>(a<span class=\"_ _6\"></span>) M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>(iii) Price<span class=\"_ _6\"></span> risk management<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al pri<span class=\"_ _0\"></span>ce ris<span class=\"_ _0\"></span>k expo<span class=\"_ _0\"></span>sure aris<span class=\"_ _0\"></span>es in it<span class=\"_ _0\"></span>s Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Investme<span class=\"_ _0\"></span>nts co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns. At th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>menc<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt of the co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>n, an elem<span class=\"_ _0\"></span>ent of the un<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y pay<span class=\"_ _0\"></span>ment b<span class=\"_ _0\"></span>y the cus<span class=\"_ _0\"></span>tomer is i<span class=\"_ _0\"></span>ndexed to of<span class=\"_ _0\"></span>fset th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fect of infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on the c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion\u2019s costs. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Group i<span class=\"_ _0\"></span>s expo<span class=\"_ _0\"></span>sed to pri<span class=\"_ _0\"></span>ce risk to th<span class=\"_ _0\"></span>e extent t<span class=\"_ _0\"></span>hat infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n dif<span class=\"_ _0\"></span>fers f<span class=\"_ _0\"></span>rom the in<span class=\"_ _0\"></span>dex use<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(b) Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk<span class=\"_ _399\"> </span>Cred<span class=\"_ _0\"></span>it risk is t<span class=\"_ _0\"></span>he risk t<span class=\"_ _0\"></span>hat a c<span class=\"_ _0\"></span>ounter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y will def<span class=\"_ _0\"></span>ault on i<span class=\"_ _0\"></span>ts co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s, result<span class=\"_ _0\"></span>ing in fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>. Cred<span class=\"_ _0\"></span>it risk a<span class=\"_ _0\"></span>rises f<span class=\"_ _0\"></span>rom c<span class=\"_ _0\"></span>ash and dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts, d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l instr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s, lo<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed to joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates and c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t expo<span class=\"_ _0\"></span>sures to custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has a p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>y of ass<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>ng the c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wor<span class=\"_ _0\"></span>thin<span class=\"_ _0\"></span>ess of p<span class=\"_ _0\"></span>otentia<span class=\"_ _0\"></span>l custom<span class=\"_ _0\"></span>ers b<span class=\"_ _0\"></span>efore enterin<span class=\"_ _0\"></span>g into trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s set by the B<span class=\"_ _0\"></span>oar<span class=\"_ _0\"></span>d for the Gro<span class=\"_ _0\"></span>up.<span class=\"_ _399\"> </span>For c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sits an<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s a pol<span class=\"_ _0\"></span>icy of o<span class=\"_ _0\"></span>nly us<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>unter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies th<span class=\"_ _0\"></span>at are ind<span class=\"_ _0\"></span>epe<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>ntly ra<span class=\"_ _0\"></span>ted with a m<span class=\"_ _0\"></span>inimum l<span class=\"_ _0\"></span>ong<span class=\"_ _1\"></span>-ter<span class=\"_ _0\"></span>m cred<span class=\"_ _0\"></span>it rati<span class=\"_ _0\"></span>ng of BB<span class=\"_ _0\"></span>B+ and a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21, this criter<span class=\"_ _0\"></span>ion wa<span class=\"_ _0\"></span>s met. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>ating of a fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al insti<span class=\"_ _0\"></span>tuti<span class=\"_ _0\"></span>on wil<span class=\"_ _0\"></span>l determ<span class=\"_ _0\"></span>ine the a<span class=\"_ _0\"></span>mount a<span class=\"_ _0\"></span>nd dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n for whic<span class=\"_ _0\"></span>h fund<span class=\"_ _0\"></span>s may b<span class=\"_ _0\"></span>e dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ted und<span class=\"_ _0\"></span>er in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al risk li<span class=\"_ _0\"></span>mits s<span class=\"_ _0\"></span>et by the Bo<span class=\"_ _0\"></span>ard for the Gro<span class=\"_ _0\"></span>up an<span class=\"_ _0\"></span>d subsi<span class=\"_ _0\"></span>diar<span class=\"_ _1\"></span>y com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies. M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent mo<span class=\"_ _0\"></span>nitors t<span class=\"_ _0\"></span>he util<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>ion of th<span class=\"_ _0\"></span>ese cre<span class=\"_ _0\"></span>dit li<span class=\"_ _0\"></span>mits re<span class=\"_ _0\"></span>gula<span class=\"_ _0\"></span>rly.<span class=\"_ _399\"> </span>For t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er rece<span class=\"_ _0\"></span>ivab<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, cred<span class=\"_ _0\"></span>it evalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>forme<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ion of a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unts rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e using i<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>re availa<span class=\"_ _0\"></span>ble o<span class=\"_ _0\"></span>r by asse<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent of the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r\u2019s credi<span class=\"_ _0\"></span>t qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n its fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, past ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e and ot<span class=\"_ _0\"></span>her fa<span class=\"_ _0\"></span>ctors<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s m<span class=\"_ _0\"></span>ost si<span class=\"_ _0\"></span>gnifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt custom<span class=\"_ _0\"></span>ers are p<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>ic or reg<span class=\"_ _0\"></span>ulate<span class=\"_ _0\"></span>d indus<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>y ent<span class=\"_ _0\"></span>ities w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h gene<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>y have hig<span class=\"_ _0\"></span>h cred<span class=\"_ _0\"></span>it rat<span class=\"_ _0\"></span>ings o<span class=\"_ _0\"></span>r are of a hig<span class=\"_ _0\"></span>h cred<span class=\"_ _0\"></span>it qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y due to th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the cus<span class=\"_ _0\"></span>tomer. As suc<span class=\"_ _0\"></span>h, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oes n<span class=\"_ _0\"></span>ot expe<span class=\"_ _0\"></span>ct m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses to oc<span class=\"_ _0\"></span>cur o<span class=\"_ _0\"></span>n bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>es owed to th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p by its p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c or reg<span class=\"_ _0\"></span>ulated c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s is in line w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e in the p<span class=\"_ _0\"></span>ast of rec<span class=\"_ _0\"></span>overi<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>es owe<span class=\"_ _0\"></span>d by thes<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p is expo<span class=\"_ _0\"></span>sed to c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>isk on l<span class=\"_ _0\"></span>oans p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed to jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates and a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>rue<span class=\"_ _0\"></span>d interest on t<span class=\"_ _0\"></span>hose l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>s, as th<span class=\"_ _0\"></span>e repay<span class=\"_ _0\"></span>ment of these a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts is co<span class=\"_ _0\"></span>nting<span class=\"_ _0\"></span>ent on th<span class=\"_ _0\"></span>e per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce of t<span class=\"_ _0\"></span>he und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion o<span class=\"_ _0\"></span>r ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on. In t<span class=\"_ _0\"></span>he Infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure Investm<span class=\"_ _0\"></span>ents se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nt the con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ally fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ed by a c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>binat<span class=\"_ _0\"></span>ion of n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs an<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>ordin<span class=\"_ _0\"></span>ated lo<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e joint ve<span class=\"_ _0\"></span>nture par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ners<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p asse<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>ny expe<span class=\"_ _0\"></span>cted c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>ses on i<span class=\"_ _0\"></span>ts lo<span class=\"_ _0\"></span>ans prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes by co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ring t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing v<span class=\"_ _0\"></span>alue of the relev<span class=\"_ _0\"></span>ant investm<span class=\"_ _0\"></span>ent in jo<span class=\"_ _0\"></span>int venture or as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce (w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h incl<span class=\"_ _0\"></span>udes t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>ans prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d and a<span class=\"_ _0\"></span>ny acc<span class=\"_ _0\"></span>rue<span class=\"_ _0\"></span>d interest<span class=\"_ _0\"></span>) to future c<span class=\"_ _0\"></span>ash flows ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to be re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved from t<span class=\"_ _0\"></span>he joi<span class=\"_ _0\"></span>nt venture or as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iate, di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unted wh<span class=\"_ _0\"></span>ere ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate. Th<span class=\"_ _0\"></span>e max<span class=\"_ _0\"></span>imum ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re to credi<span class=\"_ _0\"></span>t risk in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e above at t<span class=\"_ _0\"></span>he rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date is t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>ying va<span class=\"_ _0\"></span>lue of fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets rec<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements<span class=\"_ _0\"></span>, net of any all<span class=\"_ _0\"></span>owan<span class=\"_ _0\"></span>ce for lo<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o materi<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the Grou<span class=\"_ _0\"></span>p\u2019s e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to cred<span class=\"_ _0\"></span>it risk<span class=\"_ _0\"></span>s and the<span class=\"_ _0\"></span>re has b<span class=\"_ _0\"></span>een no c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge in ho<span class=\"_ _0\"></span>w the Gro<span class=\"_ _0\"></span>up ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>es tho<span class=\"_ _0\"></span>se risks since 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>(c) Liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y ris<span class=\"_ _0\"></span>k<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p man<span class=\"_ _0\"></span>ages l<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isk by ma<span class=\"_ _0\"></span>intai<span class=\"_ _0\"></span>ning ad<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>uate c<span class=\"_ _0\"></span>ash ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d bank<span class=\"_ _0\"></span>ing fa<span class=\"_ _0\"></span>cili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>, conti<span class=\"_ _0\"></span>nuou<span class=\"_ _0\"></span>sly mo<span class=\"_ _0\"></span>nitor<span class=\"_ _0\"></span>ing forec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t and ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh flows a<span class=\"_ _0\"></span>nd matc<span class=\"_ _0\"></span>hing th<span class=\"_ _0\"></span>e matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rofiles of f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>. Det<span class=\"_ _0\"></span>ails of un<span class=\"_ _0\"></span>draw<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing fa<span class=\"_ _0\"></span>cili<span class=\"_ _0\"></span>ties are s<span class=\"_ _0\"></span>et out in Note 27<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>1. The matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rofile of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s is set ou<span class=\"_ _0\"></span>t on pa<span class=\"_ _0\"></span>ge 2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o materi<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the Grou<span class=\"_ _0\"></span>p\u2019s e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to liqui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isks an<span class=\"_ _0\"></span>d there ha<span class=\"_ _0\"></span>s bee<span class=\"_ _0\"></span>n no ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e in how th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p mana<span class=\"_ _0\"></span>ges t<span class=\"_ _0\"></span>hose risks since 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Fair value estimation<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p hol<span class=\"_ _0\"></span>ds cer<span class=\"_ _1\"></span>tain fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s on the b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet at the<span class=\"_ _0\"></span>ir fair va<span class=\"_ _0\"></span>lues<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing hie<span class=\"_ _0\"></span>rarchy c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>s eac<span class=\"_ _0\"></span>h cl<span class=\"_ _0\"></span>ass of fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span> asset o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y in a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n techni<span class=\"_ _0\"></span>que a<span class=\"_ _0\"></span>ppl<span class=\"_ _0\"></span>ied in d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ing it<span class=\"_ _0\"></span>s fair val<span class=\"_ _0\"></span>ue.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>ere have be<span class=\"_ _0\"></span>en no tr<span class=\"_ _0\"></span>ansfer<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n these c<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ies dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 o<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Level 1 \u2013 T<span class=\"_ _0\"></span>he fai<span class=\"_ _0\"></span>r value is c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n quoted p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>es tra<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n act<span class=\"_ _0\"></span>ive ma<span class=\"_ _0\"></span>rkets for ide<span class=\"_ _0\"></span>ntic<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p hol<span class=\"_ _0\"></span>ds invest<span class=\"_ _0\"></span>ments in m<span class=\"_ _0\"></span>utua<span class=\"_ _0\"></span>l fund<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sured at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e throug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I whi<span class=\"_ _0\"></span>ch are tr<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>d in ac<span class=\"_ _0\"></span>tive m<span class=\"_ _0\"></span>arkets and v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span>d at the c<span class=\"_ _0\"></span>losi<span class=\"_ _0\"></span>ng market pr<span class=\"_ _0\"></span>ice at t<span class=\"_ _0\"></span>he rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date.<span class=\"_ _399\"> </span>Level 2 \u2013 T<span class=\"_ _0\"></span>he fai<span class=\"_ _0\"></span>r value is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on in<span class=\"_ _0\"></span>puts ot<span class=\"_ _0\"></span>her th<span class=\"_ _0\"></span>an quote<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>ces in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ithin L<span class=\"_ _0\"></span>evel 1 tha<span class=\"_ _0\"></span>t are obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble for t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et or lia<span class=\"_ _0\"></span>bilit<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>, eit<span class=\"_ _0\"></span>her directly<span class=\"_ _6\"></span> or indirectly<span class=\"_ _17\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s is ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated as t<span class=\"_ _0\"></span>he prese<span class=\"_ _0\"></span>nt value of t<span class=\"_ _0\"></span>he est<span class=\"_ _0\"></span>imated f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows uti<span class=\"_ _0\"></span>lising y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>t the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te and t<span class=\"_ _0\"></span>akin<span class=\"_ _0\"></span>g into acc<span class=\"_ _0\"></span>ount ow<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it ris<span class=\"_ _0\"></span>k. O<span class=\"_ _0\"></span>wn c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t risk for Inf<span class=\"_ _0\"></span>rast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s\u2019 swaps is n<span class=\"_ _0\"></span>ot mater<span class=\"_ _0\"></span>ial an<span class=\"_ _0\"></span>d is ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated us<span class=\"_ _0\"></span>ing the fo<span class=\"_ _0\"></span>llowi<span class=\"_ _0\"></span>ng cred<span class=\"_ _0\"></span>it valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt (C<span class=\"_ _0\"></span>VA<span class=\"_ _0\"></span>) cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ation: lo<span class=\"_ _0\"></span>ss gi<span class=\"_ _0\"></span>ven defa<span class=\"_ _0\"></span>ult mul<span class=\"_ _0\"></span>tipl<span class=\"_ _0\"></span>ied by ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re multi<span class=\"_ _0\"></span>plie<span class=\"_ _0\"></span>d by pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y of d<span class=\"_ _0\"></span>efault<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd foreign exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g quote<span class=\"_ _0\"></span>d for<span class=\"_ _0\"></span>ward exch<span class=\"_ _0\"></span>ange r<span class=\"_ _0\"></span>ates at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate and y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span> der<span class=\"_ _0\"></span>ived fro<span class=\"_ _0\"></span>m quote<span class=\"_ _0\"></span>d interest rates m<span class=\"_ _0\"></span>atchi<span class=\"_ _0\"></span>ng the m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>ties of t<span class=\"_ _0\"></span>he foreig<span class=\"_ _0\"></span>n exchang<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts. O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it risk for t<span class=\"_ _0\"></span>he othe<span class=\"_ _0\"></span>r der<span class=\"_ _0\"></span>ivati<span class=\"_ _0\"></span>ve lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies is not mater<span class=\"_ _0\"></span>ial an<span class=\"_ _0\"></span>d is c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lated by a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng a releva<span class=\"_ _0\"></span>nt cred<span class=\"_ _0\"></span>it defau<span class=\"_ _0\"></span>lt swa<span class=\"_ _0\"></span>p (C<span class=\"_ _0\"></span>DS) r<span class=\"_ _0\"></span>ate obt<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>d from a th<span class=\"_ _0\"></span>ird par<span class=\"_ _1\"></span>ty.<span class=\"_ _399\"> </span>Level 3 \u2013 T<span class=\"_ _0\"></span>he fai<span class=\"_ _0\"></span>r value is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on un<span class=\"_ _0\"></span>obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble in<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the G<span class=\"_ _0\"></span>roup\u2019s PPP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s is deter<span class=\"_ _0\"></span>mined i<span class=\"_ _0\"></span>n the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e by app<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing an at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>rofit ma<span class=\"_ _0\"></span>rgin by referenc<span class=\"_ _0\"></span>e to the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion m<span class=\"_ _0\"></span>argi<span class=\"_ _0\"></span>n on non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>PP pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts refle<span class=\"_ _0\"></span>ctin<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tion r<span class=\"_ _0\"></span>isks reta<span class=\"_ _0\"></span>ined b<span class=\"_ _0\"></span>y the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>acto<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, an<span class=\"_ _0\"></span>d fair va<span class=\"_ _0\"></span>lue of co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span> ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s per<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d. In th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l pha<span class=\"_ _0\"></span>se it is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d by dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nting th<span class=\"_ _0\"></span>e future c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset a<span class=\"_ _0\"></span>t a disc<span class=\"_ _0\"></span>ount rate whi<span class=\"_ _0\"></span>ch is b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term gi<span class=\"_ _0\"></span>lt rates a<span class=\"_ _0\"></span>djus<span class=\"_ _0\"></span>ted for the r<span class=\"_ _0\"></span>isk levels a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted wit<span class=\"_ _0\"></span>h the as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>, with m<span class=\"_ _0\"></span>arket-<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ated move<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n fair val<span class=\"_ _0\"></span>ue reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me and ot<span class=\"_ _0\"></span>her move<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>s ori<span class=\"_ _0\"></span>gina<span class=\"_ _0\"></span>lly rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in other<span class=\"_ _0\"></span> com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e are tra<span class=\"_ _0\"></span>nsferre<span class=\"_ _0\"></span>d to the inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent up<span class=\"_ _0\"></span>on di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal of t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et. A cha<span class=\"_ _0\"></span>nge in t<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rate woul<span class=\"_ _0\"></span>d have a sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ant ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e value of t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et and a 5<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>asis p<span class=\"_ _0\"></span>oint inc<span class=\"_ _0\"></span>rease<span class=\"_ _0\"></span>/de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se, whi<span class=\"_ _0\"></span>ch rep<span class=\"_ _0\"></span>resents<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>\u2019s assessm<span class=\"_ _0\"></span>ent of a reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bly p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nge in t<span class=\"_ _0\"></span>he risk-<span class=\"_ _1\"></span>adjus<span class=\"_ _0\"></span>ted disc<span class=\"_ _0\"></span>ount r<span class=\"_ _0\"></span>ate, woul<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>d to a \u00a31<span class=\"_ _6\"></span>m d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m<span class=\"_ _0\"></span> incre<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m) in t<span class=\"_ _0\"></span>he fair va<span class=\"_ _0\"></span>lue of the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s taken thro<span class=\"_ _0\"></span>ugh e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y. Refer to Note 21 for a reco<span class=\"_ _0\"></span>ncili<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the move<span class=\"_ _0\"></span>ment fro<span class=\"_ _0\"></span>m the op<span class=\"_ _0\"></span>enin<span class=\"_ _0\"></span>g balance to the closing balance.<span class=\"_ _399\"> </span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:935.4277px;\">40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:919.1777px;\">Financial risk factors<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:902.9277px;\">(c) Liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y ris<span class=\"_ _0\"></span>k<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>ued<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:886.6777px;\">Fair value estimation continued<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:873.6777px;\">For P<span class=\"_ _0\"></span>PP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s held i<span class=\"_ _0\"></span>n joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s, a ch<span class=\"_ _0\"></span>ange i<span class=\"_ _0\"></span>n the di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unt rate by a 5<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>asis p<span class=\"_ _0\"></span>oint inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e/d<span class=\"_ _0\"></span>ecre<span class=\"_ _0\"></span>ase, wh<span class=\"_ _0\"></span>ich rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:860.6777px;\">man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>\u2019s assessm<span class=\"_ _0\"></span>ent of a reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bly p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nge in t<span class=\"_ _0\"></span>he risk-<span class=\"_ _1\"></span>adjus<span class=\"_ _0\"></span>ted dis<span class=\"_ _0\"></span>count r<span class=\"_ _0\"></span>ate, woul<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>d to a \u00a3<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>m de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _1\"></span>29<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:847.6777px;\">incre<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _1\"></span>3m) in t<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s taken thro<span class=\"_ _0\"></span>ugh e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y with<span class=\"_ _0\"></span>in the sh<span class=\"_ _0\"></span>are of joint ve<span class=\"_ _0\"></span>ntures\u2019 and as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates\u2019 res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:345.7769px; bottom:826.8777px;\">2022<span class=\"_ _132\"> </span><span class=\"ff4e ls13a ws121\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:800.2277px;\">Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>t fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:270.41602px; bottom:809.9777px;\">Le<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>l 1<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:285.0202px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:321.2885px; bottom:809.9777px;\">Le<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>l 2<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:337.12018px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:373.932px; bottom:809.9777px;\">Le<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>l 3<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:389.09677px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:432.49976px; bottom:809.9777px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:441.22px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:485.56927px; bottom:809.9777px;\">Leve<span class=\"_ _0\"></span>l 1<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:498.7245px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:536.94745px; bottom:809.9777px;\">Leve<span class=\"_ _0\"></span>l 2<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:550.5192px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:588.6589px; bottom:809.9777px;\">Leve<span class=\"_ _0\"></span>l 3<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:601.8805px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:648.716px; bottom:809.9777px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:800.2277px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:784.89813px;\">Investments<span class=\"_ _6\"></span> in mutual fund financial assets<span class=\"_ _18d\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _77\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _ae\"> </span></span>20<span class=\"_ _24\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _12\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:770.8685px;\">PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _209\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _86\"> </span>26<span class=\"_ _1f9\"> </span></span><span class=\"ff4e\"> <span class=\"_ _dc\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _119\"> </span>30<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:756.8389px;\">Other investment<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sets<span class=\"_ _20c\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _118\"> </span>11<span class=\"_ _72\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1da\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _82\"> </span>9<span class=\"_ _77\"> </span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:742.8093px;\">Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets \u2013 fuel h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges<span class=\"_ _19f\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _77\"> </span>1<span class=\"_ _77\"> </span>\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:728.7797px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s me<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>t f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _2a\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _82\"> </span></span>1<span class=\"_ _ae\"> </span><span class=\"ls91 ws85\">37<span class=\"_ _ae\"> </span><span class=\"lsae ws99\">58<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _12\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _86\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _86\"> </span><span class=\"ls38 ws37\">63<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:714.7501px;\">Financial liabilities \u2013 infrastructure <span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:701.7501px;\">concessions interest<span class=\"_ _6\"></span> rate swaps<span class=\"_ _45\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _4\"> </span></span><span class=\"ff4e\"> <span class=\"_ _dc\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>4)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:687.72064px;\">T<span class=\"_ _17\"></span>otal liabilities measured at<span class=\"_ _6\"></span> fair value<span class=\"_ _192\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>1)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1da\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:651.97064px;\">4<span class=\"_ _17\"></span>1 Principal subsidiari<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>s, jo<span class=\"_ _6\"></span>int ventures a<span class=\"_ _6\"></span>nd assoc<span class=\"_ _0\"></span>iates<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:635.72064px;\">(<span class=\"_ _6\"></span>a) Principal subsidiaries<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:578.9957px; bottom:621.42065px;\">Country of incorporation </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:615.7795px; bottom:611.67065px;\">or registra<span class=\"_ _6\"></span>tion<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:596.341px;\">Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _1\"></span>tio<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:582.31146px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:568.28186px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup In<span class=\"_ _0\"></span>c<span class=\"_ _377\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:554.25226px;\">Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Inc<span class=\"_ _1eb\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:540.22266px;\">Infrastructure Inv<span class=\"_ _6\"></span>estments<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:526.19305px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC<span class=\"_ _201\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:512.16345px;\">Balfour Beatt<span class=\"_ _0\"></span>y Infrastructure Inv<span class=\"_ _6\"></span>estments Ltd*<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:498.13385px;\">Balfour Beatt<span class=\"_ _0\"></span>y Investments<span class=\"_ _6\"></span> I<span class=\"_ _0\"></span>nc<span class=\"_ _378\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:484.10425px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons L<span class=\"_ _0\"></span>LC<span class=\"_ _379\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:470.07465px;\">Balfour Beatt<span class=\"_ _0\"></span>y Investments, LP<span class=\"_ _37a\"> </span><span class=\"ls5 ws4\">Cana<span class=\"_ _0\"></span>da<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:456.04504px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LP<span class=\"_ _37b\"> </span>Cana<span class=\"_ _0\"></span>da<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:442.01544px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:427.98596px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs In<span class=\"_ _0\"></span>c. <span class=\"_ _37c\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:399.38583px;\">(b<span class=\"_ _6\"></span>) Pr<span class=\"_ _6\"></span>inc<span class=\"_ _0\"></span>ipal j<span class=\"_ _6\"></span>oint ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:479.3109px; bottom:385.08585px;\">Country of incorporation </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:515.7969px; bottom:375.33585px;\">or registra<span class=\"_ _6\"></span>tion<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:597.718px; bottom:385.08585px;\">Ownership interest<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:658.9054px; bottom:375.33585px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:360.00623px;\">Co<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _1\"></span>tio<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:345.97662px;\">Gammon China<span class=\"_ _6\"></span> Ltd<span class=\"_ _2b0\"> </span><span class=\"ls35 ws34\">Hong Kong<span class=\"_ _1c\"> </span><span class=\"lsa8 ws96\">5<span class=\"_ _0\"></span>0.0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:331.94702px;\">Infrastructure Inv<span class=\"_ _6\"></span>estments (Note<span class=\"_ _6\"></span> 4<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:317.91757px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) Ltd<span class=\"_ _37d\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:289.31757px;\">(c<span class=\"_ _6\"></span>) Principal joint operations<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:276.31757px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s out a nu<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r of its l<span class=\"_ _0\"></span>arger c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s in jo<span class=\"_ _0\"></span>int arr<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s with ot<span class=\"_ _0\"></span>her c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s so as to sha<span class=\"_ _0\"></span>re resourc<span class=\"_ _0\"></span>es and r<span class=\"_ _0\"></span>isk. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:263.31757px;\">joint p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts in p<span class=\"_ _0\"></span>rogres<span class=\"_ _0\"></span>s dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year are sh<span class=\"_ _0\"></span>own b<span class=\"_ _0\"></span>elow.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:479.3109px; bottom:242.51758px;\">Country of incorporation </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:515.7969px; bottom:232.76758px;\">or registra<span class=\"_ _6\"></span>tion<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:597.718px; bottom:242.51758px;\">Ownership interest<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:658.9054px; bottom:232.76758px;\">%<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:217.43796px;\">M25 Maintenance<span class=\"_ _302\"> </span><span class=\"ls9b wse4\">5<span class=\"_ _0\"></span>2.5<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:203.40836px;\">M4 J<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n 3<span class=\"_ _1\"></span>\u2013<span class=\"_ _6\"></span>12<span class=\"_ _37e\"> </span><span class=\"lsa8 ws96\">60.0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:189.37877px;\">HS<span class=\"_ _0\"></span>2 \u2013 A<span class=\"_ _0\"></span>rea N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th<span class=\"_ _2fa\"> </span><span class=\"lsa8 ws96\">50.0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:175.34917px;\">Central Rail Systems Alliance<span class=\"_ _37f\"> </span><span class=\"lsa8 ws96\">80.0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:161.31956px;\">Old O<span class=\"_ _0\"></span>ak C<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>on<span class=\"_ _380\"> </span><span class=\"ls9b wse4\">42.0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:147.28996px;\">Skanska<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>Balfour Beatt<span class=\"_ _0\"></span>y <span class=\"_ _2f6\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _1ad\"> </span><span class=\"lsa8 ws96\">5<span class=\"_ _0\"></span>0.0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:133.26036px;\">Dri<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y <span class=\"_ _2ef\"> </span>US <span class=\"_ _181\"> </span><span class=\"lsa8 ws96\">35.0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:119.23076px;\">Greenline E<span class=\"_ _0\"></span>xtension <span class=\"_ _87\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _1c\"> </span><span class=\"ls3c ws3a\">25.0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:105.201294px;\">L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X I<span class=\"_ _0\"></span>ntegra<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ress S<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ions <span class=\"_ _381\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _1c\"> </span><span class=\"lsa8 ws96\">30.0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:91.17169px;\">LB<span class=\"_ _0\"></span>J East<span class=\"_ _14f\"> </span><span class=\"ls87 ws7e\">US<span class=\"_ _1ad\"> </span><span class=\"lsa8 ws96\">4<span class=\"_ _0\"></span>5.0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.009376526px; bottom:67.7717px;\">Notes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:58.67169px;\">(i<span class=\"_ _0\"></span>)  S<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es, j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>tes w<span class=\"_ _0\"></span>hos<span class=\"_ _0\"></span>e res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>d not<span class=\"_ _0\"></span>, in t<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>pin<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>ly a<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t the re<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>r net a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p are n<span class=\"_ _0\"></span>ot sh<span class=\"_ _0\"></span>own<span class=\"_ _0\"></span>. </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:45.88658px;\">(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Unl<span class=\"_ _0\"></span>ess o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>se st<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, 10<span class=\"_ _0\"></span>0% of th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>s ow<span class=\"_ _0\"></span>ned a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ed in E<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d Wal<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of e<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any a<span class=\"_ _0\"></span>re co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>n the </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:11.050667px; bottom:36.786583px;\">country of incorporation.<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:22.051605px;\">* <span class=\"_ _4\"> </span>I<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ates h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5516014px;\">A full lis<span class=\"_ _0\"></span>t of the Gro<span class=\"_ _0\"></span>up\u2019s related und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>king<span class=\"_ _0\"></span>s is inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:939.0398px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.0066986084px; bottom:883.7773px;\">4<span class=\"_ _17\"></span>1 Principal subsidiari<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>s, jo<span class=\"_ _6\"></span>int ventures a<span class=\"_ _6\"></span>nd assoc<span class=\"_ _0\"></span>iates<span class=\"ff4e ls1f ws1b\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:867.5273px;\">(d) Bal<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s U<span class=\"_ _0\"></span>K<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:851.2773px;\">Roads<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:838.2773px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is a prom<span class=\"_ _0\"></span>oter<span class=\"_ _6\"></span>, d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>per an<span class=\"_ _0\"></span>d investor in 12 road and s<span class=\"_ _0\"></span>treet lig<span class=\"_ _0\"></span>hting p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts to c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t new roa<span class=\"_ _0\"></span>ds, to up<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ade a<span class=\"_ _0\"></span>nd mai<span class=\"_ _0\"></span>ntain </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:825.2773px;\">existin<span class=\"_ _0\"></span>g road<span class=\"_ _0\"></span>s and to rep<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ce and m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ain stre<span class=\"_ _0\"></span>et lighti<span class=\"_ _0\"></span>ng. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t is the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t agre<span class=\"_ _0\"></span>ement w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e gover<span class=\"_ _0\"></span>nment<span class=\"_ _0\"></span>al hig<span class=\"_ _0\"></span>hway </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:812.2773px;\">auth<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>y. All as<span class=\"_ _0\"></span>sets t<span class=\"_ _0\"></span>ransfer to th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer at th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:762.2273px;\">Conces<span class=\"_ _0\"></span>sion company<span class=\"_ _6\"></span> (i)<span class=\"_ _25c\"> </span><span class=\"ff4e ls8e wse2\">Proje<span class=\"_ _0\"></span>ct<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:308.62866px; bottom:791.4773px;\">Total de<span class=\"_ _0\"></span>bt </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:306.40735px; bottom:781.7273px;\">and e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:316.75626px; bottom:771.9773px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:332.41034px; bottom:762.2273px;\">\u00a3m<span class=\"_ _f6\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:425.13882px; bottom:771.9773px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:422.48758px; bottom:762.2273px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:519.39014px; bottom:771.9773px;\">Financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:531.96814px; bottom:762.2273px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:572.00433px; bottom:771.9773px;\">Duration<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:584.14703px; bottom:762.2273px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:618.55725px; bottom:771.9773px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:624.6784px; bottom:762.2273px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.0066986084px; bottom:746.8977px;\">Co<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct M1-<span class=\"_ _1\"></span>A<span class=\"_ _6\"></span>1 Ltd<span class=\"_ _382\"> </span><span class=\"ls28 ws24\">3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>km ro<span class=\"_ _0\"></span>ad<span class=\"_ _b1\"> </span><span class=\"lsf9 ws29\">290<span class=\"_ _a3\"> </span><span class=\"ls3 ws0\">20%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _e\"> </span><span class=\"lsfc ws18f\">M<span class=\"_ _1\"></span>ar<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> 19<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _ae\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _119\"> </span><span class=\"ls38 ws37\">1<span class=\"_ _59\"></span>999<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:732.8681px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:247.42453px; bottom:732.19916px;\">57k<span class=\"_ _0\"></span>m road<span class=\"_ _b2\"> </span><span class=\"ls3c ws3a\">42<span class=\"_ _332\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>5%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _109\"> </span><span class=\"lsfc ws18f\">M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>y 19<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _ae\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _aa\"> </span></span>19<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>8<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:718.16956px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>/A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5 Ltd<span class=\"_ _138\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>m r<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>d<span class=\"_ _e\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>7<span class=\"_ _12\"> </span></span></span>20%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _12c\"> </span><span class=\"lsfc ws18f\">J<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>y 19<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _ae\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _30\"> </span><span class=\"ls2b ws28\">2000<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:704.13995px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M7<span class=\"_ _0\"></span>7/GS<span class=\"_ _0\"></span>O pl<span class=\"_ _0\"></span>c (ii)<span class=\"_ _114\"> </span><span class=\"ls28 ws24\">25<span class=\"_ _0\"></span>km ro<span class=\"_ _0\"></span>ad<span class=\"_ _10f\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _0\"></span>7<span class=\"_ _332\"> </span>8<span class=\"_ _1\"></span>5%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _af\"> </span></span></span></span>May 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _ae\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _aa\"> </span><span class=\"ls71 ws6b\">200<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:690.11035px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>and Ltd<span class=\"_ _2d8\"> </span><span class=\"ls5 ws4\">Stree<span class=\"_ _6\"></span>tlighting<span class=\"_ _b2\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _b2\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _0\"></span>0%<span class=\"_ _207\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _ac\"> </span><span class=\"ls10 wse\">A<span class=\"_ _0\"></span>ugust 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _ae\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _aa\"> </span><span class=\"ls71 ws6b\">200<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:676.0809px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de Ltd<span class=\"_ _1d5\"> </span><span class=\"ls5 ws4\">Streetlighting<span class=\"_ _a0\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _a3\"> </span></span></span>20%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _1a7\"> </span><span class=\"ls10 wse\">De<span class=\"_ _0\"></span>cember 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _ae\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _86\"> </span><span class=\"ls3b ws12f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:662.0513px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ltd<span class=\"_ _93\"> </span><span class=\"ls5 ws4\">Streetlighting<span class=\"_ _a0\"> </span><span class=\"ls39 ws38\">36<span class=\"_ _10f\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%<span class=\"_ _23\"> </span><span class=\"ls91 ws85\">Subsidiary<span class=\"_ _ae\"> </span></span></span></span></span>A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ril 20<span class=\"_ _1\"></span>07<span class=\"_ _ae\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:648.02167px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:180.57358px; bottom:647.69916px;\">J1<span class=\"_ _6\"></span>6 \u2013 J<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>, J2<span class=\"_ _0\"></span>7 \u2013 J<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0 and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:195.44936px; bottom:634.69916px;\">A<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>(M<span class=\"_ _0\"></span>) Hat<span class=\"_ _0\"></span>field T<span class=\"_ _17\"></span>unnel<span class=\"_ _50\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9<span class=\"_ _aa\"> </span><span class=\"lsfb ws13a\">15%<span class=\"_ _207\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _af\"> </span><span class=\"ls3 ws0\">M<span class=\"_ _0\"></span>ay 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _86\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:620.66956px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Ltd<span class=\"_ _a9\"> </span><span class=\"ls5 ws4\">C<span class=\"_ _0\"></span>arlisle Nor<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span>n</span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:202.95334px; bottom:607.66956px;\">Devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment R<span class=\"_ _0\"></span>oute<span class=\"_ _e\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>6<span class=\"_ _12\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>5%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _b0\"> </span><span class=\"ls3 ws0\">Ju<span class=\"_ _0\"></span>ly 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _86\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:593.63995px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ltd<span class=\"_ _193\"> </span><span class=\"ls5 ws4\">Streetlighting<span class=\"_ _a0\"> </span><span class=\"ls39 ws38\">56<span class=\"_ _b2\"> </span></span></span>2<span class=\"_ _0\"></span>0%<span class=\"_ _207\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _c8\"> </span><span class=\"ls10 wse\">August 201<span class=\"_ _6\"></span>0<span class=\"_ _ae\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:579.61035px;\">Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e Ltd<span class=\"_ _1d8\"> </span><span class=\"ls5 ws4\">Streetlighting<span class=\"_ _b2\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _332\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _0\"></span>0%<span class=\"_ _207\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _118\"> </span><span class=\"ls158 ws146\">A<span class=\"_ _3b\"></span>p<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>i<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span> 2<span class=\"_ _3b\"></span>0<span class=\"_ _0\"></span>11<span class=\"_ _109\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _86\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>16<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:565.5809px;\">Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire Lt<span class=\"_ _6\"></span>d<span class=\"_ _245\"> </span><span class=\"ls5 ws4\">Streetlighting<span class=\"_ _142\"> </span><span class=\"ls30 ws2e\">64<span class=\"_ _b2\"> </span><span class=\"ls3 ws0\">20%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _c8\"> </span><span class=\"ls10 wse\">A<span class=\"_ _0\"></span>ugust 201<span class=\"_ _17\"></span>1<span class=\"_ _ae\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _86\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>016<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.0066986084px; bottom:542.1807px;\">Notes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:531.13074px;\">(i<span class=\"_ _0\"></span>)  R<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d in En<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd W<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s and t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of ea<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny are i<span class=\"_ _0\"></span>n Eng<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d Wa<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, exce<span class=\"_ _0\"></span>pt C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ct M<span class=\"_ _0\"></span>77/<span class=\"_ _0\"></span>GS<span class=\"_ _0\"></span>O p<span class=\"_ _0\"></span>lc w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h is re<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span>ir pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:10.748081px; bottom:520.08075px;\">operations, in Scotland.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:505.34576px;\">(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"> </span>D<span class=\"_ _0\"></span>ue t<span class=\"_ _0\"></span>o the s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>een B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:10.748081px; bottom:494.29578px;\">op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>is c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny, the Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l this c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:471.54578px;\">Healthcare<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.0066986084px; bottom:458.54578px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is a prom<span class=\"_ _0\"></span>oter<span class=\"_ _6\"></span>, d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>per an<span class=\"_ _0\"></span>d investor in t<span class=\"_ _0\"></span>wo h<span class=\"_ _0\"></span>eal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s to buil<span class=\"_ _0\"></span>d hosp<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l acc<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n and to prov<span class=\"_ _0\"></span>ide c<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.0066986084px; bottom:445.54578px;\">faci<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent ser<span class=\"_ _1\"></span>vice<span class=\"_ _0\"></span>s over the c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t for Bir<span class=\"_ _0\"></span>ming<span class=\"_ _0\"></span>ham is t<span class=\"_ _0\"></span>he proj<span class=\"_ _0\"></span>ect a<span class=\"_ _0\"></span>greem<span class=\"_ _0\"></span>ent bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en the c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.0066986084px; bottom:432.54578px;\">co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny <span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> t<span class=\"_ _0\"></span>he N<span class=\"_ _0\"></span>HS T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ust an<span class=\"_ _0\"></span>d for the Ir<span class=\"_ _0\"></span>ish pr<span class=\"_ _0\"></span>imar<span class=\"_ _1\"></span>y care c<span class=\"_ _0\"></span>entres<span class=\"_ _0\"></span>, the proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t agree<span class=\"_ _0\"></span>ment is w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e Irish G<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>nment. A<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s trans<span class=\"_ _0\"></span>fer to the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.0066986084px; bottom:419.54578px;\">custom<span class=\"_ _0\"></span>er at th<span class=\"_ _0\"></span>e end of th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:369.49576px;\">Conces<span class=\"_ _0\"></span>sion company<span class=\"_ _6\"></span> (i)<span class=\"_ _342\"> </span><span class=\"ff4e ls8e wse2\">Proje<span class=\"_ _0\"></span>ct<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:339.32047px; bottom:398.74576px;\">Total de<span class=\"_ _0\"></span>bt </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:336.88245px; bottom:388.99576px;\">and e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:347.74136px; bottom:379.24576px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:362.6399px; bottom:369.49576px;\">\u00a3m<span class=\"_ _70\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:450.50272px; bottom:379.24576px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:449.25693px; bottom:369.49576px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:527.52136px; bottom:379.24576px;\">Financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:540.1541px; bottom:369.49576px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:575.7854px; bottom:379.24576px;\">Duration<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:588.39996px; bottom:369.49576px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:618.55725px; bottom:379.24576px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:624.6784px; bottom:369.49576px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:354.16614px;\">Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am) Ltd <span class=\"_ _1da\"> </span><span class=\"ls35 ws34\">T<span class=\"_ _6\"></span>eaching hospital and<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:218.36913px; bottom:341.16614px;\">mental health hospital<span class=\"_ _c0\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _0\"></span>3<span class=\"_ _b4\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _0\"></span>0%<span class=\"_ _207\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _52\"> </span></span>Ju<span class=\"_ _0\"></span>ne 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _a0\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _a1\"> </span><span class=\"ls158 ws146\">2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:327.13657px;\">Healthc<span class=\"_ _0\"></span>are Centres PPP Ltd<span class=\"_ _186\"> </span>Primar<span class=\"_ _0\"></span>y health care </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:287.1056px; bottom:314.13657px;\">centres<span class=\"_ _81\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>8<span class=\"_ _25\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _0\"></span>0%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _54\"> </span><span class=\"lsa4 ws86\">M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>016<span class=\"_ _a3\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _113\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _1\"></span>019<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.0066986084px; bottom:290.73654px;\">Note<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:279.68655px;\">(i<span class=\"_ _0\"></span>) <span class=\"_ _46\"> </span>Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ed in E<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d Wal<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns of e<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any a<span class=\"_ _0\"></span>re in En<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d and W<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s, exc<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>hc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ntre<span class=\"_ _0\"></span>s PP<span class=\"_ _0\"></span>P Ltd w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch is re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws7e\" style=\"left:10.748081px; bottom:268.63657px;\">operations, in<span class=\"_ _6\"></span> Ireland.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:245.88657px;\">Stude<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>commo<span class=\"_ _0\"></span>dation<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.0066986084px; bottom:232.88657px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is a prom<span class=\"_ _0\"></span>oter<span class=\"_ _6\"></span>, d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>per an<span class=\"_ _0\"></span>d investor in fou<span class=\"_ _0\"></span>r stud<span class=\"_ _0\"></span>ent ac<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ts. O<span class=\"_ _0\"></span>n Ho<span class=\"_ _0\"></span>lyro<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, Sus<span class=\"_ _0\"></span>sex and A<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h, the p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:219.88657px;\">agree<span class=\"_ _0\"></span>ment is b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany an<span class=\"_ _0\"></span>d the uni<span class=\"_ _0\"></span>versi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>ets tra<span class=\"_ _0\"></span>nsfer to the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r at the en<span class=\"_ _0\"></span>d of the c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>on. O<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:206.88657px;\">Gla<span class=\"_ _0\"></span>sgow R<span class=\"_ _0\"></span>esid<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>es the b<span class=\"_ _0\"></span>uild<span class=\"_ _0\"></span>ing is ow<span class=\"_ _0\"></span>ned o<span class=\"_ _0\"></span>utr<span class=\"_ _0\"></span>ight by B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd roo<span class=\"_ _0\"></span>ms are let to ind<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>l stud<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:156.83655px;\">Conces<span class=\"_ _0\"></span>sion company<span class=\"_ _6\"></span> (i)<span class=\"_ _c9\"> </span><span class=\"ff4e ls8e wse2\">P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:289.95636px; bottom:186.08655px;\">Total de<span class=\"_ _0\"></span>bt </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:288.41052px; bottom:176.33655px;\">and e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:299.2129px; bottom:166.58655px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:313.81708px; bottom:156.83655px;\">\u00a3m<span class=\"_ _4c\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:413.53827px; bottom:166.58655px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:412.40155px; bottom:156.83655px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:515.3874px; bottom:166.58655px;\">Financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:527.52136px; bottom:156.83655px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:572.00433px; bottom:166.58655px;\">Duration<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:584.14703px; bottom:156.83655px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:618.55725px; bottom:166.58655px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:624.6784px; bottom:156.83655px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:141.50696px;\">Ho<span class=\"_ _0\"></span>lyro<span class=\"_ _0\"></span>od S<span class=\"_ _0\"></span>tude<span class=\"_ _0\"></span>nt Acc<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n SP<span class=\"_ _0\"></span>V </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.0066986084px; bottom:128.50696px;\">Ltd<span class=\"_ _254\"> </span><span class=\"ls8d ws8e\">Ed<span class=\"_ _0\"></span>inburg<span class=\"_ _0\"></span>h<span class=\"_ _dc\"> </span><span class=\"lsdf wsc8\">82<span class=\"_ _ae\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _0\"></span>0%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _99\"> </span><span class=\"ls142 ws12b\">Ju<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>13<span class=\"_ _1da\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"lsa4 ws86\">20<span class=\"_ _0\"></span>16<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:114.477356px;\">Ab<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>yst<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>th Student Accommo<span class=\"_ _0\"></span>dation </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.0066986084px; bottom:101.477356px;\">Ltd<span class=\"_ _2e1\"> </span><span class=\"ls5 ws4\">A<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>yst<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>th<span class=\"_ _1da\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _a1\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0%<span class=\"_ _19d\"> </span><span class=\"ls91 ws85\">Subsidiar<span class=\"_ _0\"></span>y<span class=\"_ _99\"> </span><span class=\"ls142 ws12b\">J<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>y 2<span class=\"_ _1\"></span>013<span class=\"_ _1da\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:87.447754px;\">Glasgow Residences (Kennedy Street) </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsae ws99\" style=\"left:0.0066986084px; bottom:74.447754px;\">LLP<span class=\"_ _d3\"> </span><span class=\"ls87 ws7e\">Glasgow<span class=\"_ _1d\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _354\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0%<span class=\"_ _19d\"> </span><span class=\"ls91 ws85\">Subsidiar<span class=\"_ _0\"></span>y<span class=\"_ _c4\"> </span><span class=\"lsa4 ws86\">A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>16<span class=\"_ _118\"> </span><span class=\"ls8e wse2\">n/a<span class=\"_ _ae\"> </span><span class=\"ls94 ws145\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>17<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:60.41815px;\">East Slope Residenc<span class=\"_ _0\"></span>ies Student </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:47.41815px;\">Accomm<span class=\"_ _0\"></span>odation L<span class=\"_ _0\"></span>LP<span class=\"_ _298\"> </span><span class=\"lsaa ws140\">S<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>sex<span class=\"_ _aa\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _0\"></span>18<span class=\"_ _af\"> </span><span class=\"ls3 ws0\">8<span class=\"_ _0\"></span>0%<span class=\"_ _1bc\"> </span><span class=\"ls91 ws85\">Subsidiar<span class=\"_ _0\"></span>y<span class=\"_ _ae\"> </span><span class=\"ls94 ws145\">M<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> 2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>17<span class=\"_ _1da\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"ls71 ws6b\">2020<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.0066986084px; bottom:24.018158px;\">Note<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:12.968155px;\">(i<span class=\"_ _0\"></span>)  R<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d in En<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd W<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s and t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of ea<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny are i<span class=\"_ _0\"></span>n Eng<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d Wa<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, exce<span class=\"_ _0\"></span>pt H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>yro<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>d Stu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nt Ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>V Lt<span class=\"_ _0\"></span>d and G<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>sg<span class=\"_ _0\"></span>ow Re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>s </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:10.748081px; bottom:1.9181519px;\">(Ke<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>y Stre<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>) L<span class=\"_ _0\"></span>LP w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h are r<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>iste<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t the<span class=\"_ _0\"></span>ir pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pal o<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, in S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:745.34955px;\">4<span class=\"_ _17\"></span>1 Principal subsidiari<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>s, jo<span class=\"_ _6\"></span>int ventures a<span class=\"_ _6\"></span>nd assoc<span class=\"_ _0\"></span>iates<span class=\"ff4e ls1f ws1b\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:729.09955px;\">(d) Bal<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s U<span class=\"_ _0\"></span>K<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:712.84955px;\">Ot<span class=\"_ _0\"></span>her conc<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:699.84955px;\">Pevensey C<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>l Defenc<span class=\"_ _0\"></span>e Ltd (P<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>DL<span class=\"_ _0\"></span>) h<span class=\"_ _0\"></span>as a 25<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>year c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e Environ<span class=\"_ _0\"></span>ment Ag<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y to maint<span class=\"_ _0\"></span>ain a shi<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>e bank se<span class=\"_ _0\"></span>a defen<span class=\"_ _0\"></span>ce in E<span class=\"_ _0\"></span>ast Su<span class=\"_ _0\"></span>ssex.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:686.84955px;\">UBB W<span class=\"_ _0\"></span>aste (G<span class=\"_ _0\"></span>lou<span class=\"_ _0\"></span>ceste<span class=\"_ _0\"></span>rshire) Ltd ha<span class=\"_ _0\"></span>s a contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t with t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y to desig<span class=\"_ _0\"></span>n, buil<span class=\"_ _0\"></span>d and o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ate a sust<span class=\"_ _0\"></span>aina<span class=\"_ _0\"></span>ble w<span class=\"_ _0\"></span>aste trea<span class=\"_ _0\"></span>tment fa<span class=\"_ _0\"></span>cili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:673.84955px;\">Th<span class=\"_ _0\"></span>anet invol<span class=\"_ _0\"></span>ves the o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n of tra<span class=\"_ _0\"></span>nsmis<span class=\"_ _0\"></span>sion as<span class=\"_ _0\"></span>sets for t<span class=\"_ _0\"></span>he 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>W of<span class=\"_ _0\"></span>fsh<span class=\"_ _0\"></span>ore win<span class=\"_ _0\"></span>d far<span class=\"_ _0\"></span>m project located<span class=\"_ _6\"></span> off the Ken<span class=\"_ _6\"></span>t coast. Gwynt y M\u00f4r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:660.84955px;\">involve<span class=\"_ _0\"></span>s the op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tion of tr<span class=\"_ _0\"></span>ansm<span class=\"_ _0\"></span>issio<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span>s for the 5<span class=\"_ _0\"></span>76<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>W of<span class=\"_ _0\"></span>fsho<span class=\"_ _0\"></span>re wind f<span class=\"_ _0\"></span>arm in t<span class=\"_ _0\"></span>he Iri<span class=\"_ _0\"></span>sh Se<span class=\"_ _0\"></span>a. H<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span> inv<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span> o<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>mis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:647.84955px;\">asset<span class=\"_ _0\"></span>s for the 219M<span class=\"_ _0\"></span>W of<span class=\"_ _0\"></span>fsh<span class=\"_ _0\"></span>ore win<span class=\"_ _0\"></span>d far<span class=\"_ _0\"></span>m in the N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th S<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>anet<span class=\"_ _0\"></span>, Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y M\u00f4<span class=\"_ _0\"></span>r and Hu<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r op<span class=\"_ _0\"></span>erate an<span class=\"_ _0\"></span>d maint<span class=\"_ _0\"></span>ain th<span class=\"_ _0\"></span>e trans<span class=\"_ _0\"></span>missi<span class=\"_ _0\"></span>on as<span class=\"_ _0\"></span>sets </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:634.84955px;\">und<span class=\"_ _0\"></span>er the ter<span class=\"_ _0\"></span>ms of pe<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>etual li<span class=\"_ _0\"></span>cen<span class=\"_ _0\"></span>ces g<span class=\"_ _0\"></span>ranted by O<span class=\"_ _0\"></span>fge<span class=\"_ _0\"></span>m whic<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>ntain t<span class=\"_ _0\"></span>he rig<span class=\"_ _0\"></span>ht to be pa<span class=\"_ _0\"></span>id a revenue s<span class=\"_ _0\"></span>tream over a 2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>year p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od on a<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:621.84955px;\">avail<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y bas<span class=\"_ _0\"></span>is. Well<span class=\"_ _0\"></span>and Bi<span class=\"_ _0\"></span>o Power invo<span class=\"_ _0\"></span>lves th<span class=\"_ _0\"></span>e desi<span class=\"_ _0\"></span>gn, c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng, o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n and m<span class=\"_ _0\"></span>aintenan<span class=\"_ _0\"></span>ce of a 10.<span class=\"_ _0\"></span>4M<span class=\"_ _0\"></span>W wa<span class=\"_ _0\"></span>ste woo<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:608.84955px;\">loc<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>t Peb<span class=\"_ _0\"></span>ble H<span class=\"_ _0\"></span>all Fa<span class=\"_ _0\"></span>rm, T<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>ding<span class=\"_ _0\"></span>wor<span class=\"_ _1\"></span>th. T<span class=\"_ _0\"></span>he Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt is a Lon<span class=\"_ _0\"></span>don L<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>y Develo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>tion </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:595.84955px;\">proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>, bein<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ed ou<span class=\"_ _0\"></span>t in pha<span class=\"_ _0\"></span>ses, w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h will resu<span class=\"_ _0\"></span>lt in the c<span class=\"_ _0\"></span>reati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>wo c<span class=\"_ _0\"></span>ommuni<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>, Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water, at the Qu<span class=\"_ _0\"></span>een Eliz<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>eth </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:582.84955px;\">Ol<span class=\"_ _0\"></span>ymp<span class=\"_ _0\"></span>ic Pa<span class=\"_ _0\"></span>rk in Lo<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span>n. W<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he excepti<span class=\"_ _0\"></span>on of the We<span class=\"_ _0\"></span>llan<span class=\"_ _0\"></span>d Bio Powe<span class=\"_ _0\"></span>r pla<span class=\"_ _0\"></span>nt and the E<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ick a<span class=\"_ _0\"></span>nd Sweet<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>ter proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>, all as<span class=\"_ _0\"></span>sets tr<span class=\"_ _0\"></span>ansfer to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:569.84955px;\">the cu<span class=\"_ _0\"></span>stomer a<span class=\"_ _0\"></span>t the en<span class=\"_ _0\"></span>d of the relev<span class=\"_ _0\"></span>ant con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>. </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:519.79956px;\">Conces<span class=\"_ _0\"></span>sion company<span class=\"_ _6\"></span> (i)<span class=\"_ _c9\"> </span><span class=\"ff4e ls8e wse2\">P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:292.35675px; bottom:549.04956px;\">Total de<span class=\"_ _0\"></span>bt </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:289.38184px; bottom:539.29956px;\">and e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:300.30963px; bottom:529.54956px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:315.6815px; bottom:519.79956px;\">\u00a3m<span class=\"_ _4c\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:414.0842px; bottom:529.54956px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:412.37445px; bottom:519.79956px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:516.94086px; bottom:529.54956px;\">Financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:528.66656px; bottom:519.79956px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:573.6274px; bottom:529.54956px;\">Duration<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:583.04755px; bottom:519.79956px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:619.19745px; bottom:529.54956px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:626.8259px; bottom:519.79956px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:504.46997px;\">Pevensey C<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>l Defenc<span class=\"_ _0\"></span>e Ltd<span class=\"_ _1db\"> </span><span class=\"ls10 wse\">Sea defences<span class=\"_ _29\"> </span></span>3<span class=\"_ _109\"> </span><span class=\"lsa4 ws86\">25%<span class=\"_ _2d\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _29\"> </span><span class=\"ls2b ws28\">Ju<span class=\"_ _17\"></span>ly<span class=\"_ _6\"></span> 2000<span class=\"_ _12c\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _c4\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:490.44037px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:477.44037px;\">Proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s (P<span class=\"_ _0\"></span>hase 1) Ltd<span class=\"_ _1db\"> </span><span class=\"ls28 ws24\">P<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y develo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _dc\"> </span><span class=\"ls38 ws37\">99<span class=\"_ _ae\"> </span></span></span>50%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">J<span class=\"_ _0\"></span>anuar<span class=\"_ _0\"></span>y 2019<span class=\"_ _346\"> </span></span></span>3<span class=\"_ _119\"> </span><span class=\"lsaa ws140\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:463.41077px;\">UBB Waste (Gloucestershire<span class=\"_ _6\"></span>) </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.009376526px; bottom:450.41077px;\">Ltd<span class=\"_ _61\"> </span><span class=\"ls10 wse\">Waste processing plant<span class=\"_ _332\"> </span><span class=\"lsf9 ws29\">2<span class=\"_ _0\"></span>23<span class=\"_ _e\"> </span><span class=\"lsa4 ws86\">4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5%<span class=\"_ _b7\"> </span><span class=\"lsb4 ws87\">A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>iate<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Januar<span class=\"_ _0\"></span>y 2016<span class=\"_ _1d\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _1\"></span>019<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:436.38116px;\">Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd<span class=\"_ _173\"> </span><span class=\"ls8e wse2\">O<span class=\"_ _0\"></span>ffsh<span class=\"_ _0\"></span>ore transmission<span class=\"_ _30\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>7<span class=\"_ _109\"> </span></span></span>20%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _52\"> </span><span class=\"ls10 wse\">December 201<span class=\"_ _6\"></span>4<span class=\"_ _dc\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _c4\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:422.35156px;\">Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y M\u00f4r O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO p<span class=\"_ _0\"></span>lc (<span class=\"_ _0\"></span>ii)<span class=\"_ _1d\"> </span><span class=\"ls8e wse2\">O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fshore transmission<span class=\"_ _12\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _0\"></span>6<span class=\"_ _ae\"> </span></span></span>6<span class=\"_ _0\"></span>0%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _1c7\"> </span><span class=\"lsf8 wse1\">Februar<span class=\"_ _0\"></span>y 201<span class=\"_ _6\"></span>5<span class=\"_ _dc\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _c4\"> </span><span class=\"ls8e wse2\">n/a<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:408.32196px;\">Wellan<span class=\"_ _0\"></span>d Bio Po<span class=\"_ _0\"></span>wer Ltd<span class=\"_ _183\"> </span><span class=\"ls10 wse\">Waste wood gasifier<span class=\"_ _fd\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _ce\"> </span><span class=\"ls20 ws88\">2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _ae\"> </span><span class=\"lsfb ws13a\">M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _118\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>18<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:394.29248px;\">Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd<span class=\"_ _113\"> </span><span class=\"ls8e wse2\">O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fshore transmission<span class=\"_ _30\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _0\"></span>7<span class=\"_ _109\"> </span></span></span>2<span class=\"_ _0\"></span>0%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _b7\"> </span><span class=\"ls10 wse\">S<span class=\"_ _0\"></span>eptember 201<span class=\"_ _6\"></span>6<span class=\"_ _dc\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _c4\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.009376526px; bottom:370.8924px;\">Notes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:359.8424px;\">(i<span class=\"_ _0\"></span>)  R<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d in En<span class=\"_ _0\"></span>gl<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd W<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s and t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of ea<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny are i<span class=\"_ _0\"></span>n Eng<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d Wa<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:345.10742px;\">(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"> </span>D<span class=\"_ _0\"></span>ue t<span class=\"_ _0\"></span>o the s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>een B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng un<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t mat<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted to t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:11.050667px; bottom:334.05737px;\">op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>is c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny, the Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l this c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:311.30737px;\">(e) Bal<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Inve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Am<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:295.05737px;\">Militar<span class=\"_ _1\"></span>y housing<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.009376526px; bottom:282.05737px;\">Summary<span class=\"ff4e ls3 ws0\"> B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y thro<span class=\"_ _0\"></span>ugh i<span class=\"_ _0\"></span>ts sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>muniti<span class=\"_ _0\"></span>es LLC i<span class=\"_ _0\"></span>s a man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>er, and investor in a num<span class=\"_ _0\"></span>ber of U<span class=\"_ _0\"></span>S </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:269.05737px;\">milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>atisa<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h a total of 5<span class=\"_ _0\"></span>5 US G<span class=\"_ _0\"></span>overn<span class=\"_ _0\"></span>ment mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y base<span class=\"_ _0\"></span>s whic<span class=\"_ _0\"></span>h inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>es 5<span class=\"_ _0\"></span>5 milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y fa<span class=\"_ _0\"></span>mily h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>mmunit<span class=\"_ _0\"></span>ies </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:256.0574px;\">and on<span class=\"_ _0\"></span>e una<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>anie<span class=\"_ _0\"></span>d per<span class=\"_ _0\"></span>sonne<span class=\"_ _0\"></span>l hous<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ommun<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y tha<span class=\"_ _0\"></span>t are expe<span class=\"_ _0\"></span>cted to c<span class=\"_ _0\"></span>onta<span class=\"_ _0\"></span>in ap<span class=\"_ _0\"></span>proxim<span class=\"_ _0\"></span>ately 4<span class=\"_ _1\"></span>3,0<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>0 ho<span class=\"_ _0\"></span>using u<span class=\"_ _0\"></span>nits o<span class=\"_ _0\"></span>nce d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pment<span class=\"_ _0\"></span>, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:243.0574px;\">con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on and re<span class=\"_ _0\"></span>novati<span class=\"_ _0\"></span>on are co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lete.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:223.5574px;\">Th<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cts c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pris<span class=\"_ _0\"></span>e 1<span class=\"_ _17\"></span>1 mil<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y fami<span class=\"_ _0\"></span>ly ho<span class=\"_ _0\"></span>using p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>ation p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e Unite<span class=\"_ _0\"></span>d States D<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent of the A<span class=\"_ _0\"></span>rmy (<span class=\"_ _1\"></span>Ar<span class=\"_ _0\"></span>my), seven p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:210.5574px;\">with t<span class=\"_ _0\"></span>he Uni<span class=\"_ _0\"></span>ted Sta<span class=\"_ _0\"></span>tes Dep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ment of the A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orc<span class=\"_ _0\"></span>e (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>ir Forc<span class=\"_ _0\"></span>e) and t<span class=\"_ _0\"></span>wo p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e United S<span class=\"_ _0\"></span>tates D<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt of the N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y). In ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion,<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:197.5574px;\">there is o<span class=\"_ _0\"></span>ne una<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anie<span class=\"_ _0\"></span>d per<span class=\"_ _0\"></span>sonn<span class=\"_ _0\"></span>el hou<span class=\"_ _0\"></span>sing (<span class=\"_ _0\"></span>UP<span class=\"_ _0\"></span>H) p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t wi<span class=\"_ _0\"></span>th the A<span class=\"_ _0\"></span>rmy a<span class=\"_ _0\"></span>t For<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>tewar<span class=\"_ _0\"></span>t.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:178.0574px;\">Contractual arra<span class=\"_ _6\"></span>ngements<span class=\"ff4e ls3 ws0\"> T<span class=\"_ _0\"></span>he fir<span class=\"_ _0\"></span>st pha<span class=\"_ _0\"></span>se of the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t, k<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n as the in<span class=\"_ _0\"></span>itia<span class=\"_ _0\"></span>l develo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt per<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>, cove<span class=\"_ _0\"></span>rs the p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of ini<span class=\"_ _0\"></span>tial c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n or </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:165.0574px;\">renovat<span class=\"_ _0\"></span>ion of mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y hous<span class=\"_ _0\"></span>ing on a b<span class=\"_ _0\"></span>ase, t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y las<span class=\"_ _0\"></span>ting t<span class=\"_ _0\"></span>hree to eight ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. W<span class=\"_ _0\"></span>ith resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to Ar<span class=\"_ _0\"></span>my and N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, the G<span class=\"_ _0\"></span>overnm<span class=\"_ _0\"></span>ent be<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>es </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:152.0574px;\">a memb<span class=\"_ _0\"></span>er or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er of the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t enti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y (P<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t LLC<span class=\"_ _0\"></span>); the A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orce is n<span class=\"_ _0\"></span>ot a name<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner o<span class=\"_ _0\"></span>r mem<span class=\"_ _0\"></span>ber in B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mmunit<span class=\"_ _0\"></span>ies\u2019 P<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:139.0574px;\">LLC<span class=\"_ _0\"></span>s, h<span class=\"_ _0\"></span>owever it co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utes a c<span class=\"_ _0\"></span>ommit<span class=\"_ _0\"></span>ment to prov<span class=\"_ _0\"></span>ide a G<span class=\"_ _0\"></span>overn<span class=\"_ _0\"></span>ment di<span class=\"_ _0\"></span>rect l<span class=\"_ _0\"></span>oan to th<span class=\"_ _0\"></span>e Proj<span class=\"_ _0\"></span>ect L<span class=\"_ _0\"></span>LC and h<span class=\"_ _0\"></span>as sim<span class=\"_ _0\"></span>ilar r<span class=\"_ _0\"></span>ights to sh<span class=\"_ _0\"></span>are in dis<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:126.0574px;\">and c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows of the P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct L<span class=\"_ _0\"></span>LC. O<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t, th<span class=\"_ _0\"></span>e Proje<span class=\"_ _0\"></span>ct L<span class=\"_ _0\"></span>LC enters i<span class=\"_ _0\"></span>nto a ground l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e with t<span class=\"_ _0\"></span>he Gove<span class=\"_ _0\"></span>rnme<span class=\"_ _0\"></span>nt, w<span class=\"_ _0\"></span>hich p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e <span class=\"_ _0\"></span>Pr<span class=\"_ _0\"></span>oj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:113.0574px;\">LLC w<span class=\"_ _0\"></span>ith a le<span class=\"_ _0\"></span>aseh<span class=\"_ _0\"></span>old i<span class=\"_ _0\"></span>nterest in the l<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd tit<span class=\"_ _0\"></span>le to the im<span class=\"_ _0\"></span>proveme<span class=\"_ _0\"></span>nts on th<span class=\"_ _0\"></span>e land fo<span class=\"_ _0\"></span>r a per<span class=\"_ _0\"></span>iod of 5<span class=\"_ _0\"></span>0 ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. Eac<span class=\"_ _0\"></span>h of thes<span class=\"_ _0\"></span>e milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:100.0574px;\">pri<span class=\"_ _0\"></span>vatis<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>des a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>ments c<span class=\"_ _0\"></span>overi<span class=\"_ _0\"></span>ng the m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent, ren<span class=\"_ _0\"></span>ovatio<span class=\"_ _0\"></span>n, an<span class=\"_ _0\"></span>d develo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt of existin<span class=\"_ _0\"></span>g hous<span class=\"_ _0\"></span>ing uni<span class=\"_ _0\"></span>ts, a<span class=\"_ _0\"></span>s well as th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:87.0574px;\">develo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt, c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, renovat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment of new u<span class=\"_ _0\"></span>nits d<span class=\"_ _0\"></span>urin<span class=\"_ _0\"></span>g the ter<span class=\"_ _0\"></span>m of the proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich, i<span class=\"_ _0\"></span>n the c<span class=\"_ _0\"></span>ase of th<span class=\"_ _0\"></span>e Ar<span class=\"_ _0\"></span>my<span class=\"_ _6\"></span>, c<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.0574px;\">potenti<span class=\"_ _0\"></span>ally ex<span class=\"_ _0\"></span>tend for u<span class=\"_ _0\"></span>p to an ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l 25 year<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he 5<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>year d<span class=\"_ _0\"></span>urati<span class=\"_ _0\"></span>on of ea<span class=\"_ _0\"></span>ch pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>lls for co<span class=\"_ _0\"></span>ntinuo<span class=\"_ _0\"></span>us renova<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, rehab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:61.057404px;\">dem<span class=\"_ _0\"></span>oliti<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d reco<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion of ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g units<span class=\"_ _0\"></span>. At the en<span class=\"_ _0\"></span>d of the g<span class=\"_ _0\"></span>round l<span class=\"_ _0\"></span>ease ter<span class=\"_ _0\"></span>m the P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct L<span class=\"_ _0\"></span>LC<span class=\"_ _0\"></span>\u2019<span class=\"_ _6\"></span>s l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ehol<span class=\"_ _0\"></span>d interest ter<span class=\"_ _0\"></span>mina<span class=\"_ _0\"></span>tes and all </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:48.057404px;\">proje<span class=\"_ _0\"></span>ct im<span class=\"_ _0\"></span>proveme<span class=\"_ _0\"></span>nts on th<span class=\"_ _0\"></span>e lan<span class=\"_ _0\"></span>d gene<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>y tran<span class=\"_ _0\"></span>sfer to the G<span class=\"_ _0\"></span>overnm<span class=\"_ _0\"></span>ent.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:28.557404px;\">Preferred<span class=\"_ _6\"></span> re<span class=\"_ _0\"></span>turns<span class=\"_ _6\"></span><span class=\"ff4e ls3 ws0\"> T<span class=\"_ _0\"></span>he proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l t<span class=\"_ _0\"></span>ypi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>lly rec<span class=\"_ _0\"></span>eive, to th<span class=\"_ _0\"></span>e extent th<span class=\"_ _0\"></span>at ad<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ate fund<span class=\"_ _0\"></span>s are avail<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e, an annu<span class=\"_ _0\"></span>al mini<span class=\"_ _0\"></span>mum preferre<span class=\"_ _0\"></span>d return<span class=\"_ _0\"></span>. On </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.557404px;\">most ex<span class=\"_ _0\"></span>istin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>, this an<span class=\"_ _0\"></span>nual mi<span class=\"_ _0\"></span>nimum prefer<span class=\"_ _0\"></span>red retur<span class=\"_ _0\"></span>n rang<span class=\"_ _0\"></span>es from 9<span class=\"_ _0\"></span>% to 1<span class=\"_ _6\"></span>2% of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties\u2019 ini<span class=\"_ _0\"></span>tial e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y contr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ion </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.5574036px;\">to the proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:901.3152px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.0066986084px; bottom:846.0527px;\">4<span class=\"_ _17\"></span>1 Principal subsidiari<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>s, jo<span class=\"_ _6\"></span>int ventures a<span class=\"_ _6\"></span>nd assoc<span class=\"_ _0\"></span>iates<span class=\"ff4e ls1f ws1b\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:829.8027px;\">Militar<span class=\"_ _1\"></span>y housing<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:813.5527px;\">(e) Bal<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Inve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Am<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:800.5527px;\">Al<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>inin<span class=\"_ _0\"></span>g op<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h f<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>w<span class=\"ff4e\"> Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow remai<span class=\"_ _0\"></span>ning af<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>e annua<span class=\"_ _0\"></span>l minimu<span class=\"_ _0\"></span>m preferred retu<span class=\"_ _0\"></span>rn is p<span class=\"_ _0\"></span>aid is sh<span class=\"_ _0\"></span>ared </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:787.5527px;\">bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n Balfo<span class=\"_ _0\"></span>ur Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Com<span class=\"_ _0\"></span>munit<span class=\"_ _0\"></span>ies and t<span class=\"_ _0\"></span>he reinvest<span class=\"_ _0\"></span>ment ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt hel<span class=\"_ _0\"></span>d by the pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t for the b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t of the G<span class=\"_ _0\"></span>overnm<span class=\"_ _0\"></span>ent. O<span class=\"_ _0\"></span>n most of t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:774.5527px;\">existin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s, the tot<span class=\"_ _0\"></span>al amo<span class=\"_ _0\"></span>unt tha<span class=\"_ _0\"></span>t Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties is e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>d to recei<span class=\"_ _0\"></span>ve (in<span class=\"_ _0\"></span>clusi<span class=\"_ _0\"></span>ve of the p<span class=\"_ _0\"></span>referred retur<span class=\"_ _0\"></span>n) is gen<span class=\"_ _0\"></span>eral<span class=\"_ _0\"></span>ly c<span class=\"_ _0\"></span>app<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:761.5527px;\">at an annu<span class=\"_ _0\"></span>al mo<span class=\"_ _0\"></span>dif<span class=\"_ _0\"></span>ied r<span class=\"_ _0\"></span>ate of return, o<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>cash retu<span class=\"_ _0\"></span>rn, o<span class=\"_ _0\"></span>n its ini<span class=\"_ _0\"></span>tial e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y cont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n to the proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>. Histo<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>ese c<span class=\"_ _0\"></span>aps h<span class=\"_ _0\"></span>ave rang<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:748.5527px;\">bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n app<span class=\"_ _0\"></span>roximate<span class=\"_ _0\"></span>ly 9% to 18% depe<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g on th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icul<span class=\"_ _0\"></span>ar proj<span class=\"_ _0\"></span>ect a<span class=\"_ _0\"></span>nd the t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe of retu<span class=\"_ _0\"></span>rn (an<span class=\"_ _0\"></span>nual m<span class=\"_ _0\"></span>odi<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d rates of retur<span class=\"_ _0\"></span>n or c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>ca<span class=\"_ _0\"></span>sh). </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:735.5527px;\">However, in some of th<span class=\"_ _0\"></span>e more rec<span class=\"_ _0\"></span>ent proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s, th<span class=\"_ _0\"></span>ere are eith<span class=\"_ _0\"></span>er no annu<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>aps o<span class=\"_ _0\"></span>r lower p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ted annu<span class=\"_ _0\"></span>al rate<span class=\"_ _0\"></span>s of return. T<span class=\"_ _0\"></span>he tot<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>app<span class=\"_ _0\"></span>ed </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:722.5527px;\">return g<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>ally w<span class=\"_ _0\"></span>ill inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e the ann<span class=\"_ _0\"></span>ual min<span class=\"_ _0\"></span>imum prefer<span class=\"_ _0\"></span>red return<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e reinvestm<span class=\"_ _0\"></span>ent ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt is an ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt est<span class=\"_ _0\"></span>abli<span class=\"_ _0\"></span>shed for t<span class=\"_ _0\"></span>he be<span class=\"_ _0\"></span>nefit of th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:709.5527px;\">milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, but fund<span class=\"_ _0\"></span>s may b<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>hdraw<span class=\"_ _0\"></span>n for c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, develo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent and ren<span class=\"_ _0\"></span>ovatio<span class=\"_ _0\"></span>n cos<span class=\"_ _0\"></span>ts du<span class=\"_ _0\"></span>ring t<span class=\"_ _0\"></span>he remai<span class=\"_ _0\"></span>ning li<span class=\"_ _0\"></span>fe of a priv<span class=\"_ _0\"></span>atisa<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:696.5527px;\">upo<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>proval by t<span class=\"_ _0\"></span>he ap<span class=\"_ _0\"></span>plic<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:677.0527px;\">Re<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>rn o<span class=\"_ _0\"></span>f eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"ff4e\"> G<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>ally, at the end of a p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t term<span class=\"_ _0\"></span>, any moni<span class=\"_ _0\"></span>es rema<span class=\"_ _0\"></span>ining in t<span class=\"_ _0\"></span>he reinvest<span class=\"_ _0\"></span>ment ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt are dist<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uted to Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:664.0527px;\">Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties an<span class=\"_ _0\"></span>d the A<span class=\"_ _0\"></span>rmy, Nav<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r Ai<span class=\"_ _0\"></span>r Forc<span class=\"_ _0\"></span>e, in a pred<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ned o<span class=\"_ _0\"></span>rder of p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y. T<span class=\"_ _17\"></span>y<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y the<span class=\"_ _0\"></span>se dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns wil<span class=\"_ _0\"></span>l have the ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of provi<span class=\"_ _0\"></span>ding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.0066986084px; bottom:651.0527px;\">the p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ties w<span class=\"_ _0\"></span>ith su<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>ent fund<span class=\"_ _0\"></span>s to provi<span class=\"_ _0\"></span>de a mini<span class=\"_ _0\"></span>mum annu<span class=\"_ _0\"></span>al retur<span class=\"_ _0\"></span>n over the li<span class=\"_ _0\"></span>fe of the proje<span class=\"_ _0\"></span>ct an<span class=\"_ _0\"></span>d a co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>ete return of the in<span class=\"_ _0\"></span>itia<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n.<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:638.0527px;\">Af<span class=\"_ _0\"></span>ter pay<span class=\"_ _0\"></span>ment of t<span class=\"_ _0\"></span>he minimu<span class=\"_ _0\"></span>m annu<span class=\"_ _0\"></span>al return an<span class=\"_ _0\"></span>d the retur<span class=\"_ _0\"></span>n of a pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y\u2019s initia<span class=\"_ _0\"></span>l cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, all rem<span class=\"_ _0\"></span>ainin<span class=\"_ _0\"></span>g fund<span class=\"_ _0\"></span>s will t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pic<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y be d<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ibute<span class=\"_ _0\"></span>d to the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:625.0527px;\">appli<span class=\"_ _0\"></span>cab<span class=\"_ _0\"></span>le militar<span class=\"_ _1\"></span>y ser<span class=\"_ _0\"></span>vice.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:584.7527px;\">Militar<span class=\"_ _0\"></span>y concession company (<span class=\"_ _6\"></span>i)<span class=\"_ _1b6\"> </span><span class=\"ff4e ls13b ws122\">Projects<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:362.6399px; bottom:604.2527px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> p<span class=\"_ _1\"></span>ro<span class=\"_ _1\"></span>j<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:379.51804px; bottom:594.5027px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:384.243px; bottom:584.7527px;\">US$m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:508.1078px; bottom:594.5027px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:521.01733px; bottom:584.7527px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:572.00433px; bottom:594.5027px;\">Duration </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:584.14703px; bottom:584.7527px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:618.55725px; bottom:594.5027px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:624.6784px; bottom:584.7527px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:569.4231px;\">Militar<span class=\"_ _0\"></span>y fam<span class=\"_ _6\"></span>ily housing<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:555.3935px;\">For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LLC<span class=\"_ _a6\"> </span><span class=\"ls7a ws1ad\">A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my ba<span class=\"_ _0\"></span>se<span class=\"_ _82\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _1\"></span>6<span class=\"_ _3f\"> </span></span></span>Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _99\"> </span><span class=\"ls38 ws37\">46<span class=\"_ _30\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:541.3639px;\">\u2013 Fort Carson expansion<span class=\"_ _383\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _0\"></span>0<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _99\"> </span><span class=\"ls2d ws2b\">43<span class=\"_ _119\"> </span><span class=\"ls3b ws12f\">2<span class=\"_ _0\"></span>010<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:527.3343px;\">\u2013 For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n GTA e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nsion<span class=\"_ _384\"> </span><span class=\"ls38 ws37\">99<span class=\"_ _173\"> </span><span class=\"ls3b ws12f\">A<span class=\"_ _1\"></span>p<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _86\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>13<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:513.3047px;\">\u2013 For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n GTA II expansi<span class=\"_ _0\"></span>on<span class=\"_ _1bb\"> </span><span class=\"ls38 ws37\">68<span class=\"_ _13b\"> </span><span class=\"lsfb ws13a\">J<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> 2<span class=\"_ _1\"></span>015<span class=\"_ _2d\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _119\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>18<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:499.2751px;\">Stewar<span class=\"_ _0\"></span>t Hu<span class=\"_ _0\"></span>nter Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _2ea\"> </span>Two Army b<span class=\"_ _0\"></span>ases<span class=\"_ _82\"> </span><span class=\"ls131 ws12a\">3<span class=\"_ _1\"></span>74<span class=\"_ _3f\"> </span></span>Novem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:485.2456px;\">For<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ami<span class=\"_ _0\"></span>lton H<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g LLC<span class=\"_ _144\"> </span><span class=\"ls7a ws1ad\">A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my ba<span class=\"_ _0\"></span>se<span class=\"_ _99\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _13b\"> </span></span></span>June 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _30\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:471.216px;\">For<span class=\"_ _0\"></span>t D<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>ck<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>Walter R<span class=\"_ _0\"></span>eed A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my Me<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al C<span class=\"_ _0\"></span>enter </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.0066986084px; bottom:458.216px;\">Housing L<span class=\"_ _0\"></span>LC<span class=\"_ _385\"> </span><span class=\"ls3 ws0\">T<span class=\"_ _6\"></span>wo A<span class=\"_ _0\"></span>rmy b<span class=\"_ _0\"></span>ases<span class=\"_ _f8\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>2<span class=\"_ _4a\"> </span></span>Ju<span class=\"_ _0\"></span>ly 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>4<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _aa\"> </span><span class=\"ls71 ws6b\">200<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:444.18646px;\">Nor<span class=\"_ _0\"></span>theast Housing LLC<span class=\"_ _359\"> </span><span class=\"ls3 ws0\">Seven N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s<span class=\"_ _fd\"> </span><span class=\"ls151 wsee\">496<span class=\"_ _15\"> </span></span>Novem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"ls3b ws12f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:430.15686px;\">For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Stor<span class=\"_ _1\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _386\"> </span>T<span class=\"_ _6\"></span>wo A<span class=\"_ _0\"></span>rmy b<span class=\"_ _0\"></span>ases<span class=\"_ _77\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>5<span class=\"_ _181\"> </span><span class=\"lsa3 ws124\">Ma<span class=\"_ _0\"></span>rch 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ae\"> </span><span class=\"ls158 ws146\">2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:416.12726px;\">\u2013 For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis exp<span class=\"_ _0\"></span>ansi<span class=\"_ _0\"></span>on<span class=\"_ _9\"> </span>8<span class=\"_ _111\"> </span><span class=\"ls3b ws12f\">Ju<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">45<span class=\"_ _ae\"> </span><span class=\"ls158 ws146\">2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:402.09766px;\">\u2013 For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis \u2013 M<span class=\"_ _0\"></span>arse<span class=\"_ _0\"></span>illes V<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>lag<span class=\"_ _0\"></span>e<span class=\"_ _34d\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _1d0\"> </span><span class=\"ls142 ws12b\">M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>13<span class=\"_ _78\"> </span><span class=\"ls3c ws3a\">42<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:388.06805px;\">For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>te San<span class=\"_ _0\"></span>ds M<span class=\"_ _0\"></span>issil<span class=\"_ _0\"></span>e Ran<span class=\"_ _0\"></span>ge Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LP<span class=\"_ _b5\"> </span>T<span class=\"_ _17\"></span>wo A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my bas<span class=\"_ _0\"></span>es<span class=\"_ _9c\"> </span><span class=\"ls3c ws3a\">427<span class=\"_ _49\"> </span></span>Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"ls158 ws146\">2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:374.03845px;\">\u2013 For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss ex<span class=\"_ _0\"></span>pans<span class=\"_ _0\"></span>ion<span class=\"_ _9\"> </span><span class=\"ls38 ws37\">46<span class=\"_ _15\"> </span><span class=\"ls10 wse\">December 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9<span class=\"_ _99\"> </span></span>46<span class=\"_ _86\"> </span><span class=\"ls158 ws146\">2<span class=\"_ _3b\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:360.00882px;\">\u2013 For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss G<span class=\"_ _0\"></span>T<span class=\"_ _6\"></span>A ex<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>sion p<span class=\"_ _0\"></span>hase I<span class=\"_ _350\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>6<span class=\"_ _2d8\"> </span><span class=\"ls158 ws146\">J<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>l<span class=\"_ _3b\"></span>y<span class=\"_ _1\"></span> 2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _2d\"> </span><span class=\"ls153 ws13e\">44<span class=\"_ _119\"> </span></span></span>2<span class=\"_ _1\"></span>014<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:345.97925px;\">\u2013 For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss G<span class=\"_ _0\"></span>T<span class=\"_ _6\"></span>A ex<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>sion p<span class=\"_ _0\"></span>hase I<span class=\"_ _0\"></span>I<span class=\"_ _169\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>6<span class=\"_ _139\"> </span><span class=\"ls28 ws24\">N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>2<span class=\"_ _99\"> </span><span class=\"ls2d ws2b\">43<span class=\"_ _119\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>16<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:331.94965px;\">For<span class=\"_ _0\"></span>t Gordon Housing<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _1b4\"> </span><span class=\"ls7a ws1ad\">A<span class=\"_ _0\"></span>rmy b<span class=\"_ _0\"></span>ase<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>9<span class=\"_ _161\"> </span><span class=\"ls3 ws0\">May 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:317.92004px;\">Car<span class=\"_ _0\"></span>lisle/<span class=\"_ _1\"></span>Picati<span class=\"_ _0\"></span>nny Family Hou<span class=\"_ _0\"></span>sing LP<span class=\"_ _387\"> </span><span class=\"ls3 ws0\">T<span class=\"_ _6\"></span>wo A<span class=\"_ _0\"></span>rmy b<span class=\"_ _0\"></span>ases<span class=\"_ _99\"> </span><span class=\"ls270 ws277\">84<span class=\"_ _f2\"> </span></span>July 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ae\"> </span><span class=\"ls158 ws146\">2<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>11<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:303.89044px;\">\u2013 Carlisle<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>eritage Heigh<span class=\"_ _6\"></span>ts phase II<span class=\"_ _2d2\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _1d5\"> </span><span class=\"ls71 ws6b\">Oct<span class=\"_ _6\"></span>ober 201<span class=\"_ _17\"></span>2<span class=\"_ _95\"> </span><span class=\"ls153 ws13e\">44<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>14<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:289.86096px;\">AE<span class=\"_ _1\"></span>TC Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _356\"> </span>Four A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orce b<span class=\"_ _0\"></span>ases<span class=\"_ _9c\"> </span><span class=\"ls145 ws12e\">359<span class=\"_ _10\"> </span><span class=\"lsf8 wse1\">February 20<span class=\"_ _0\"></span>07<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:275.83136px;\">Southeast Housing L<span class=\"_ _0\"></span>LC<span class=\"_ _206\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _6\"></span>1 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y b<span class=\"_ _0\"></span>ases<span class=\"_ _9c\"> </span><span class=\"ls1a3 ws193\">558<span class=\"_ _245\"> </span></span>Novem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _1\"></span>013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:261.80176px;\">Vandenberg Housing LP<span class=\"_ _388\"> </span><span class=\"ls3 ws0\">Ai<span class=\"_ _0\"></span>r Forc<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>e<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _0\"></span>5<span class=\"_ _3f\"> </span></span>N<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>07<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>12<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:247.77216px;\">Leo<span class=\"_ _0\"></span>nard Wo<span class=\"_ _0\"></span>od F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties L<span class=\"_ _0\"></span>LC<span class=\"_ _1ab\"> </span><span class=\"ls7a ws1ad\">A<span class=\"_ _0\"></span>rmy b<span class=\"_ _0\"></span>ase<span class=\"_ _82\"> </span><span class=\"ls28 ws24\">231<span class=\"_ _30\"> </span></span></span>A<span class=\"_ _0\"></span>cq<span class=\"_ _0\"></span>uired J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _2d\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _ae\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>14<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:233.74255px;\">A<span class=\"_ _0\"></span>MC We<span class=\"_ _0\"></span>st Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>P<span class=\"_ _33c\"> </span>Three A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orce b<span class=\"_ _0\"></span>ases<span class=\"_ _82\"> </span><span class=\"ls3c ws3a\">428<span class=\"_ _f2\"> </span></span>Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"lsfb ws13a\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:219.71295px;\">West Po<span class=\"_ _0\"></span>int Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _25c\"> </span><span class=\"ls7a ws1ad\">A<span class=\"_ _0\"></span>rmy b<span class=\"_ _0\"></span>ase<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">220<span class=\"_ _172\"> </span><span class=\"ls10 wse\">August 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _1\"></span>016<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:205.68335px;\">For<span class=\"_ _0\"></span>t Jackson Housi<span class=\"_ _6\"></span>ng LLC<span class=\"_ _389\"> </span><span class=\"ls7a ws1ad\">Ar<span class=\"_ _0\"></span>my b<span class=\"_ _0\"></span>ase<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _0\"></span>1<span class=\"_ _1ca\"> </span><span class=\"ls71 ws6b\">Oct<span class=\"_ _6\"></span>ober 200<span class=\"_ _0\"></span>8<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>13<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:191.65378px;\">L<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LLC<span class=\"_ _20b\"> </span>A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orce b<span class=\"_ _0\"></span>ase<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>5<span class=\"_ _16c\"> </span><span class=\"ls73 ws6d\">Acquir<span class=\"_ _6\"></span>ed December<span class=\"_ _6\"></span> 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _1\"></span>013<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:177.62418px;\">Western Group<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>ousing LP<span class=\"_ _182\"> </span><span class=\"ls3 ws0\">Fo<span class=\"_ _0\"></span>ur A<span class=\"_ _0\"></span>ir Fo<span class=\"_ _0\"></span>rce ba<span class=\"_ _0\"></span>ses<span class=\"_ _9c\"> </span><span class=\"ls2e ws2c\">328<span class=\"_ _1d0\"> </span><span class=\"ls50 ws4d\">M<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _1\"></span>h<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>12<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"ls94 ws145\">2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>17<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:163.59457px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span>n Grou<span class=\"_ _0\"></span>p Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _1e0\"> </span>Six A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orce b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s<span class=\"_ _9c\"> </span><span class=\"ls3c ws3a\">427<span class=\"_ _18f\"> </span><span class=\"ls10 wse\">Au<span class=\"_ _0\"></span>gust 201<span class=\"_ _6\"></span>3<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>19<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:149.56497px;\">ACC G<span class=\"_ _0\"></span>roup H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng L<span class=\"_ _0\"></span>LC<span class=\"_ _33c\"> </span>T<span class=\"_ _6\"></span>wo A<span class=\"_ _0\"></span>ir F<span class=\"_ _0\"></span>orce b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">56<span class=\"_ _13b\"> </span><span class=\"lsfb ws13a\">J<span class=\"_ _1\"></span>u<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>14<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>18<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.0066986084px; bottom:135.53537px;\">Milit<span class=\"_ _0\"></span>ary unacc<span class=\"_ _0\"></span>ompanie<span class=\"_ _0\"></span>d personnel housi<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:121.50577px;\">Stewar<span class=\"_ _0\"></span>t Hu<span class=\"_ _0\"></span>nter Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _25d\"> </span>3<span class=\"_ _0\"></span>6 <span class=\"_ _ef\"> </span><span class=\"ls5 ws4\">Januar<span class=\"_ _1\"></span>y 20<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _119\"> </span><span class=\"ls3b ws12f\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.0066986084px; bottom:98.10576px;\">Note<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:87.055756px;\">(i<span class=\"_ _0\"></span>) <span class=\"_ _46\"> </span>Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S an<span class=\"_ _0\"></span>d the p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of ea<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>roj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t are c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:67.555756px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p evalua<span class=\"_ _0\"></span>ted ea<span class=\"_ _0\"></span>ch of its i<span class=\"_ _0\"></span>nterests in t<span class=\"_ _0\"></span>he mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housi<span class=\"_ _0\"></span>ng proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s to determ<span class=\"_ _0\"></span>ine if th<span class=\"_ _0\"></span>e entiti<span class=\"_ _0\"></span>es sho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>soli<span class=\"_ _0\"></span>dated<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his ana<span class=\"_ _0\"></span>lysi<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:54.555756px;\">incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d, bu<span class=\"_ _0\"></span>t was n<span class=\"_ _0\"></span>ot limited to, i<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g the ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s that m<span class=\"_ _0\"></span>ost si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>ntly im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct an e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>\u2019<span class=\"_ _6\"></span>s e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>c per<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce, w<span class=\"_ _0\"></span>hich p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:41.555756px;\">par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies c<span class=\"_ _0\"></span>ontrol th<span class=\"_ _0\"></span>ose a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es and t<span class=\"_ _0\"></span>he risks a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted wi<span class=\"_ _0\"></span>th thes<span class=\"_ _0\"></span>e entiti<span class=\"_ _0\"></span>es. D<span class=\"_ _0\"></span>ecis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>maki<span class=\"_ _0\"></span>ng powe<span class=\"_ _0\"></span>r over key facet<span class=\"_ _0\"></span>s of the c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>cts w<span class=\"_ _0\"></span>as </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.555756px;\">evalua<span class=\"_ _0\"></span>ted wh<span class=\"_ _0\"></span>en deter<span class=\"_ _0\"></span>mining w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h par<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y or par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies ha<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>rol over th<span class=\"_ _0\"></span>e act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties th<span class=\"_ _0\"></span>at mos<span class=\"_ _0\"></span>t sign<span class=\"_ _0\"></span>ific<span class=\"_ _0\"></span>antl<span class=\"_ _0\"></span>y imp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ted a proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>\u2019s econ<span class=\"_ _0\"></span>omic<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.555756px;\">Bas<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>is review, the Direc<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>hat the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not have th<span class=\"_ _0\"></span>e power to d<span class=\"_ _0\"></span>irect t<span class=\"_ _0\"></span>hese a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies and d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not have c<span class=\"_ _0\"></span>ontrol a<span class=\"_ _0\"></span>nd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.5557556px;\">therefore th<span class=\"_ _0\"></span>e Group d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not co<span class=\"_ _0\"></span>nsol<span class=\"_ _0\"></span>idate th<span class=\"_ _0\"></span>e milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unts for t<span class=\"_ _0\"></span>hese p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts as i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts in as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:485.8554px;\">4<span class=\"_ _17\"></span>1 Principal subsidiari<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>s, jo<span class=\"_ _6\"></span>int ventures a<span class=\"_ _6\"></span>nd assoc<span class=\"_ _0\"></span>iates<span class=\"ff4e ls1f ws1b\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:469.6054px;\">(e) Bal<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Inve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Am<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:453.3554px;\">Aviation<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:440.3554px;\">Summary <span class=\"ff4e ls20 ws0\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is a devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>er<span class=\"_ _6\"></span>, o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rator an<span class=\"_ _0\"></span>d investor in a<span class=\"_ _0\"></span>n autom<span class=\"_ _0\"></span>ated pe<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>le mover at L<span class=\"_ _0\"></span>os A<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>eles I<span class=\"_ _0\"></span>nterna<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>al A<span class=\"_ _0\"></span>irp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e peo<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>e </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:427.3554px;\">mover w<span class=\"_ _0\"></span>ill be a 2.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>mile a<span class=\"_ _0\"></span>bove gro<span class=\"_ _0\"></span>und air<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t tra<span class=\"_ _0\"></span>nsp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t sys<span class=\"_ _0\"></span>tem. </div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:407.8554px;\">Contractual arra<span class=\"_ _6\"></span>ngements <span class=\"ff4e ls3 ws0\">T<span class=\"_ _0\"></span>he pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct is t<span class=\"_ _0\"></span>he proj<span class=\"_ _0\"></span>ect a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>ment bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en the c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rship a<span class=\"_ _0\"></span>nd the a<span class=\"_ _0\"></span>irp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y. </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:394.8554px;\">Al<span class=\"_ _0\"></span><span class=\"_ _399\">l asset</span><span class=\"_ _0\"></span>s tran<span class=\"_ _0\"></span>sfer to the aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y at the e<span class=\"_ _0\"></span>nd of the c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ion.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:354.55542px;\">Conces<span class=\"_ _0\"></span>sion company<span class=\"_ _376\"> </span><span class=\"ff4e ls8e wse2\">P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:308.08557px; bottom:374.05542px;\">Total pr<span class=\"_ _0\"></span>oje<span class=\"_ _0\"></span>ct </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:324.9883px; bottom:364.30542px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:329.65167px; bottom:354.55542px;\">US$m<span class=\"_ _4c\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:441.22px; bottom:364.30542px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:439.20984px; bottom:354.55542px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:509.18323px; bottom:364.30542px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:521.7986px; bottom:354.55542px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:573.6274px; bottom:364.30542px;\">Duration </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:583.04755px; bottom:354.55542px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:619.19745px; bottom:364.30542px;\">Constructio<span class=\"_ _0\"></span>n </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:626.8259px; bottom:354.55542px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:339.22583px;\">L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X I<span class=\"_ _0\"></span>ntegra<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ress S<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ions L<span class=\"_ _0\"></span>LC (i<span class=\"_ _0\"></span>)<span class=\"_ _7e\"> </span><span class=\"ls73 ws6d\">LINXS<span class=\"_ _a1\"> </span><span class=\"ls91 ws85\">2,6<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _109\"> </span><span class=\"ls9a ws8b\">27%<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _bd\"> </span><span class=\"lsfc ws18f\">J<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e 2<span class=\"_ _1\"></span>018<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _119\"> </span><span class=\"ls2c ws9d\">20<span class=\"_ _0\"></span>24<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.009376526px; bottom:315.82587px;\">Note<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:304.77582px;\">(i<span class=\"_ _0\"></span>) <span class=\"_ _46\"> </span>Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ster<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S an<span class=\"_ _0\"></span>d the p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t are c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:282.02582px;\">Reside<span class=\"_ _0\"></span>ntial investme<span class=\"_ _0\"></span>nts<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.009376526px; bottom:269.02582px;\">Summary<span class=\"ff4e ls3 ws0\"> B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is a d<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>er, operato<span class=\"_ _0\"></span>r and inves<span class=\"_ _0\"></span>tor in nine mu<span class=\"_ _0\"></span>ltif<span class=\"_ _0\"></span>amily re<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ntial p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts.<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:249.52582px;\">Contractual arra<span class=\"_ _6\"></span>ngements<span class=\"ff4e ls3 ws0\"> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y has fo<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>d joint vent<span class=\"_ _0\"></span>ures to acq<span class=\"_ _0\"></span>uire resi<span class=\"_ _0\"></span>denti<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent buil<span class=\"_ _0\"></span>ding<span class=\"_ _0\"></span>s for nine m<span class=\"_ _0\"></span>ultif<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y reside<span class=\"_ _0\"></span>ntial </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:236.52582px;\">proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r all resid<span class=\"_ _0\"></span>entia<span class=\"_ _0\"></span>l proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s, the j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s entered into ag<span class=\"_ _0\"></span>reeme<span class=\"_ _0\"></span>nts wi<span class=\"_ _0\"></span>th Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommun<span class=\"_ _0\"></span>ities L<span class=\"_ _0\"></span>LC to per<span class=\"_ _1\"></span>form the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:223.52582px;\">ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons an<span class=\"_ _0\"></span>d renovat<span class=\"_ _0\"></span>ion wor<span class=\"_ _0\"></span>k.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:0.009376526px; bottom:189.72583px;\">Residential investments (<span class=\"_ _6\"></span>i)<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:331.04956px; bottom:209.22583px;\">Total pr<span class=\"_ _0\"></span>oje<span class=\"_ _0\"></span>ct </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:348.7029px; bottom:199.47583px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:352.05353px; bottom:189.72583px;\">US$m<span class=\"_ _4c\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:469.48047px; bottom:199.47583px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:468.28082px; bottom:189.72583px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:571.6369px; bottom:199.47583px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:584.39667px; bottom:189.72583px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:625.6184px; bottom:199.47583px;\">Renovation<span class=\"_ _6\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:625.6184px; bottom:189.72583px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:174.39624px;\">C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove (<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>ilmin<span class=\"_ _0\"></span>gton) O<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>er L<span class=\"_ _0\"></span>LC (N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rolina<span class=\"_ _0\"></span>)<span class=\"_ _186\"> </span><span class=\"ls157 ws144\">48<span class=\"_ _ae\"> </span></span>50%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _52\"> </span><span class=\"ls10 wse\">December 201<span class=\"_ _6\"></span>7<span class=\"_ _119\"> </span><span class=\"ls71 ws6b\">2022<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:160.36664px;\">Lexingt<span class=\"_ _6\"></span>on (Ridgeland) O<span class=\"_ _0\"></span>wner<span class=\"_ _6\"></span>, LLC (Jackson, Missi<span class=\"_ _6\"></span>ssippi)<span class=\"_ _387\"> </span>27<span class=\"_ _ae\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _0\"></span>0%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _a0\"> </span><span class=\"ls10 wse\">August 2018<span class=\"_ _119\"> </span><span class=\"ls3c ws3a\">2025<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:146.33704px;\">L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ngs (<span class=\"_ _0\"></span>Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>nville) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC (Fl<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>da)<span class=\"_ _35c\"> </span><span class=\"ls157 ws144\">48<span class=\"_ _ae\"> </span></span>5<span class=\"_ _0\"></span>0%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _a0\"> </span><span class=\"ls10 wse\">Au<span class=\"_ _0\"></span>gust 201<span class=\"_ _6\"></span>9<span class=\"_ _119\"> </span><span class=\"ls3c ws3a\">20<span class=\"_ _0\"></span>25<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:132.30743px;\">Retreat a<span class=\"_ _0\"></span>t Sc<span class=\"_ _0\"></span>hilling<span class=\"_ _0\"></span>er (<span class=\"_ _0\"></span>Mo<span class=\"_ _0\"></span>bile) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>ama)<span class=\"_ _2a2\"> </span><span class=\"ls155 ws141\">33<span class=\"_ _ae\"> </span></span>50%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _51\"> </span><span class=\"ls10 wse\">Decem<span class=\"_ _0\"></span>ber 201<span class=\"_ _6\"></span>9<span class=\"_ _119\"> </span><span class=\"ls73 ws6d\">2026<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:118.27783px;\">Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok (C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>a) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC (S<span class=\"_ _0\"></span>outh C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rolina<span class=\"_ _0\"></span>)<span class=\"_ _38a\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _ae\"> </span></span>5<span class=\"_ _0\"></span>0%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _51\"> </span><span class=\"ls10 wse\">Dec<span class=\"_ _0\"></span>ember 201<span class=\"_ _6\"></span>9<span class=\"_ _119\"> </span><span class=\"ls73 ws6d\">2026<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:104.24835px;\">Chen<span class=\"_ _0\"></span>al Poi<span class=\"_ _0\"></span>nte (Li<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le Ro<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>rka<span class=\"_ _0\"></span>nsas)<span class=\"_ _21\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _86\"> </span></span>5<span class=\"_ _0\"></span>0%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _1b3\"> </span><span class=\"ls71 ws6b\">October<span class=\"_ _6\"></span> 2020<span class=\"_ _119\"> </span><span class=\"ls35 ws34\">2027<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:90.21875px;\">Mo<span class=\"_ _0\"></span>retti (<span class=\"_ _0\"></span>Ho<span class=\"_ _0\"></span>mewo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bam<span class=\"_ _0\"></span>a)<span class=\"_ _1c8\"> </span><span class=\"ls155 ws141\">33<span class=\"_ _ae\"> </span></span>50%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _1a6\"> </span><span class=\"ls10 wse\">December 20<span class=\"_ _0\"></span>20<span class=\"_ _119\"> </span><span class=\"ls35 ws34\">2027<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:76.18915px;\">Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o (K<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>mmee) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC (Fl<span class=\"_ _0\"></span>ori<span class=\"_ _0\"></span>da)<span class=\"_ _334\"> </span><span class=\"ls9b wse4\">81<span class=\"_ _af\"> </span></span>50%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _142\"> </span><span class=\"ls10 wse\">Au<span class=\"_ _0\"></span>gust 2021<span class=\"_ _119\"> </span><span class=\"ls35 ws34\">2027<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:62.159546px;\">V<span class=\"_ _0\"></span>iew SA L<span class=\"_ _0\"></span>LC (S<span class=\"_ _0\"></span>an A<span class=\"_ _0\"></span>ntoni<span class=\"_ _0\"></span>o, T<span class=\"_ _6\"></span>exas)(<span class=\"_ _0\"></span>ii)<span class=\"_ _203\"> </span><span class=\"ls34 ws33\">76<span class=\"_ _af\"> </span><span class=\"ls9a ws8b\">8<span class=\"_ _0\"></span>7%<span class=\"_ _7f\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _82\"> </span></span></span></span>J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _119\"> </span><span class=\"ls3c ws3a\">20<span class=\"_ _0\"></span>25<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.009376526px; bottom:38.75946px;\">Notes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:27.709412px;\">(i<span class=\"_ _0\"></span>)  R<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e US a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of e<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>h pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct ar<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.009376526px; bottom:12.974487px;\">(i<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Due t<span class=\"_ _0\"></span>o the s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019/pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>hip a<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>eem<span class=\"_ _0\"></span>ent b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>her s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er/<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng un<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t of sig<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>t mat<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted to t<span class=\"_ _0\"></span>he </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:11.050667px; bottom:1.9244385px;\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es of t<span class=\"_ _0\"></span>his u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rol t<span class=\"_ _0\"></span>his u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ki<span class=\"_ _0\"></span>ng an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:690.53394px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.0066986084px; bottom:635.2714px;\">4<span class=\"_ _17\"></span>1 Principal subsidiari<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>s, jo<span class=\"_ _6\"></span>int ventures a<span class=\"_ _6\"></span>nd assoc<span class=\"_ _0\"></span>iates<span class=\"ff4e ls1f ws1b\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:619.0214px;\">(e) Bal<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Inve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Am<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:602.7714px;\">Stude<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>commo<span class=\"_ _0\"></span>dation<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.0066986084px; bottom:589.7714px;\">Summary <span class=\"ff4e ls3 ws0\">B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is al<span class=\"_ _0\"></span>so a devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>er and ow<span class=\"_ _0\"></span>ner of f<span class=\"_ _0\"></span>ive stu<span class=\"_ _0\"></span>dent ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>dat<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts. </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.0066986084px; bottom:570.2714px;\">Contractual arra<span class=\"_ _6\"></span>ngements<span class=\"ff4e ls28 wse\"> T<span class=\"_ _0\"></span>he <span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>pal<span class=\"_ _0\"></span> co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s in <span class=\"_ _0\"></span>the stud<span class=\"_ _0\"></span>ent accommodation projects are the ground leases, dev<span class=\"_ _6\"></span>elo<span class=\"_ _0\"></span>pment leases and </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:557.2714px;\">operating agr<span class=\"_ _6\"></span>eements wit<span class=\"_ _0\"></span>h the st<span class=\"_ _0\"></span>ate unive<span class=\"_ _0\"></span>rsit<span class=\"_ _0\"></span>ies set<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g out th<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tions fo<span class=\"_ _0\"></span>r the co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on and m<span class=\"_ _0\"></span>aintena<span class=\"_ _0\"></span>nce of t<span class=\"_ _0\"></span>he stu<span class=\"_ _0\"></span>dent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:544.2714px;\">accommodation including l<span class=\"_ _6\"></span>ifecycle replacemen<span class=\"_ _6\"></span>t during the concessi<span class=\"_ _6\"></span>on period.<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:503.97144px;\">Conces<span class=\"_ _0\"></span>sion company<span class=\"_ _6\"></span> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:252.2327px; bottom:523.47144px;\">Total pr<span class=\"_ _0\"></span>oje<span class=\"_ _0\"></span>ct </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:269.01453px; bottom:513.72144px;\">funding </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:274.05072px; bottom:503.97144px;\">US$m<span class=\"_ _1a6\"> </span><span class=\"ls13b ws122\">Shareholding<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:384.243px; bottom:513.72144px;\">Met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:382.198px; bottom:503.97144px;\">accounting<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:508.1078px; bottom:513.72144px;\">Financial </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:521.01733px; bottom:503.97144px;\">close<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:572.00433px; bottom:513.72144px;\">Duration </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls113 ws100\" style=\"left:584.14703px; bottom:503.97144px;\">years<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:618.55725px; bottom:513.72144px;\">Constructio<span class=\"_ _0\"></span>n </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1a2 ws192\" style=\"left:624.6784px; bottom:503.97144px;\">completion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:488.64185px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s LP (<span class=\"_ _1\"></span>T<span class=\"_ _6\"></span>exas D<span class=\"_ _0\"></span>alla<span class=\"_ _0\"></span>s)<span class=\"_ _1de\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _1da\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _11\"> </span><span class=\"lsfb ws13a\">M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _78\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _86\"> </span><span class=\"lsa4 ws86\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>16<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:474.61224px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 2, L<span class=\"_ _0\"></span>P (<span class=\"_ _0\"></span>T<span class=\"_ _6\"></span>exa<span class=\"_ _0\"></span>s Dall<span class=\"_ _0\"></span>as)<span class=\"_ _f4\"> </span><span class=\"lsf9 ws29\">67<span class=\"_ _9a\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _95\"> </span><span class=\"lsf8 wse1\">February 201<span class=\"_ _6\"></span>7<span class=\"_ _99\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">2<span class=\"_ _1\"></span>018<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:460.58264px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 3, L<span class=\"_ _0\"></span>P (<span class=\"_ _1\"></span>T<span class=\"_ _17\"></span>exa<span class=\"_ _0\"></span>s Dal<span class=\"_ _0\"></span>las) (i<span class=\"_ _0\"></span>i)<span class=\"_ _f8\"> </span><span class=\"ls39 ws38\">36<span class=\"_ _1da\"> </span></span>70%<span class=\"_ _207\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _1d5\"> </span><span class=\"lsfc ws18f\">J<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span> 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>19<span class=\"_ _2d\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _119\"> </span><span class=\"ls71 ws6b\">2020<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:446.55304px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 4, L<span class=\"_ _0\"></span>P (<span class=\"_ _0\"></span>Te<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>as Da<span class=\"_ _0\"></span>llas) (<span class=\"_ _0\"></span>ii)<span class=\"_ _207\"> </span><span class=\"ls29 ws25\">70<span class=\"_ _fd\"> </span><span class=\"lsa4 ws86\">6<span class=\"_ _0\"></span>5%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _b0\"> </span><span class=\"ls10 wse\">D<span class=\"_ _0\"></span>ecember 2019<span class=\"_ _99\"> </span><span class=\"ls9b wse4\">61<span class=\"_ _119\"> </span><span class=\"lsaa ws140\">2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:432.52344px;\">Swif<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>sure Ho<span class=\"_ _0\"></span>using P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC (<span class=\"_ _1\"></span>Vander<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>t) <span class=\"_ _ef\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>3<span class=\"_ _9a\"> </span><span class=\"lsa3 ws124\">23%<span class=\"_ _f9\"> </span><span class=\"ls39 ws38\">JV<span class=\"_ _31c\"> </span><span class=\"lsaa ws140\">Ap<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _99\"> </span></span>45<span class=\"_ _aa\"> </span><span class=\"ls71 ws6b\">202<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:0.0066986084px; bottom:409.12347px;\">Notes<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:398.07343px;\">(i<span class=\"_ _0\"></span>)  R<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e US a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns of e<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>h pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct ar<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>S.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:383.3385px;\">(ii<span class=\"_ _0\"></span>) D<span class=\"_ _0\"></span>ue to th<span class=\"_ _0\"></span>e sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs\u2019/p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>p ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt be<span class=\"_ _0\"></span>tw<span class=\"_ _0\"></span>een B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d the o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r/p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>ing u<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent in r<span class=\"_ _0\"></span>esp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to the<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:10.748081px; bottom:372.28845px;\">fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>es of t<span class=\"_ _0\"></span>his u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>rol t<span class=\"_ _0\"></span>his u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ki<span class=\"_ _0\"></span>ng an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:349.53845px;\">(f) <span class=\"_ _6\"></span>B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s U<span class=\"_ _0\"></span>K an<span class=\"_ _0\"></span>d N<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>th Am<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:333.28845px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>al f<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed e<span class=\"_ _0\"></span>q<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>t f<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>or I<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ure I<span class=\"_ _0\"></span>nve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>\u2019 pr<span class=\"_ _0\"></span>oje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:299.48846px;\">Conces<span class=\"_ _0\"></span>sions<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:396.19028px; bottom:309.23846px;\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:299.48846px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75574px; bottom:309.23846px;\">20<span class=\"_ _0\"></span>24 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:299.48846px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.01733px; bottom:309.23846px;\">20<span class=\"_ _0\"></span>25 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:299.48846px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.14703px; bottom:318.98846px;\">20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:570.9263px; bottom:309.23846px;\">onw<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:299.48846px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:309.23846px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:299.48846px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls87 ws7e\" style=\"left:0.0066986084px; bottom:284.15887px;\">UK<span class=\"_ _286\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:270.12927px;\">Student<span class=\"_ _6\"></span> acc<span class=\"_ _0\"></span>ommodation<span class=\"_ _2a1\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _95\"> </span>50<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:256.09967px;\">Other conces<span class=\"_ _0\"></span>sions<span class=\"_ _317\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>5<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:408.8753px; bottom:242.07007px;\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _95\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsae ws99\" style=\"left:0.0066986084px; bottom:228.04047px;\">North America<span class=\"_ _fc\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:214.01086px;\">Aviation<span class=\"_ _29d\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.0066986084px; bottom:199.98126px;\">Multifamil<span class=\"_ _0\"></span>y housing<span class=\"_ _2fc\"> </span><span class=\"ls3 ws0\">2<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:185.95166px;\">Student<span class=\"_ _6\"></span> acc<span class=\"_ _0\"></span>ommodation<span class=\"_ _2a1\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>3<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:408.8753px; bottom:171.92206px;\">5<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:402.72888px; bottom:157.89258px;\">10<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _95\"> </span><span class=\"ls151 wsee\">83<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:143.863px;\">Proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s at fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al cl<span class=\"_ _0\"></span>ose<span class=\"_ _38b\"> </span>5<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:129.8334px;\">Proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s at preferre<span class=\"_ _0\"></span>d bid<span class=\"_ _0\"></span>der s<span class=\"_ _0\"></span>tag<span class=\"_ _0\"></span>e<span class=\"_ _38c\"> </span>5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _95\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.0066986084px; bottom:115.8038px;\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _28f\"> </span><span class=\"ff4e ls3b ws12f\">10<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _95\"> </span><span class=\"ls151 wsee\">83<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:80.0538px;\">4<span class=\"_ _0\"></span>2 Audi<span class=\"_ _0\"></span>t exe<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s ta<span class=\"_ _0\"></span>ken fo<span class=\"_ _0\"></span>r su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:67.0538px;\">Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es are exempt from t<span class=\"_ _0\"></span>he requ<span class=\"_ _0\"></span>irement<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies Ac<span class=\"_ _0\"></span>t 20<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>6 rela<span class=\"_ _0\"></span>ting to the a<span class=\"_ _0\"></span>udit of i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ual fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:54.053802px;\">state<span class=\"_ _0\"></span>ments by v<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>e of Sec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n 479A of t<span class=\"_ _0\"></span>he Ac<span class=\"_ _0\"></span>t.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:558.6151px; bottom:33.253815px;\">Company regis<span class=\"_ _6\"></span>tration number<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:17.60556px;\">Education Investments Holdings Ltd<span class=\"_ _38d\"> </span><span class=\"ls38 ws37\">6863458<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:2.5570374px;\">Consor<span class=\"_ _0\"></span>t Healthc<span class=\"_ _0\"></span>are Infrastructure In<span class=\"_ _6\"></span>vestments Ltd<span class=\"_ _38e\"> </span><span class=\"lsf9 ws29\">68<span class=\"_ _0\"></span>59<span class=\"_ _0\"></span>623<span class=\"_ _399\"> </span></span></div>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _399\"> </span>In ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th Se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9 of t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anies A<span class=\"_ _0\"></span>ct 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6 a full list of subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span>, par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ners<span class=\"_ _0\"></span>hips<span class=\"_ _0\"></span>, asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates and j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipal a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e cou<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y of in<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on and t<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>ive perc<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>ge of eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y ow<span class=\"_ _0\"></span>ned a<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 is d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d bel<span class=\"_ _0\"></span>ow. Unless othe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wis<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>ted, al<span class=\"_ _0\"></span>l interests a<span class=\"_ _0\"></span>re in the ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y share ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al or sh<span class=\"_ _0\"></span>ares of co<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n stock i<span class=\"_ _0\"></span>n the enti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and are h<span class=\"_ _0\"></span>eld in<span class=\"_ _0\"></span>direc<span class=\"_ _0\"></span>tly by the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany, and all entit<span class=\"_ _0\"></span>ies op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ally i<span class=\"_ _0\"></span>n their c<span class=\"_ _0\"></span>ountr<span class=\"_ _1\"></span>y of inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. Al<span class=\"_ _0\"></span>l subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries h<span class=\"_ _0\"></span>ad a rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d are who<span class=\"_ _0\"></span>lly ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d and co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated into the Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s resu<span class=\"_ _0\"></span>lts<span class=\"_ _0\"></span>, except wh<span class=\"_ _0\"></span>ere indi<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d. Subsidiary under<span class=\"_ _0\"></span>takings incorporated i<span class=\"_ _6\"></span>n the United<span class=\"_ _6\"></span> K<span class=\"_ _0\"></span>ingdom Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le u<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e N<span class=\"_ _0\"></span>E12 8<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>U<span class=\"_ _399\"> </span>Ab<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>yst<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>th Student Accommo<span class=\"_ _0\"></span>dation Ltd<span class=\"_ _3\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Investments<span class=\"_ _6\"></span><span class=\"_ _399\"> Ltd</span> (i) Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Partners Mem<span class=\"_ _0\"></span>ber Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Investments<span class=\"_ _6\"></span> Ltd<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents Ltd <span class=\"_ _58\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y OF<span class=\"_ _1\"></span>TO Hol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>orate  Ser<span class=\"_ _0\"></span>vices Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Work<span class=\"_ _0\"></span>Sm<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t Ltd<span class=\"_ _2b\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>BBI Holdings Austral<span class=\"_ _6\"></span>ia Ltd<span class=\"_ _1c3\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>BBPF<span class=\"_ _6\"></span> LLP (iii)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _113\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ltd <span class=\"_ _360\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e C<span class=\"_ _0\"></span>oncession<span class=\"_ _399\"> </span></span>Connect Roads Infrastructu<span class=\"_ _6\"></span>re <span class=\"ls3 ws0\"> </span>Investments<span class=\"_ _6\"></span> Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Consor<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>althcare Infrastructure Investments<span class=\"_ _6\"></span> Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any East Slope Residenc<span class=\"_ _0\"></span>ies Facilities Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t Slo<span class=\"_ _0\"></span>pe Re<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>enci<span class=\"_ _0\"></span>es Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd <span class=\"_ _1c7\"> </span><span class=\"ls10 wse\">Investment Holding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any East Slope Residenc<span class=\"_ _0\"></span>ies Partner Ltd <span class=\"_ _113\"> </span><span class=\"ls35 ws34\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></span>East Slope Residenc<span class=\"_ _0\"></span>ies plc (ii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>East Slope Residenc<span class=\"_ _0\"></span>ies Student Accomm<span class=\"_ _0\"></span>odation L<span class=\"_ _0\"></span>LP (ii) (iii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Education Investments Holdings Ltd<span class=\"_ _b4\"> </span>Investmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Initi<span class=\"_ _0\"></span>al GP<span class=\"_ _0\"></span>1 Ltd <span class=\"_ _38f\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Manchester Residences (New Cross) Ltd<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span>South C<span class=\"_ _0\"></span>ambridgeshire Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>West Stratford Dev<span class=\"_ _6\"></span>elo<span class=\"_ _0\"></span>pments Ltd (iv)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any 5 Ch<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>l Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y W<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n E14 5HU<span class=\"_ _399\"> </span>Avata<span class=\"_ _0\"></span>r Ltd <span class=\"_ _a5\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>d Ltd <span class=\"_ _111\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>ding Ltd <span class=\"_ _1e\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CE Ltd<span class=\"_ _13\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _1f9\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring Ltd <span class=\"_ _c0\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>ils Ltd <span class=\"_ _49\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nst Ltd <span class=\"_ _1d3\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _b9\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction International Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hern Ltd <span class=\"_ _24\"> </span>Age<span class=\"_ _0\"></span>nt of Balfo<span class=\"_ _0\"></span>ur Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>Y<span class=\"_ _1\"></span>) Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Empl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent Ltd <span class=\"_ _52\"> </span>Employe<span class=\"_ _0\"></span>r For U<span class=\"_ _0\"></span>K Workforce<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _390\"> </span><span class=\"ls35 ws34\">Construction &amp; Support </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>mes Ltd<span class=\"_ _f3\"> </span>Ag<span class=\"_ _0\"></span>ent of M<span class=\"_ _0\"></span>anrin<span class=\"_ _0\"></span>g Ho<span class=\"_ _0\"></span>mes Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal Ltd <span class=\"_ _16f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ent Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd (i)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd <span class=\"_ _346\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y No<span class=\"_ _0\"></span>minee<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1db\"> </span><span class=\"ls35 ws34\">Nominee Company<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Overseas Investments Lt<span class=\"_ _6\"></span>d<span class=\"_ _71\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ove<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>as Ltd<span class=\"_ _31c\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd (i)<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y plc<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>ture S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Ltd <span class=\"_ _1a\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Ltd <span class=\"_ _58\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Technol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>es Ltd <span class=\"_ _b1\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Track System<span class=\"_ _0\"></span>s Ltd <span class=\"_ _53\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Refur<span class=\"_ _0\"></span>bishm<span class=\"_ _0\"></span>ent Ltd<span class=\"_ _9c\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Reg<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Util<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons Ltd <span class=\"_ _30\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck Ltd <span class=\"_ _22\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant </span>BB In<span class=\"_ _0\"></span>done<span class=\"_ _0\"></span>sia Ltd<span class=\"_ _35f\"> </span><span class=\"ls10 wse\">Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>vac Ltd <span class=\"_ _19f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bic<span class=\"_ _0\"></span>al C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd <span class=\"_ _1e4\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bign<span class=\"_ _0\"></span>ell &amp; A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates Ltd<span class=\"_ _2d8\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Birs<span class=\"_ _0\"></span>e Group Ltd <span class=\"_ _21\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Birs<span class=\"_ _0\"></span>e Met<span class=\"_ _0\"></span>ro Ltd<span class=\"_ _357\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>Bno<span class=\"_ _0\"></span>ms Ltd (i)<span class=\"_ _399\"> </span>Nominee Company<span class=\"_ _399\"> </span>Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>BP<span class=\"_ _0\"></span>H Equip<span class=\"_ _0\"></span>ment Ltd <span class=\"_ _2a\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Cow<span class=\"_ _0\"></span>lin Gro<span class=\"_ _0\"></span>up Ltd <span class=\"_ _1e0\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant T<span class=\"_ _0\"></span>hree Li<span class=\"_ _0\"></span>mited<span class=\"_ _4\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Guinea Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Ltd<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Haden Building Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es Ltd<span class=\"_ _31c\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ha<span class=\"_ _0\"></span>den Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung Ltd (i)<span class=\"_ _399\"> </span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Wes<span class=\"_ _0\"></span>tern Ltd <span class=\"_ _338\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>L<span class=\"_ _0\"></span>aser R<span class=\"_ _0\"></span>ail Ltd <span class=\"_ _174\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Loun<span class=\"_ _0\"></span>sda<span class=\"_ _0\"></span>le Ele<span class=\"_ _0\"></span>ctr<span class=\"_ _0\"></span>ic Ltd <span class=\"_ _387\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ma<span class=\"_ _0\"></span>nring H<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>es Ltd (i)<span class=\"_ _399\"> </span>Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span>Mult<span class=\"_ _0\"></span>ibui<span class=\"_ _0\"></span>ld (C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on &amp; Interi<span class=\"_ _0\"></span>ors) Ltd <span class=\"_ _19d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Of<span class=\"_ _0\"></span>fice Projects (Interiors) Ltd<span class=\"_ _1d8\"> </span><span class=\"ls3 ws0\">Agent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Omnicom Enginee<span class=\"_ _6\"></span>ring Ltd <span class=\"_ _1d0\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ray<span class=\"_ _0\"></span>neswa<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _373\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Strata Construction L<span class=\"_ _6\"></span>td <span class=\"_ _17e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>He<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd S<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l Wor<span class=\"_ _0\"></span>ks<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd H<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>4 9SW<span class=\"_ _399\"> </span>Painter B<span class=\"_ _0\"></span>rother<span class=\"_ _0\"></span>s Ltd <span class=\"_ _26d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>s Dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>, Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>t, M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>eys<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4 1PJ<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pensi<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>ru<span class=\"_ _0\"></span>st Ltd (i)<span class=\"_ _399\"> </span>Pension Fund T<span class=\"_ _17\"></span>rustee<span class=\"_ _399\"> </span>C/O Mc Gr<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, 12\u201316 Bri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>BT1 1LS<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Ir<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn Irel<span class=\"_ _0\"></span>and Ltd <span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>e Cu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g, A<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>is B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>k, H<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ne Way, La<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>Berkshire SL3 8AG<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Groun<span class=\"_ _0\"></span>d Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing Ltd <span class=\"_ _b6\"> </span>Ag<span class=\"_ _0\"></span>ent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1cd\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Li<span class=\"_ _0\"></span>ving P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ces Ltd <span class=\"_ _95\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _369\"> </span><span class=\"ls3 ws0\">A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>esti<span class=\"_ _0\"></span>ng and A<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>alys<span class=\"_ _0\"></span>is Ltd <span class=\"_ _f2\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _78\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sh &amp;<span class=\"_ _399\"> </span>So<span class=\"_ _0\"></span>uthe<span class=\"_ _0\"></span>rn Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y K<span class=\"_ _0\"></span>ilpa<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>k Lim<span class=\"_ _0\"></span>ited <span class=\"_ _75\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail R<span class=\"_ _0\"></span>esid<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y Ltd <span class=\"_ _9a\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Regional Civil<span class=\"_ _6\"></span> Engineering<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>BBPFS LP (iii)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _0\"></span>P (iii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street) SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Ltd <span class=\"_ _391\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Initi<span class=\"_ _0\"></span>al Fo<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er Par<span class=\"_ _1\"></span>tner G<span class=\"_ _0\"></span>P1 Ltd <span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Mi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ll B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>u<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s Way, Kin<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e, Ab<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>AB51<span class=\"_ _6\"></span> 0TG<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engineeri<span class=\"_ _6\"></span>ng<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices (C<span class=\"_ _0\"></span>L) Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r B<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>t Ka<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne\u2019s Way, Lon<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>E1W 1<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>D<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Power C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd<span class=\"_ _50\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Birse Construction<span class=\"_ _6\"></span> Ltd <span class=\"_ _1be\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Liquidation<span class=\"_ _399\"> </span>Edg<span class=\"_ _0\"></span>ar A<span class=\"_ _0\"></span>llen En<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span>erin<span class=\"_ _0\"></span>g Ltd <span class=\"_ _31c\"> </span>Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span>Mansell Maintenance Limited <span class=\"_ _2b\"> </span><span class=\"ls3 ws0\">Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span></span>Ma<span class=\"_ _0\"></span>nsell p<span class=\"_ _0\"></span>lc <span class=\"_ _392\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>Wes<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, R<span class=\"_ _0\"></span>ayn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>ay<span class=\"_ _6\"></span>, D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rby D<span class=\"_ _0\"></span>E21 7B<span class=\"_ _0\"></span>G<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pla<span class=\"_ _0\"></span>nt &amp; Fleet S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _17\"></span>, 10<span class=\"_ _0\"></span>0 Qu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Gl<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sg<span class=\"_ _0\"></span>ow G1 3DN S<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (L<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Lumina<span class=\"_ _6\"></span> Building, 40 Ainslie<span class=\"_ _6\"></span> Road, Hillington<span class=\"_ _6\"></span> Park, Glasgow<span class=\"_ _6\"></span> G5<span class=\"_ _0\"></span><span class=\"_ _399\">2 4</span><span class=\"_ _0\"></span>RU<span class=\"_ _399\"> </span>Shaw<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Petrie L<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ted <span class=\"_ _1ab\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>4<span class=\"_ _0\"></span>2-<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4 C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Wat<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d, H<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>re W<span class=\"_ _0\"></span>D17 1<span class=\"_ _6\"></span>D<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>Bar<span class=\"_ _0\"></span>low &amp; Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung<span class=\"_ _0\"></span>, Limi<span class=\"_ _0\"></span>ted <span class=\"_ _13b\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Ha<span class=\"_ _0\"></span>den Inter<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l Ltd<span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Fo<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>th Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>or, 1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 W<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n SW1V 1LQ<span class=\"_ _399\"> </span>0<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> L<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>d<span class=\"_ _9e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>0<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>8<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>d<span class=\"_ _393\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>BIC<span class=\"_ _0\"></span>C D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _374\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _1a7\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>d F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or D<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>ay<span class=\"_ _1\"></span>fa<span class=\"_ _0\"></span>ir P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n W1X 5FH<span class=\"_ _399\"> </span>BICC Ther<span class=\"_ _0\"></span>moheat Limited<span class=\"_ _1c3\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>80% owned.<span class=\"_ _399\"> </span>(iii) <span class=\"_ _59\"></span>Partnership interests<span class=\"_ _6\"></span> held<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _59\"></span>3<span class=\"_ _0\"></span>1 Ma<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>Australia<span class=\"_ _285\"> </span><span class=\"ls3 ws0\"> </span>Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s P<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y Lim<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, 101 Co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span>Stree<span class=\"_ _0\"></span>t, Melbourne, Victoria, 3000<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Australian Limited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tnership<span class=\"_ _399\"> </span>(ii)<span class=\"_ _399\"> </span>Holding company<span class=\"_ _399\"> </span>Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 5, D<span class=\"_ _0\"></span>eu<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>, 126<span class=\"_ _0\"></span>-1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 Ph<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>p S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t NSW<span class=\"_ _399\"> </span>2000, A<span class=\"_ _6\"></span>us<span class=\"_ _0\"></span>tralia<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Aust<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd <span class=\"_ _58\"> </span><span class=\"ls35 ws34\">Construction &amp; Support<span class=\"_ _399\"> </span></span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bahamas<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span>Th<span class=\"_ _0\"></span>e Al<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, O<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e Mi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>t, P<span class=\"_ _17\"></span>.O. Box N<span class=\"_ _0\"></span>-7<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>17<span class=\"_ _17\"></span>, N<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Bah<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1d5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Canada<span class=\"_ _206\"> </span><span class=\"ls3 ws0\"> </span>Bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r G<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vai<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, 2<span class=\"_ _0\"></span>2 Ade<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>te 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>,<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>oronto, ON,<span class=\"_ _6\"></span> M<span class=\"_ _0\"></span>5H 4E3<span class=\"_ _399\"> </span>BB Gro<span class=\"_ _0\"></span>up C<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>da In<span class=\"_ _0\"></span>c<span class=\"_ _22\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span>R3C 4K5<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities GP<span class=\"_ _59\"></span>, Inc<span class=\"_ _a1\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LP (ii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>P (ii)<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc<span class=\"_ _12\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc <span class=\"_ _b2\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Investments, LP (ii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BB NI<span class=\"_ _0\"></span>H GP<span class=\"_ _17\"></span>, I<span class=\"_ _0\"></span>nc<span class=\"_ _179\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>Germany<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span>Ga<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 35, 8137<span class=\"_ _0\"></span>3 Mu<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _bf\"> </span> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail G<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>H<span class=\"_ _13b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es,<span class=\"_ _399\"> </span></span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>BICC Holdings GmbH<span class=\"_ _13\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Comp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>, Dormant<span class=\"_ _399\"> </span>Schreck<span class=\"_ _6\"></span>-<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>iev<span class=\"_ _6\"></span>es GmbH<span class=\"_ _1a\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Hong K<span class=\"_ _6\"></span>ong<span class=\"_ _1f5\"> </span><span class=\"ls3 ws0\"> </span>5/F<span class=\"_ _17\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>e Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 Kwun Tong Ro<span class=\"_ _0\"></span>ad Kow<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>n Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Hong Kong<span class=\"_ _6\"></span> Ltd<span class=\"_ _1db\"> </span>Construction &amp; Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>India<span class=\"_ _149\"> </span><span class=\"ls3 ws0\"> </span>6<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or, N-1 Bal<span class=\"_ _0\"></span>sa B<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>anya<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a Em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sy B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Nagav<span class=\"_ _6\"></span>ara, Rachenahalli Villag<span class=\"_ _6\"></span>e, Bangalore<span class=\"_ _6\"></span> \u2013 56004<span class=\"_ _0\"></span>5,<span class=\"_ _6\"></span> I<span class=\"_ _0\"></span>ndia<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Indi<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. Ltd<span class=\"_ _399\"> </span>Engineerin<span class=\"_ _0\"></span>g Design<span class=\"_ _399\"> </span>Consultan<span class=\"_ _0\"></span>cy<span class=\"_ _399\"> </span>Ireland<span class=\"_ _a4\"> </span><span class=\"ls3 ws0\"> </span>Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Bu<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Cr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d,<span class=\"_ _399\"> </span>Dublin 1<span class=\"_ _17\"></span>7<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Irela<span class=\"_ _0\"></span>nd Ltd<span class=\"_ _2d3\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _1f5\"> </span> T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h Pr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, Do<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>s I<span class=\"_ _0\"></span>M1 2L<span class=\"_ _0\"></span>Z<span class=\"_ _0\"></span>, Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f Ma<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Delphian Insurance C<span class=\"_ _0\"></span>ompany Ltd (i)<span class=\"_ _399\"> </span>Insurance Comp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Jer<span class=\"_ _0\"></span>sey<span class=\"_ _a2\"> </span><span class=\"ls3 ws0\"> </span>12 Ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. He<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r, Jer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ey<span class=\"_ _b1\"> </span> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Empl<span class=\"_ _0\"></span>oyees T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ustee<span class=\"_ _0\"></span>s Ltd (i)<span class=\"_ _399\"> </span>Employee T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ust<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span>12t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r, Men<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a sy<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ony, No 5, Ja<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f. K<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>o Kay K<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Seksyen 1<span class=\"_ _6\"></span>3, 46200 Petaling Jaya,<span class=\"_ _6\"></span> Sel<span class=\"_ _0\"></span>angor<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail D<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn Inter<span class=\"_ _0\"></span>natio<span class=\"_ _0\"></span>nal<span class=\"_ _399\"> </span>Sd<span class=\"_ _0\"></span>n Bhd<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Netherlan<span class=\"_ _0\"></span>ds<span class=\"_ _393\"> </span><span class=\"ls3 ws0\"> </span>Ra<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>at 177<span class=\"_ _6\"></span>/B<span class=\"_ _0\"></span>, 101<span class=\"_ _17\"></span>1 V<span class=\"_ _0\"></span>M Am<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>am<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Netherl<span class=\"_ _0\"></span>ands B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>.<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Romania<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span>23 G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l E<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t Br<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, 1s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Distric<span class=\"_ _0\"></span>t, 01<span class=\"_ _6\"></span>0527<span class=\"_ _17\"></span>, Bucharest<span class=\"_ _399\"> </span>S.C<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ra<span class=\"_ _0\"></span>il S.<span class=\"_ _0\"></span>R.<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>.<span class=\"_ _11\"> </span>D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant - In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Sri Lanka<span class=\"_ _c6\"> </span><span class=\"ls3 ws0\"> </span>Pha<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 3 In<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on Z<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e, K<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ke, C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>o,<span class=\"_ _399\"> </span>Western<span class=\"_ _6\"></span> Province<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Cey<span class=\"_ _0\"></span>lon (<span class=\"_ _0\"></span>Pr<span class=\"_ _0\"></span>ivate) Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Thailand<span class=\"_ _343\"> </span><span class=\"ls3 ws0\"> </span>9 So<span class=\"_ _0\"></span>i Sa<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Si<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Hu<span class=\"_ _0\"></span>ay Kwan<span class=\"_ _0\"></span>g, Ba<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>kok<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>ia T<span class=\"_ _6\"></span>ra<span class=\"_ _0\"></span>de D<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand) C<span class=\"_ _0\"></span>o<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs (<span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>ailan<span class=\"_ _0\"></span>d) C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _1f9\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Th<span class=\"_ _0\"></span>ai Ltd <span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Linwo<span class=\"_ _0\"></span>od C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _21\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> </span>101<span class=\"_ _17\"></span>1 C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e 310, Wi<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on D<span class=\"_ _0\"></span>E 198<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs In<span class=\"_ _0\"></span>c<span class=\"_ _18b\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y LLC <span class=\"_ _19b\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>30<span class=\"_ _0\"></span>0 Ga<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia Pa<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>way, Sui<span class=\"_ _0\"></span>te 20<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0, At<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>, GA 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span>National Enginee<span class=\"_ _6\"></span>ring &amp; Contracting<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re, Inc <span class=\"_ _f9\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _17\"></span>127 B<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ay St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>et N<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _399\"> </span>310, Sale<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>R 97<span class=\"_ _0\"></span>301<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Roc<span class=\"_ _0\"></span>k Sp<span class=\"_ _0\"></span>ring<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>LC<span class=\"_ _207\"> </span><span class=\"ls10 wse\">Constru<span class=\"_ _0\"></span>ction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _6\"></span>70<span class=\"_ _0\"></span>3 L<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>l S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Co<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>a, SC 2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>201<span class=\"_ _399\"> </span>National C<span class=\"_ _0\"></span>asualt<span class=\"_ _0\"></span>y and Assuranc<span class=\"_ _0\"></span>e, Inc <span class=\"_ _d2\"> </span>Insurance Company<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons, L<span class=\"_ _0\"></span>LC<span class=\"_ _53\"> </span><span class=\"lsf wsd\">Infra<span class=\"_ _6\"></span>structure Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LLC<span class=\"_ _77\"> </span><span class=\"ls10 wse\">Infrastructure<span class=\"_ _6\"></span> Investment<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion D.C<span class=\"_ _0\"></span>., LLC<span class=\"_ _ba\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>LC<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Constr<span class=\"_ _0\"></span>uction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _89\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstructio<span class=\"_ _0\"></span>n Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, Inc <span class=\"_ _2e\"> </span><span class=\"ls10 wse\">Investment Company<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement I<span class=\"_ _0\"></span>nc <span class=\"_ _99\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>Be<span class=\"_ _0\"></span>nham Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC (v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>HELP<span class=\"_ _0\"></span>S<span class=\"ls3 ws0\"> </span>Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC (iv)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Investments<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Managem<span class=\"_ _0\"></span>ent LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y \u2013 Wor<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _fd\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>BBC A<span class=\"_ _0\"></span>F H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n LLC<span class=\"_ _af\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC AF Management/<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>eve<span class=\"_ _6\"></span>lo<span class=\"_ _0\"></span>pment<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _16c\"> </span><span class=\"ls10 wse\">Infrastructure Investmen<span class=\"_ _6\"></span>t<span class=\"_ _399\"> </span></span>BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er I, I<span class=\"_ _0\"></span>nc <span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er II<span class=\"_ _0\"></span>, Inc<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 AC<span class=\"_ _0\"></span>C Grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _199\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _6\"></span> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC G<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(iii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC L<span class=\"_ _0\"></span>imited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(iii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Gen<span class=\"_ _0\"></span>eral<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Lim<span class=\"_ _0\"></span>ited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span>Picatinny General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span>Pic<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>ny Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 FD<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>R LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>on LLC<span class=\"_ _d\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Go<span class=\"_ _0\"></span>rdon L<span class=\"_ _0\"></span>LC<span class=\"_ _bd\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ha<span class=\"_ _0\"></span>milton L<span class=\"_ _0\"></span>LC<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>n LLC<span class=\"_ _c3\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 H<span class=\"_ _0\"></span>ampton R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 L<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>kla<span class=\"_ _0\"></span>nd L<span class=\"_ _0\"></span>LC<span class=\"_ _cf\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Le<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>rd Woo<span class=\"_ _0\"></span>d LLC<span class=\"_ _3b\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>east<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>heas<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"ff4e ls276 ws27b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn G<span class=\"_ _0\"></span>roup,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Stewar<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>unter<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span>Gen<span class=\"_ _0\"></span>eral P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span>Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 West P<span class=\"_ _0\"></span>oint L<span class=\"_ _0\"></span>LC<span class=\"_ _b6\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Li<span class=\"_ _0\"></span>mited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC Multif<span class=\"_ _6\"></span>amily Holdings, LLC<span class=\"_ _7f\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC<span class=\"_ _0\"></span>S \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hsid<span class=\"_ _0\"></span>e Ca<span class=\"_ _0\"></span>mpu<span class=\"_ _0\"></span>s LLC<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBCS Developmen<span class=\"_ _6\"></span>t, LLC<span class=\"_ _161\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>frastru<span class=\"_ _0\"></span>cture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BICC Cables Cor<span class=\"_ _0\"></span>poration<span class=\"_ _f2\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 30<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s Way SW, Sui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>30<span class=\"_ _0\"></span>4, Tumwat<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r WA 98<span class=\"_ _0\"></span>501<span class=\"_ _399\"> </span>Howa<span class=\"_ _0\"></span>rd S. W<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>ht Co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on C<span class=\"_ _0\"></span>o<span class=\"_ _109\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>HS<span class=\"_ _0\"></span>W, Inc <span class=\"_ _145\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>CS<span class=\"_ _0\"></span>C \u2013 N<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, C/O CS<span class=\"_ _0\"></span>C Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f Ne<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>., 50<span class=\"_ _0\"></span>2 Ea<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Neva<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>a 8<span class=\"_ _0\"></span>970<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>olden C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>ompany<span class=\"_ _6\"></span>, Inc<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup, In<span class=\"_ _0\"></span>c <span class=\"_ _16b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>8<span class=\"_ _1\"></span>0% inte<span class=\"_ _0\"></span>rest h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(v) 9<span class=\"_ _0\"></span>0% interest<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le U<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>yne, England,<span class=\"_ _6\"></span> England, NE<span class=\"_ _6\"></span>12 8BU<span class=\"_ _399\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _399\"> </span>3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect A3<span class=\"_ _0\"></span>0/A<span class=\"_ _0\"></span>35 Holdings Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>/A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5 Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect CNDR Holdings Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Interm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iate Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect M<span class=\"_ _6\"></span>1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Holdings Lt<span class=\"_ _6\"></span>d (i) (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Ltd<span class=\"_ _399\"> </span>(iv) <span class=\"_ _18b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Connect M77/GSO Holdings<span class=\"_ _6\"></span> Ltd (ii) (iv)<span class=\"_ _399\"> </span>85<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M7<span class=\"_ _0\"></span>7/GS<span class=\"_ _0\"></span>O pl<span class=\"_ _0\"></span>c (ii) (iv)<span class=\"_ _399\"> </span>85<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e Ltd<span class=\"_ _be\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Inter<span class=\"_ _0\"></span>med<span class=\"_ _0\"></span>iate<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ltd<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads N<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>thamp<span class=\"_ _0\"></span>tonshire Ltd <span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de Ltd<span class=\"_ _d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Connect Roads Sunderland<span class=\"_ _6\"></span> Holdings<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>and Ltd<span class=\"_ _a1\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 1) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 2<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 3<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 4<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 7A) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 7<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce<span class=\"_ _399\"> </span>(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(Fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd (ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span>(ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO p<span class=\"_ _0\"></span>lc (ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate<span class=\"_ _399\"> </span>Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>South Cambridgeshir<span class=\"_ _6\"></span>e Projects LLP (v)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>co Ltd (<span class=\"_ _0\"></span>iv)<span class=\"_ _f8\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate Ltd (i<span class=\"_ _0\"></span>v)<span class=\"_ _51\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Bl<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, B<span class=\"_ _0\"></span>ly<span class=\"_ _1\"></span>th<span class=\"_ _0\"></span>e Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>oke o<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> Staffordshire S<span class=\"_ _6\"></span>T1<span class=\"_ _17\"></span>1 9RD<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>yse<span class=\"_ _0\"></span>ley Bio P<span class=\"_ _0\"></span>ower Ltd <span class=\"_ _374\"> </span><span class=\"ls1b8 ws1ac\">3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span><span class=\"ls1b8 ws1ac\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>s Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, S<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>lb<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ns R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Mi<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>s,<span class=\"_ _399\"> </span> Hert<span class=\"_ _0\"></span>fordshire<span class=\"_ _6\"></span> EN6 3NP<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span>(iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>ssue<span class=\"_ _0\"></span>r plc (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) Ltd (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span>Holyrood Holdings Lt<span class=\"_ _6\"></span>d <span class=\"_ _18f\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span> 20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span> 20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Holyrood Student Accommodation plc<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span> 20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r Ho<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Way<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>swo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h We<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span> Fareham,<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>ampshire PO<span class=\"_ _6\"></span>15 5SS<span class=\"_ _399\"> </span>Pevense<span class=\"_ _6\"></span>y C<span class=\"_ _0\"></span>oastal<span class=\"ls3 ws0\"> </span>Defenc<span class=\"_ _0\"></span>e Ltd<span class=\"_ _399\"> </span> 25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>C/O Pari<span class=\"_ _0\"></span>o Lt<span class=\"_ _0\"></span>d, 18 Ri<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sway B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s V<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Way,<span class=\"_ _399\"> </span> Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ton P<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>2 2YP<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> Funding plc<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am) Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls37 ws36\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span> 9 Am<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e Woo<span class=\"_ _0\"></span>d La<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l Es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> Hemel Hempstead,<span class=\"_ _6\"></span> Her<span class=\"_ _0\"></span>tfordshire, Eng<span class=\"_ _6\"></span>land HP2 4<span class=\"_ _6\"></span>TP<span class=\"_ _399\"> </span>Peb<span class=\"_ _0\"></span>bleh<span class=\"_ _0\"></span>all Bi<span class=\"_ _0\"></span>o Power Ltd <span class=\"_ _f4\"> </span><span class=\"lsf wsd\">2<span class=\"_ _0\"></span>9.2<span class=\"_ _53\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Wellan<span class=\"_ _0\"></span>d Bio Po<span class=\"_ _0\"></span>wer Ltd <span class=\"_ _18\"> </span><span class=\"lsf wsd\">29.2<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Due to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span> req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span> and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span> co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d as a jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>re.<span class=\"_ _399\"> </span> (ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d a 3<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>5% par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st in B<span class=\"_ _0\"></span>BD<span class=\"_ _0\"></span>E O<span class=\"_ _0\"></span>rb<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs L<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P at 31<span class=\"_ _399\"> </span> De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct P<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Lt<span class=\"_ _0\"></span>d and i<span class=\"_ _0\"></span>ts s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s are 4<span class=\"_ _0\"></span>0% o<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span> by BB<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>E Or<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>31 M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span> (v) Par<span class=\"_ _0\"></span>tnership interests<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Bermuda<span class=\"_ _38f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>Co<span class=\"_ _0\"></span>nye<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Di<span class=\"_ _0\"></span>ll &amp; Pe<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>on H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 2 C<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _399\"> </span> St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n H<span class=\"_ _0\"></span>M 1<span class=\"_ _6\"></span>1<span class=\"_ _399\"> </span>CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y A LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span>CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y B LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span> British Virgin Islands<span class=\"_ _374\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>Vi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te S<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s Cay I<span class=\"_ _0\"></span>I R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span> To<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> V<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon A<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a Ltd <span class=\"_ _163\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Man<span class=\"_ _0\"></span>agement<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gammon Construction<span class=\"_ _399\"> </span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Canada<span class=\"_ _a6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span> R3C 4K5<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Fac<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es  Managem<span class=\"_ _0\"></span>ent,LP (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H FM GP I<span class=\"_ _0\"></span>nc<span class=\"_ _170\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Desi<span class=\"_ _0\"></span>gn \u2013 Bui<span class=\"_ _0\"></span>ld GP (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>China<span class=\"_ _399\"> </span>Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng Ave<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>da d<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ia G<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>, n\u00b042<span class=\"_ _0\"></span>9, 25<span class=\"_ _0\"></span>\u00b0 an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ar D, em<span class=\"_ _399\"> </span> Ma<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>au<span class=\"_ _399\"> </span> BBE<span class=\"_ _0\"></span>&amp;<span class=\"_ _0\"></span>M (M<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>au) Ltd<span class=\"_ _2d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Ele<span class=\"_ _0\"></span>ctrical and<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span>Mechanic<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span> Contracting<span class=\"_ _399\"> </span>Gammon Building C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span> (Maca<span class=\"_ _6\"></span>u) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span>No. 4<span class=\"_ _0\"></span>57<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, G<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g Aven<span class=\"_ _0\"></span>ue, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span> Dongguan City,<span class=\"_ _6\"></span> Guangdong Province<span class=\"_ _399\"> </span>Don<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>uan P<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ine M<span class=\"_ _0\"></span>etal Wo<span class=\"_ _0\"></span>rks Ltd<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">M<span class=\"_ _0\"></span>anufacturing<span class=\"_ _6\"></span> </span></span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>25<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, J<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 1 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span>Sanfield<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Gammon C<span class=\"_ _0\"></span>onstruction J<span class=\"_ _0\"></span>V<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>22<span class=\"_ _0\"></span>/F<span class=\"_ _6\"></span>, T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er 1, Th<span class=\"_ _0\"></span>e Q<span class=\"_ _0\"></span>uay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, 7<span class=\"_ _0\"></span>7 Ho<span class=\"_ _0\"></span>i Bu<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, Kwu<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>on<span class=\"_ _0\"></span>g,<span class=\"_ _399\"> </span> Kowloon,<span class=\"_ _6\"></span> Hong Kong<span class=\"_ _399\"> </span>AsiaBuil<span class=\"_ _0\"></span>d Ltd<span class=\"_ _182\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y E&amp;<span class=\"_ _0\"></span>M Ltd<span class=\"_ _7e\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G Ltd<span class=\"_ _35f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>T<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span> Innovation<span class=\"_ _399\"> </span><div class=\"t m0 h2 ff57 fs0 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:892.15894px;\">NO<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>S T<span class=\"_ _0\"></span>O TH<span class=\"_ _0\"></span>E F<span class=\"_ _0\"></span>IN<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>CI<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L S<span class=\"_ _0\"></span>TATEM<span class=\"_ _0\"></span>EN<span class=\"_ _0\"></span>T<span class=\"_ _1\"></span>S<span class=\"ff58 ls91 ws85\"> CON<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>INU<span class=\"_ _0\"></span>ED<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.0066986084px; bottom:795.9465px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:180.57358px; bottom:805.6965px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:180.57358px; bottom:795.9465px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.0066986084px; bottom:780.6169px;\">Entasis Ltd<span class=\"_ _17b\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">General Contractor<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:766.5873px;\">Gammon Building C<span class=\"_ _0\"></span>onstruction Ltd<span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span></span>Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:752.5577px;\">Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ltd<span class=\"_ _1d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:738.5281px;\">Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt Ltd <span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:724.4985px;\">Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>hina Ltd <span class=\"_ _4a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:711.4985px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:697.4689px;\">Gammon Con<span class=\"_ _0\"></span>cret<span class=\"_ _6\"></span>e S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _b1\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:683.4394px;\">Gammon Construction (China<span class=\"_ _6\"></span>) Ltd<span class=\"_ _52\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:669.4098px;\">Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Vietnam)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:656.4098px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.57358px; bottom:669.4098px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">C<span class=\"_ _0\"></span>onstruc<span class=\"_ _0\"></span>tion and<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:223.91351px; bottom:656.4098px;\">Project Manag<span class=\"_ _0\"></span>ement<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:642.3802px;\">Gammon C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>onsultants<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:629.3802px;\">(Shenzhen) Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.57358px; bottom:642.3802px;\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:615.3506px;\">Gammon Construction Lt<span class=\"_ _6\"></span>d</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls272 ws279\" style=\"left:125.196304px; bottom:618.8138px;\"> (iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.57358px; bottom:615.3506px;\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span><span class=\"ls35 ws34\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:602.3506px;\">Construction<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:588.321px;\">Gam<span class=\"_ _0\"></span>mon E&amp;<span class=\"_ _1\"></span>M Ltd<span class=\"_ _1fa\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Engineering Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:574.2914px;\">Gammon Engineeri<span class=\"_ _6\"></span>ng &amp; Construction<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.0066986084px; bottom:561.2914px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.57358px; bottom:574.2914px;\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span><span class=\"ls35 ws34\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:561.2914px;\">Construction<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:547.2618px;\">Gammon Engineeri<span class=\"_ _6\"></span>ng Ltd<span class=\"_ _f4\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:533.2322px;\">Gam<span class=\"_ _0\"></span>mon F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce Ltd <span class=\"_ _1d0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Finance and<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls91 ws85\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:223.91351px; bottom:520.2322px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:506.20258px;\">Gam<span class=\"_ _0\"></span>mon I<span class=\"_ _0\"></span>nterior<span class=\"_ _0\"></span>s Ltd <span class=\"_ _31\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:492.17297px;\">Gammon Mana<span class=\"_ _0\"></span>gement Ser<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _c3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">Construction<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls35 ws34\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:223.91351px; bottom:479.17297px;\">Managem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:223.91351px; bottom:466.17297px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:452.14337px;\">Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _0\"></span>lant Ltd<span class=\"_ _16\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Plant and E<span class=\"_ _6\"></span>quipment<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls91 ws85\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:223.91351px; bottom:439.14337px;\">Hire and M<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ntenanc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:425.11377px;\">Gold T<span class=\"_ _6\"></span>actic<span class=\"_ _0\"></span>s Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent Lt<span class=\"_ _6\"></span>d<span class=\"_ _c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:411.08417px;\">Into G Ltd<span class=\"_ _38f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>I<span class=\"_ _0\"></span>nterior F<span class=\"_ _0\"></span>it-<span class=\"_ _1\"></span>Ou<span class=\"_ _0\"></span>t and<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:398.08417px;\">Contracting<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:384.0547px;\">L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Ltd <span class=\"_ _10\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent and<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:223.91351px; bottom:371.0547px;\">Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:357.0251px;\">Pr<span class=\"_ _0\"></span>istine M<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>l Works Ltd <span class=\"_ _117\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:344.02512px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.0066986084px; bottom:329.9955px;\">Ireland<span class=\"_ _177\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:315.9659px;\">3 Dublin<span class=\"_ _6\"></span> Land<span class=\"_ _0\"></span>ings, No<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>th Wall<span class=\"_ _6\"></span> Quay<span class=\"_ _6\"></span>, Dublin<span class=\"_ _6\"></span> 1,<span class=\"_ _6\"></span> D01 C4E0<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:301.9363px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CLG Ltd <span class=\"_ _1d5\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:287.9067px;\">C/O Pari<span class=\"_ _0\"></span>o SP<span class=\"_ _0\"></span>V Ma<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 54<span class=\"_ _0\"></span>, Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:274.9067px;\">Ch<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, 32 N<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>, D<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>in 2<span class=\"_ _0\"></span>, D0<span class=\"_ _0\"></span>2 A<span class=\"_ _0\"></span>P2<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:260.8771px;\">Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls37 ws36\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:247.8771px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:233.8475px;\">Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP Ltd <span class=\"_ _f9\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span><span class=\"ls37 ws36\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:220.8475px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls8d ws8e\" style=\"left:0.0066986084px; bottom:206.8179px;\">Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _96\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:192.7883px;\">c/L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, M<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a 1MK<span class=\"_ _0\"></span>. Ko<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>s 1 Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 1 Ja<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n K<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:179.7883px;\">Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 50<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 Kua<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Lu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ur<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:165.75873px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:130.84235px; bottom:169.22192px;\"> (ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:180.57358px; bottom:165.75873px;\">70<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:223.91351px; bottom:152.75873px;\">\u2013 In Liquidation<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:138.72913px;\">Uni<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>-7<span class=\"_ _17\"></span>, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 9, C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l 2<span class=\"_ _0\"></span>, Oa<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re, N<span class=\"_ _0\"></span>o.<span class=\"_ _0\"></span>2 J<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an PJU<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:125.729126px;\">1A/<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>A<span class=\"_ _0\"></span>, A<span class=\"_ _0\"></span>ra D<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>a, 473<span class=\"_ _0\"></span>01 Pe<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Jaya<span class=\"_ _0\"></span>, Se<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:111.699524px;\">Gam<span class=\"_ _0\"></span>mon S<span class=\"_ _0\"></span>dn Bh<span class=\"_ _0\"></span>d <span class=\"_ _27\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:97.670044px;\">Pesaka Gammon<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>onstruction Sdn<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:84.670044px;\">Bhd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsfb ws13a\" style=\"left:180.57358px; bottom:97.670044px;\">15<span class=\"_ _c0\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:70.64044px;\">Philippines<span class=\"_ _394\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:56.61084px;\">G/F M<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i S<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>k E<span class=\"_ _0\"></span>xc<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e, Ayal<span class=\"_ _0\"></span>a Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>aka<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Me<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ro<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:43.61084px;\">Manila, P<span class=\"_ _6\"></span>hilippine<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:29.581238px;\">Gammo<span class=\"_ _0\"></span>n Philipp<span class=\"_ _0\"></span>ines, Inc<span class=\"_ _0\"></span>.<span class=\"_ _7d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">G<span class=\"_ _0\"></span>eneral Construction<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:15.551636px;\">MG Construction V<span class=\"_ _6\"></span>entures<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.0066986084px; bottom:2.5516357px;\">Inc.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa4 ws86\" style=\"left:180.57358px; bottom:15.551636px;\">16<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _cb\"> </span><span class=\"ls10 wse\">Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:342.74948px; bottom:795.94635px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:522.68524px; bottom:805.69635px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:522.68524px; bottom:795.94635px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:342.74948px; bottom:781.10425px;\">Singapore<span class=\"_ _1fb\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:342.74948px; bottom:767.07477px;\">239 Ale<span class=\"_ _6\"></span>xandra Ro<span class=\"_ _6\"></span>ad, 15<span class=\"_ _6\"></span>9<span class=\"_ _0\"></span>930<span class=\"_ _332\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:753.04517px;\">Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G (Sin<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>re) P<span class=\"_ _0\"></span>te. Ltd<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Equipment Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.74948px; bottom:739.01556px;\">Gammon C<span class=\"_ _0\"></span>onstruction and<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:726.01556px;\">Engineering<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>te. Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:739.01556px;\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:711.98596px;\">Gammon Construction<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings (S)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:342.74948px; bottom:698.98596px;\">P<span class=\"_ _0\"></span>te. L<span class=\"_ _0\"></span>td<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:711.98596px;\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:698.98596px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:684.95636px;\">Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _1\"></span>te. Ltd<span class=\"_ _2f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls35 ws34\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:671.95636px;\">Construction<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:657.92676px;\">L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Desi<span class=\"_ _0\"></span>gn &amp;<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:644.92676px;\">Co<span class=\"_ _0\"></span>nsult<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:657.92676px;\">50<span class=\"_ _ce\"> </span><span class=\"ls3 ws0\">M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:566.811px; bottom:644.92676px;\">Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.74948px; bottom:630.89716px;\">Thailand <span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa3 ws6b\" style=\"left:342.74948px; bottom:616.86755px;\">21<span class=\"_ _6\"></span>st Floor<span class=\"_ _6\"></span>, Times Square Build<span class=\"_ _0\"></span>ing, 246 Sukhum<span class=\"_ _6\"></span>vi<span class=\"_ _0\"></span>t Road, Klongtoey<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.74948px; bottom:603.86755px;\">Sub-<span class=\"_ _0\"></span>Distric<span class=\"_ _0\"></span>t, Klongtoey<span class=\"_ _6\"></span> Dis<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>t, Bangk<span class=\"_ _6\"></span>ok 1<span class=\"_ _6\"></span>01<span class=\"_ _17\"></span>10<span class=\"_ _6\"></span>, Thailand<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.74948px; bottom:589.83795px;\">Gammon (<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>hailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls2c ws9d\">24.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:575.80835px;\">23<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, T<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:342.74948px; bottom:562.80835px;\">246 Sukhumvit Road, Klongtoey<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:342.74948px; bottom:549.80835px;\">Sub-Di<span class=\"_ _0\"></span>stric<span class=\"_ _0\"></span>t, Klongtoe<span class=\"_ _6\"></span>y Distric<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.74948px; bottom:536.80835px;\">Bangkok<span class=\"_ _6\"></span> 10<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>0, Thailand<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.74948px; bottom:522.77875px;\">Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _72\"> </span><span class=\"ls2c ws9d\">24.<span class=\"_ _0\"></span>5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:508.74915px;\">Th<span class=\"_ _0\"></span>ai Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ltd<span class=\"_ _146\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls73 ws6d\" style=\"left:342.74948px; bottom:494.71954px;\">United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:480.69006px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any 1201 H<span class=\"_ _0\"></span>ays S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>al<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e FL<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2a ws3c\" style=\"left:342.74948px; bottom:467.69006px;\">32<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:453.66046px;\">C-<span class=\"_ _1\"></span>BB Managemen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>, LLC<span class=\"_ _373\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:566.811px; bottom:440.66046px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:426.63086px;\">C-<span class=\"_ _1\"></span>BBC Dev<span class=\"_ _6\"></span>elopment, LLC<span class=\"_ _139\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:566.811px; bottom:413.63086px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:399.60126px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, d/b/a CSC<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>aw<span class=\"_ _1\"></span>yer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:386.60126px;\">In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Se<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>ce C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, 21<span class=\"_ _17\"></span>1 E<span class=\"_ _0\"></span>. 7<span class=\"_ _0\"></span>th S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te 6<span class=\"_ _0\"></span>20,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:373.60126px;\">Aus<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n T<span class=\"_ _0\"></span>X 78<span class=\"_ _0\"></span>701-3<span class=\"_ _0\"></span>218<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:359.57166px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>P</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:491.77734px; bottom:363.0349px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:522.68524px; bottom:359.57166px;\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:346.5717px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:332.54208px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 2,L<span class=\"_ _0\"></span>P</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:497.0777px; bottom:336.00528px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:522.68524px; bottom:332.54208px;\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:566.811px; bottom:319.54208px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:305.51248px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 3, L<span class=\"_ _0\"></span>P </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:502.6765px; bottom:308.97568px;\">(i)(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:522.68524px; bottom:305.51248px;\">70<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:292.51248px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:278.48288px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 4, L<span class=\"_ _0\"></span>P </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:502.6765px; bottom:281.94608px;\">(i)(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls13f ws126\" style=\"left:522.68524px; bottom:278.48288px;\">65<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:265.48288px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:342.74948px; bottom:251.45328px;\">Nor<span class=\"_ _0\"></span>thside C<span class=\"_ _0\"></span>ampus General Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:342.74948px; bottom:238.45328px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:251.45328px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:238.45328px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:224.42368px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9a ws8b\" style=\"left:342.74948px; bottom:211.42368px;\">DE1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:197.39407px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove, L<span class=\"_ _0\"></span>LC<span class=\"_ _bf\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:566.811px; bottom:184.39407px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:170.36447px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Che<span class=\"_ _0\"></span>nal Po<span class=\"_ _0\"></span>inte, LLC<span class=\"_ _f6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:566.811px; bottom:157.36447px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:836.8964px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:820.6464px;\">Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake, L<span class=\"_ _0\"></span>LC<span class=\"_ _c0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ings<span class=\"_ _0\"></span>, LLC<span class=\"_ _354\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Lexin<span class=\"_ _0\"></span>gton<span class=\"_ _0\"></span>, LLC<span class=\"_ _10f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Mo<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>i, LLC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok<span class=\"_ _0\"></span>, LLC<span class=\"_ _b6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Retrea<span class=\"_ _0\"></span>t, L<span class=\"_ _0\"></span>LC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Rive<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o, LLC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e So<span class=\"_ _0\"></span>uthwi<span class=\"_ _0\"></span>nd, L<span class=\"_ _0\"></span>LC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Waterch<span class=\"_ _0\"></span>ase, L<span class=\"_ _0\"></span>LC<span class=\"_ _50\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Wolfc<span class=\"_ _0\"></span>hase, L<span class=\"_ _0\"></span>LC<span class=\"_ _ac\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>, LLC<span class=\"_ _199\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my Integr<span class=\"_ _0\"></span>ated, L<span class=\"_ _0\"></span>LC<span class=\"_ _15\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove (<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>ilmin<span class=\"_ _0\"></span>gton) O<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>er,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Chen<span class=\"_ _0\"></span>al Poi<span class=\"_ _0\"></span>nte (Li<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le Ro<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake (H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ton) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _c8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X I<span class=\"_ _0\"></span>ntegra<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ress S<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ions<span class=\"_ _399\"> </span>Holdco, LLC<span class=\"_ _399\"> </span>27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X Int<span class=\"_ _6\"></span>egrated Express Solutions,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ngs (<span class=\"_ _0\"></span>Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>nville) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Lexin<span class=\"_ _0\"></span>gton (<span class=\"_ _0\"></span>Rid<span class=\"_ _0\"></span>gel<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _1a6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Mo<span class=\"_ _0\"></span>retti (<span class=\"_ _0\"></span>Ho<span class=\"_ _0\"></span>mewo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Li<span class=\"_ _0\"></span>mited P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok (C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>a) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Retreat at Schilling<span class=\"_ _0\"></span>er (M<span class=\"_ _0\"></span>obile) O<span class=\"_ _0\"></span>wner,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Riverc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ng (H<span class=\"_ _0\"></span>oove<span class=\"_ _0\"></span>r) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o (K<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>mmee) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _71\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> So<span class=\"_ _0\"></span>uthwin<span class=\"_ _0\"></span>d (M<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>his) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _19e\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Southwind<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>Memphis)<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings, LLC<span class=\"_ _72\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Swif<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>sure Ho<span class=\"_ _0\"></span>using P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _bb\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>T-BBA Riverchas<span class=\"_ _6\"></span>e Holdings, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b8 ws1ac\">7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>V<span class=\"_ _0\"></span>iew SA H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny LP<span class=\"_ _399\"> </span>(i)(iv)<span class=\"_ _399\"> </span>87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>V<span class=\"_ _0\"></span>iew SA L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(i)<span class=\"_ _399\"> </span>87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _399\"> </span>Waterch<span class=\"_ _0\"></span>ase (L<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rgo) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _ab\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Wolfch<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>Bar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>t) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge (<span class=\"_ _1\"></span>Zephy<span class=\"_ _0\"></span>rhill<span class=\"_ _0\"></span>s) Ow<span class=\"_ _0\"></span>ner,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Age<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t So<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. 9 E L<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>31<span class=\"_ _17\"></span>1 D<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>r DE 19<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span>United C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>mpus P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _109\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>Vietnam<span class=\"_ _9e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>5t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>t T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er, 2B<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>\u2013<span class=\"_ _1\"></span>6 L<span class=\"_ _0\"></span>e Th<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>h T<span class=\"_ _6\"></span>on S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ng<span class=\"_ _0\"></span>he Wa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>, Di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t 1, Ho C<span class=\"_ _0\"></span>hi M<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nh C<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Vie<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on V<span class=\"_ _0\"></span>ietna<span class=\"_ _0\"></span>m Co<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span>and M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  D<span class=\"_ _0\"></span>ue to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ds a 70<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y R<span class=\"_ _0\"></span>ail S<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>n Bhd<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h ho<span class=\"_ _0\"></span>lds a 6<span class=\"_ _1\"></span>0%<span class=\"_ _399\"> </span>inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y A<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>do S<span class=\"_ _0\"></span>yste<span class=\"_ _0\"></span>ms J<span class=\"_ _0\"></span>V S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd<span class=\"_ _0\"></span>. Du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs\u2019<span class=\"_ _399\"> </span>ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>her s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span>ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>s<span class=\"_ _399\"> </span>of th<span class=\"_ _0\"></span>ese c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>at t<span class=\"_ _0\"></span>he Gr<span class=\"_ _0\"></span>oup d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l the<span class=\"_ _0\"></span>se<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ey ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r as jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span> P<span class=\"_ _0\"></span>refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>/or d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(iv) <span class=\"_ _3d\"></span> Partner<span class=\"_ _0\"></span>ship int<span class=\"_ _6\"></span>erest held.<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.0066986084px; bottom:775.2596px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:180.57358px; bottom:785.0096px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:180.57358px; bottom:775.2596px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.0066986084px; bottom:760.4175px;\">United Kingdom<span class=\"_ _146\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:746.3879px;\">As<span class=\"_ _0\"></span>hf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>d H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, Gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er E<span class=\"_ _0\"></span>X1 3LH<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:732.3583px;\">UBB W<span class=\"_ _0\"></span>aste (E<span class=\"_ _0\"></span>ssex<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:718.3287px;\">UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:705.3287px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:180.57358px; bottom:718.3287px;\">4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:705.3287px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:691.29913px;\">UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:678.29913px;\">Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:180.57358px; bottom:691.29913px;\">4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:678.29913px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:664.26953px;\">UBB Waste (Gloucestershire<span class=\"_ _6\"></span>) Ltd<span class=\"_ _1ce\"> </span><span class=\"lsf wsd\">49.5<span class=\"_ _53\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:651.26953px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.0066986084px; bottom:637.2399px;\">United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:623.2103px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:610.2103px;\">Wi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>08<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:596.18085px;\">ACC G<span class=\"_ _0\"></span>roup H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng, L<span class=\"_ _0\"></span>LC </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:121.658875px; bottom:599.64404px;\">(i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:596.18085px;\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:583.18085px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:569.15125px;\">AE<span class=\"_ _1\"></span>TC Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:86.92795px; bottom:572.61444px;\">(i)(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:223.91351px; bottom:569.15125px;\">Infrastructure<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:556.15125px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:542.12164px;\">A<span class=\"_ _0\"></span>MC We<span class=\"_ _0\"></span>st Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:112.56355px; bottom:545.58484px;\">(i)(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:542.12164px;\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:529.12164px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:515.09204px;\">Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>Walsh Housing, LLC<span class=\"_ _1bc\"> </span><span class=\"lsf9 ws29\">67<span class=\"_ _b5\"> </span></span>I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:502.09204px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:488.06244px;\">C<span class=\"_ _0\"></span>arlisl<span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>Pic<span class=\"_ _0\"></span>atinny F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf8 wse1\" style=\"left:0.0066986084px; bottom:475.06244px;\">(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:488.06244px;\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:475.06244px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls87 ws7e\" style=\"left:0.0066986084px; bottom:461.03284px;\">FDWR Pare<span class=\"_ _6\"></span>nt LLC<span class=\"_ _26\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:448.03284px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:434.00323px;\">For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>te San<span class=\"_ _0\"></span>ds M<span class=\"_ _0\"></span>issil<span class=\"_ _0\"></span>e Ran<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:421.00323px;\">Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:55.977158px; bottom:424.46643px;\">(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:434.00323px;\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:421.00323px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:406.97363px;\">For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LLC<span class=\"_ _c8\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:393.97363px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:379.94403px;\">For<span class=\"_ _0\"></span>t D<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>ck<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>Walter R<span class=\"_ _0\"></span>eed A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:366.94403px;\">Medic<span class=\"_ _0\"></span>al Center Housing LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:379.94403px;\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:366.94403px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:352.91443px;\">For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Stor<span class=\"_ _1\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _32\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:339.91443px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:325.88483px;\">For<span class=\"_ _0\"></span>t Gordon Housing<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _f4\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:312.88483px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:298.85522px;\">For<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ami<span class=\"_ _0\"></span>lton H<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g LLC<span class=\"_ _58\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:285.85522px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:271.82562px;\">For<span class=\"_ _0\"></span>t Jackson Housi<span class=\"_ _6\"></span>ng LLC<span class=\"_ _89\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:258.82562px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:244.79617px;\">L<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g, L<span class=\"_ _0\"></span>LC </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:143.83961px; bottom:248.25937px;\">(i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:244.79617px;\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:231.79617px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:217.76657px;\">Leo<span class=\"_ _0\"></span>nard Wo<span class=\"_ _0\"></span>od F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.0066986084px; bottom:204.76657px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:217.76657px;\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:204.76657px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:190.73697px;\">Nor<span class=\"_ _0\"></span>theast Housing LLC<span class=\"_ _18\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:177.73697px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:163.70737px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span>n Grou<span class=\"_ _0\"></span>p Ho<span class=\"_ _0\"></span>using<span class=\"_ _0\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:143.83961px; bottom:167.17056px;\">(i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:163.70737px;\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:150.70737px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:136.67776px;\">Southeast Housing L<span class=\"_ _0\"></span>LC<span class=\"_ _395\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:123.677765px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:109.64816px;\">Stewar<span class=\"_ _0\"></span>t Hu<span class=\"_ _0\"></span>nter Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:96.64816px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:223.91351px; bottom:83.64816px;\">LIQUIDA<span class=\"_ _6\"></span>TED<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:69.61856px;\">Vanden<span class=\"_ _0\"></span>berg H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ing L<span class=\"_ _0\"></span>P </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:115.70007px; bottom:73.08176px;\">(i)(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls2b ws28\" style=\"left:180.57358px; bottom:69.61856px;\">90<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:56.61856px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:42.58896px;\">Wester<span class=\"_ _0\"></span>n Group H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span>, LP </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:134.30606px; bottom:46.05217px;\">(i)(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.57358px; bottom:42.58896px;\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:29.588959px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.559357px;\">West Po<span class=\"_ _0\"></span>int Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _ef\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:2.5593567px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:342.74948px; bottom:791.078px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:776.343px;\">(i<span class=\"_ _0\"></span>)  T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ev<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d ea<span class=\"_ _0\"></span>ch of i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e mil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts to d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ine i<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:765.293px;\">the a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ies s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t was n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:754.24304px;\">lim<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d to, id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t an en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:743.193px;\">pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he ri<span class=\"_ _0\"></span>sks a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:732.143px;\">the<span class=\"_ _0\"></span>se en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s. D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>owe<span class=\"_ _0\"></span>r ove<span class=\"_ _0\"></span>r key fa<span class=\"_ _0\"></span>cet<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts we<span class=\"_ _0\"></span>re eva<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:721.093px;\">wh<span class=\"_ _0\"></span>en de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s had c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l over t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>ost<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:710.043px;\">sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t a pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cs<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>is rev<span class=\"_ _0\"></span>iew, th<span class=\"_ _0\"></span>e Dir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:698.99304px;\">tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not h<span class=\"_ _0\"></span>ave th<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>wer to d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l or<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:353.7852px; bottom:687.943px;\">joi<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>em a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es h<span class=\"_ _0\"></span>ave b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ted<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:353.7852px; bottom:676.893px;\">undertakings.<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:342.74948px; bottom:662.1579px;\">(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:816.2089px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:803.2089px;\">As<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Uni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om</div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-538": {
   "value": "1 Basis of accounting Going concern The Directors consider it reasonable to assume that the Group has adequate resources to continue for the foreseeable future and, for this reason, have continued to adopt the going concern basis in preparing the financial statements. The key financial risk factors for the Group remain largely unchanged. The Group\u2019s principal risks and the consequent impact these might have on the Group as well as mitigations that are in place are detailed on pages 89 to 96. The Group\u2019s US private placement and committed bank facility contain certain financial covenants, such as the ratio of the Group\u2019s EBITDA to its net debt which needs to be less than 3.0 and the ratio of its EBITA to net borrowing costs which needs to be in excess of 3.0. These covenants are tested on a rolling 12-month basis as at the June and December reporting dates. At 31 December 2022, both these covenants were passed as the Group had net cash and net interest income from a covenant test perspective. The Directors have carried out an assessment of the Group\u2019s ability to continue as a going concern for the period of at least 12 months from the date of approval of the financial statements. This assessment has involved the review of medium-term cash forecasts of each of the Group\u2019s operations. The Directors have also considered the strength of the Group\u2019s order book which amounted to \u00a317.4bn at 31 December 2022 and will provide a pipeline of secured work over the going concern assessment period. These base case projections indicate that the headroom provided by the Group\u2019s strong cash position and the debt facilities currently in place is adequate to support the Group over the going concern assessment period. At 31 December 2022, the Group\u2019s only debt, other than non-recourse borrowings ring-fenced within certain concession companies, comprised US private placement (USPP) notes. Of the USPP notes issued in 2013, US$209m matured in March 2023 and the remaining US$50m will mature in March 2025. The Group raised US$158m in June 2022 through the issue of new USPP notes which will mature in tranches in 2027, 2029 and 2032. In December 2022, the Group secured a new \u00a330m bilateral committed bank facility which remained undrawn at 31 December 2022 and expires in December 2024 with an extension option for a further three years subject to certain specific conditions. In March 2023, the funds raised through the new PPP notes and the new bilateral bank facility were utilised towards repayment of the US$209m USPP notes. The Group\u2019s \u00a3375m committed sustainability linked bank facility, which was undrawn throughout the year ended 31 December 2022, remains fully available to the Group until October 2024. The Directors have stress-tested the Group\u2019s base case projections of both cash and profit against key sensitivities which could materialise as a result of adverse changes in the economic environment including a deterioration in commercial or operational conditions. The Group has sensitised its projections against severe but plausible downside scenarios which include:  \u00bb elimination of a portion of unsecured work assumed within the Group\u2019s base case projections and a delay of three months for any awarded but not yet contracted work;  \u00bb a deterioration of contract judgements and restriction of a portion of the Group\u2019s margins; and \u00bb delay in the disposal of Investments assets by 12 months. In the severe but plausible downside scenarios modelled, the Group continues to retain sufficient headroom on liquidity throughout the going concern period. Through these downside scenarios, the Group is still expected to be in a net cash position and to remain within its banking covenants through the going concern assessment period. Based on the above and having made appropriate enquiries, the Directors consider it reasonable to assume that the Group and the Company have adequate resources to continue for the going concern period and, for this reason, have continued to adopt the going concern basis in preparing the financial statements. Consideration of climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 98 to 105. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas:  \u00bb contract judgements made on the Group\u2019s Construction Services and Support Services contracts; \u00bb going concern and viability of the Group over the next three years; \u00bb cash flow forecasts used in the impairment assessments of non-current assets including the Group\u2019s intangible assets such as customer contracts and goodwill; \u00bb cash flow forecasts used in the impairment assessments of the Group\u2019s infrastructure investments assets;  \u00bb carrying value and useful economic lives of property, plant and equipment; and \u00bb the valuation of assets held within the Group\u2019s pension schemes. As current legislation stands, there is currently no medium-term impact expected from climate change due to the contractual mechanisms and insurance arrangements in place. The Directors are however aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. Basis of preparation The annual financial statements have been prepared in accordance with UK-adopted International Accounting Standards and in conformity with the requirements of the Companies Act 2006 (the Act). The financial statements have been prepared under the historical cost convention, except as described under Note 2.26. The functional and presentational currency of the Company and the presentational currency of the Group is sterling. The separate financial statements of the Company are presented as required by the Act and have been prepared in accordance with UK-adopted international accounting standards, including FRS 101 Reduced Disclosure Framework. Except as noted below, the Company\u2019s accounting policies are consistent with those described in the Group\u2019s consolidated financial statements. As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to share-based payments, financial instruments, capital management, presentation of a cash flow statement, related party transactions and comparative information. Where required, equivalent disclosures are given in the consolidated financial statements. In addition to the application of FRS 101, the Company has taken advantage of Section 408 of the Act and consequently its statement of comprehensive income (including the profit and loss account) is not presented as part of these financial statements. 2 Principal accounting policies 2.1 Accounting standards Adoption of new and revised standards The following accounting standards, interpretations and amendments have been adopted by the Group in the year ended 31 December 2022: \u00bb Amendments to the following standards: \u00bb IAS 16 Property, Plant and Equipment \u00bb IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u00bb IFRS 3 Business Combinations \u00bb Annual Improvements 2018 - 2020 These amended standards did not have a material effect on the Group. 2 Principal accounting policies continued 2.1 Accounting standards continued Accounting standards not yet adopted by the Group The following accounting standards, interpretations and amendments have been issued by the IASB but had either not been adopted by the UK or were not yet effective in the UK at 31 December 2022: \u00bb IFRS 17 Insurance Contracts \u00bb Amendments to the following standards: \u00bb IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies \u00bb IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current \u00bb IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates \u00bb IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction  \u00bb IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u00bb IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information The Directors do not expect the standards above to have a material effect on the Group and have chosen not to adopt any of the above standards and interpretations earlier than required. 2.2 Basis of consolidation The Group financial statements include the results of the Company and its subsidiaries, together with the Group\u2019s share of the results of joint ventures and associates, drawn up to 31 December each year. a) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiaries are consolidated from the date that control commences until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the fair value of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (discount on acquisition) is credited to the income statement in the period of acquisition. The interest of non-controlling equity holders is stated at the non-controlling equity holders\u2019 proportion of the fair value of the assets and liabilities recognised. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between: (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest less direct costs of the transaction; and (ii) the previous carrying amount of the assets (including goodwill) less liabilities of the subsidiary. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for in the same manner as would be required if the relevant assets or liabilities were disposed of (i.e. reclassified to profit or loss or transferred directly to retained earnings). Any acquisition or disposal which does not result in a change in control is accounted for as a transaction between equity holders. The carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the fair value of the consideration paid or received and the amount by which the non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. b) Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, whereby the Group has rights to the net assets of the entity, rather than rights to its individual assets and obligations for its individual liabilities. Associates are those entities over whose financial and operating policies the Group has significant influence, but not control or joint control. The results, assets and liabilities of joint ventures and associates are incorporated in the financial statements using the equity method of accounting except when classified as held for sale. The equity return from the military housing joint ventures of the Group is contractually limited to a maximum level of return, beyond which the Group does not share in any further return. Therefore the Group\u2019s investment in these projects is recognised at initial equity investment plus the value of the Group\u2019s accrued preferred return from the underlying projects. Any excess of the fair value of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the joint venture or associate entity at the date of acquisition is recognised as goodwill. Any deficiency of the fair value of the cost of acquisition below the Group\u2019s share of the fair values of the identifiable net assets of the joint venture or associate at the date of acquisition (discount on acquisition) is credited to the income statement in the period of acquisition. Investments in joint ventures and associates are initially carried in the balance sheet at cost (including goodwill arising on acquisition) and adjusted by post-acquisition changes in the Group\u2019s share of net assets of the joint venture or associate, less any impairment in the value of individual investments. Losses of joint ventures and associates in excess of the Group\u2019s interest in those joint ventures and associates are only recognised to the extent that the Group is contractually liable for, or has a constructive obligation to meet, the obligations of the joint ventures and associates. Unrealised gains and losses on transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the relevant joint venture or associate. c) Joint operations The Group\u2019s share of the results, assets and liabilities of contracts carried out in conjunction with another party are included under each relevant heading in the income statement and balance sheet. The results of a small number of joint operations are drawn up to a date other than 31 December, typically in the last two weeks of December. Adjustments are made for any significant transactions between such date and 31 December. 2.3 Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange at the reporting date. Significant exchange rates used in the preparation of these financial statements are shown in Note 3. For the purpose of presenting consolidated financial statements, the results of foreign subsidiaries, associates and joint venture entities are translated at average rates of exchange for the year, unless the exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Assets and liabilities are translated at the rates of exchange prevailing at the reporting date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the rates of exchange at the reporting date. Currency translation differences arising are transferred to the Group\u2019s foreign currency translation reserve and are recognised in the income statement on disposal of the underlying investment. 2 Principal accounting policies continued 2.3 Foreign currencies continued In order to hedge its exposure to certain foreign exchange risks, the Group may enter into forward foreign exchange contracts. Refer to Note 2.26(b) for details of the Group\u2019s accounting policies in respect of such derivative financial instruments. 2.4 Revenue recognition The Group recognises revenue when it transfers control over a product or service to its customer. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Where consideration is not specified within the contract and is therefore subject to variability, the Group estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probable not to result in a significant reversal in future periods. Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied by the Group or whether it is a modification to the existing performance obligation. The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust its transaction price for the time value of money. The Group\u2019s activities are wide ranging, and as such, depending on the nature of the product or service delivered and the timing of when control is passed onto the customer, the Group will account for revenue over time and at a point in time. Where revenue is measured over time, the Group uses the input method to measure progress of delivery. Revenue is recognised as follows:  \u00bb revenue from construction and services activities is recognised over time and the Group uses the input method to measure progress of delivery;  \u00bb revenue from manufacturing activities is recognised at a point in time when title has passed to the customer; and \u00bb dividend income in the Parent Company is recognised when the equity holders\u2019 right to receive payment is established. 2.5 Construction and services contracts When the outcome of individual contracts can be estimated reliably, contract revenue is recognised by reference to the measure of progress at the reporting date using the input method. Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Estimates of the final out-turn on each contract may include cost contingencies to take account of the specific risks within each contract that have been identified during the early stages of the contract. The cost contingencies are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. However, the nature of the risks on contracts are such that they often cannot be resolved until the end of the project and therefore may not reverse until the end of the project. The estimated final out-turns on contracts are continuously reviewed, and in certain limited cases, recoveries from insurers are assessed, and adjustments made where necessary. No margin is recognised until the outcome of the contract can be estimated with reasonable certainty. Provision is made for all known or expected losses on individual contracts once such losses are foreseen. Revenue in respect of variations to contracts and incentive payments is recognised when there is an enforceable right to payment and it is highly probable it will be agreed by the customer. Variable consideration is assessed on a contract by contract basis according to the facts, circumstances and terms of each project and only recognised to the extent that it is highly probable not to significantly reverse in the future. Revenue in respect of claims is recognised only if it is highly probable not to reverse in future periods. Profit for the year includes the benefit of claims settled in the year to the extent not previously recognised on contracts completed in previous years. 2.6 Segmental reporting The Group considers its Board of Directors to be the chief operating decision maker and therefore the segmental disclosures provided in Note 5 are aligned with the monthly reports provided to the Board of Directors. The Group\u2019s reporting segments are based on the types of services provided. Operating segments with similar economic characteristics have been aggregated into three reportable segments which reflect the nature of the services provided by the Group. A description of each reportable segment is provided in Note 5. Further information on the business activities of each reportable segment is set out on pages 194 to 195. Operating segments are aggregated on the basis of the nature of the services provided and the manner in which returns are earned by the Group. Further information on the nature of services provided within each segment is included in Note 4. Working capital is the balance sheet measure reported to the chief operating decision maker. The profitability measure used to assess the performance of the Group is underlying profit from operations. Segment results represent the contribution of the different segments after the allocation of attributable corporate overheads. Transactions between segments are conducted at arm\u2019s-length market prices. Segment assets and liabilities comprise those assets and liabilities directly attributable to the segments. Corporate assets and liabilities include cash balances, bank borrowings, tax balances and dividends payable. Non-recourse net borrowings are directly attributable to Infrastructure Investments and therefore not included within Corporate activities. Major customers are defined as customers contributing more than 10% of the Group\u2019s external revenue. 2.7 Pre-contract bid costs and recoveries Pre-contract costs are expensed as incurred until preferred bidder status is awarded at which point further costs are capitalised as there is a high probability that the Group would be able to recover these costs. Amounts subsequently recovered in respect of pre-contract costs that have been written off before preferred bidder status was awarded are recognised in full in the income statement when they are received in cash. 2.8 Profit from operations Profit from operations is stated after the Group\u2019s share of the post-tax results of equity accounted joint venture entities and associates, but before investment income and finance costs. 2.9 Investment income and finance costs Interest income is accrued on a time basis using the effective interest method by reference to the principal outstanding and the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Finance costs of debt, including premiums payable on settlement and direct issue costs, are charged to the income statement on an accruals basis over the term of the instrument, using the effective interest method. Finance costs also include interest cost on the discount unwind of lease liabilities and impairment of loans to joint ventures and associates and accrued interest thereon. 2.10 Non-underlying items Non-underlying items are items of financial performance which the Group believes should be presented separately on the face of the income statement to assist in understanding the underlying financial performance achieved by the Group. Such items will not affect the absolute amount of the results for the period and the trend of results. The Group\u2019s underlying results exclude non-underlying items. 2 Principal accounting policies continued 2.10 Non-underlying items continued Non-underlying items include: \u00bb gains and losses on the disposal of businesses and investments, unless this is part of a programme of releasing value from the disposal of similar businesses or investments such as infrastructure concessions; \u00bb costs of major restructuring and reorganisation of existing businesses; \u00bb costs of integrating newly acquired businesses; \u00bb acquisition and similar costs related to business combinations such as transaction costs; \u00bb impairment and amortisation charges on intangible assets arising on business combinations (amortisation of acquired intangible assets); and \u00bb impairment of goodwill. These are examples, however, from time to time it may be appropriate to disclose further items as non-underlying items in order to highlight the underlying performance of the Group. Refer to Note 10. 2.11 Taxation The tax charge comprises current tax and deferred tax, calculated using tax rates that have been enacted or substantively enacted by the reporting date. Current tax and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited directly to equity, in which case the relevant tax is also accounted for within equity. Current tax is based on the profit for the year. Deferred tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax on such assets and liabilities is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Management is closely monitoring the impact of the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two model rules to introduce a global minimum tax rate of 15% to address the tax concerns about uneven profit distribution and tax contributions of large multinational corporations. The Pillar Two top-up tax solution is expected to be enacted in 2023 in the UK with application from 1 January 2024. In December 2021 the OECD released a draft legislative framework that is expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws. At the date when these financial statements were authorised for issue, none of the jurisdictions in which the Group operates had enacted or substantively enacted tax legislation related to the Pillar Two top-up tax solution. Management is closely monitoring the progress of the legislative process in each jurisdiction the Group operates in. The Group does not operate in any jurisdiction where the statutory tax rate is 15% or below. 2.12 Intangible assets a) Goodwill Goodwill arises on the acquisition of subsidiaries and other businesses, joint ventures and associates and represents the excess of the fair value of consideration over the fair value of the identifiable assets and liabilities acquired. Goodwill on acquisitions of subsidiaries and other businesses is included in non-current assets. Goodwill on acquisitions of joint ventures and associates is included in investments in joint ventures and associates. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. Goodwill arising on acquisitions before the date of transition to IFRS (1 January 2004) has been retained at the previous UK GAAP amounts subject to being tested for impairment. Goodwill written off or discount arising on acquisition credited to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. b) Other intangible assets Other intangible assets are stated at cost less accumulated amortisation and impairment losses. Amortisation charges in respect of software and Infrastructure Investments intangibles are included in underlying items. c)  Research and development Internally generated intangible assets developed by the Group are recognised only if all the following conditions are met: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; and the development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. 2.13 Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure associated with bringing the asset to its operating location and condition. 2.14 Investment properties The Group classifies land and buildings which it holds to generate capital appreciation and/or to earn rental income as investment properties. The Group has chosen to state its investment properties at cost less accumulated depreciation and impairment losses. The Group depreciates its investment properties over 25 years. Land is not depreciated. 2.15 Leasing As a lessee, the Group assesses whether a contract is, or contains, a lease at the inception of a contract. A lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess if a lease exists, the Group assesses whether: (i) the contract involves the use of an identified asset; (ii) the Group has the right to obtain substantially all of the economic benefits from the use of the asset throughout the lease term; and (iii) the Group has the right to direct the use of the asset. In order to determine if the contract involves the use of an identified asset, the Group exercises judgement to assess if the supplier has a substantive substitution right over the asset. An asset is not identified if it has been determined that the supplier has substantive substitution rights. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently depreciated over the lease term. The lease liability is measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group has elected to apply the practical expedient which allows the Group to use a single discount rate for a portfolio of leases with similar characteristics. 2 Principal accounting policies continued 2.15 Leasing continued The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of less than 12 months and leases of low value assets. Instead, the Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. 2.16 Impairment of assets Assets that have an indefinite useful life (such as goodwill arising on acquisitions) are reviewed at least annually for impairment. Other intangible assets, property, plant and equipment and right-of-use assets are reviewed for impairment whenever there is any indication that the carrying amount of the asset may not be recoverable. If the recoverable amount of an asset is less than its carrying amount, an impairment loss is recognised. Recoverable amount is the higher of fair value less costs to sell and value in use. Value in use is assessed by discounting the estimated future cash flows that the asset is expected to generate. For this purpose assets, including goodwill, are grouped into cash-generating units representing the level at which they are monitored by the Board of Directors for internal management purposes. Goodwill impairment losses are not reversed in subsequent periods. Reversals of other impairment losses are recognised in income when they arise. 2.17 Investments Investments are recognised and derecognised on the trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs. Investments in mutual funds are measured at fair value. Gains and losses arising from changes in the fair value of these investments are recognised in equity, until the investment is disposed or is determined to be impaired, at which time the cumulative gain or loss is included in the net profit or loss for the period. Investments that are held until they reach maturity are measured at amortised cost. Investments in subsidiaries are recognised and held at cost and subsequently tested for impairment on an annual basis. Where an impairment is identified, a provision for impairment is recorded against the carrying value of the investment. 2.18 Government grants Government grants are recognised when there is a reasonable assurance that the Group will be able to comply with the conditions attached to the grant and that the grant will be received. Grants are recognised in the income statement on a systematic basis as a deduction from the related category of cost in the periods in which the expenses are recognised. 2.19 Inventories Inventories are valued at the lower of cost and net realisable value. Cost includes an appropriate proportion of manufacturing overheads incurred in bringing inventories to their present location and condition and is determined using the first-in first-out method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 2.20 Trade receivables Trade receivables are initially recorded at fair value and subsequently measured at amortised cost as reduced by allowances for estimated irrecoverable amounts and expected credit losses. 2.21 Trade payables Trade payables are not interest bearing and are stated at cost. 2.22 Provisions Provisions for insurance liabilities retained in the Group\u2019s captive insurance arrangements, legal claims, defects and warranties, environmental restoration, onerous leases, and other onerous commitments are recognised at the best estimate of the expenditure required to settle the Group\u2019s liability. Provisions are recognised when: (i) the Group has a present legal or constructive obligation as a result of a past event; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount of the obligation can be estimated reliably. 2.23 Borrowings Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Premiums payable on settlement or redemption and direct issue costs are included in the carrying amount of the instrument and are charged to the income statement on an accruals basis using the effective interest method together with the interest payable. 2.24 Retirement benefit costs The Group, through trustees, operates a number of defined benefit and defined contribution retirement and other long-term employee benefit schemes, the largest of which are of the defined benefit type and are funded. Defined benefit contributions are determined in consultation with the trustees, after taking actuarial advice. For defined benefit pension schemes, the cost of providing benefits recognised in the income statement and the defined benefit obligations are determined at the reporting date by independent actuaries, using the projected unit credit method. The liability recognised in the balance sheet comprises the present value of the defined benefit pension obligations, determined by discounting the estimated future cash flows using the market yield on a high-quality corporate bond, less the fair value of the scheme assets. Actuarial gains and losses are recognised in the period in which they occur in the statement of comprehensive income. Contributions to defined contribution pension schemes are charged to the income statement as they fall due. Any surplus of deficit contributions to the Balfour Beatty Pension Fund (BBPF) and the Railways Pension Scheme (RPS) would be recoverable by way of a refund as, according to the relevant trust deed and rules documents, the Group has the unconditional right to the surplus and controls the run-off of the benefit obligations once all other obligations of the BBPF and RPS have been settled. 2.25 Share-based payments Employee services received in exchange for the grant of equity-settled and cash-settled awards are charged to the income statement on a straight-line basis over the vesting period, based on the fair values of the awards at the date of grant. The credits in respect of the amounts charged are included within separate reserves in equity until such time as the awards are exercised, when the shares are transferred or cash payments made to employees. 2.26 Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. a) Classification of financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. 2 Principal accounting policies continued 2.26 Financial instruments continued b) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to manage interest rate risk and to hedge exposures to fluctuations in foreign currencies in accordance with its risk management policy. The Group does not use derivative financial instruments for speculative purposes. A description of the Group\u2019s objectives, policies and strategies with regard to derivatives and other financial instruments is set out in Note 40. Derivatives are initially recognised in the balance sheet at fair value on the date the derivative transaction is entered into and are subsequently re-measured at their fair values. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the income statement together with any changes in the fair value of the hedged item that are attributable to the hedged risk. Changes in the fair value of the effective portion of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (OCI). Changes in the fair value of the ineffective portion of cash flow hedges are recognised in the income statement. Amounts originally recognised in OCI are transferred to the income statement when the underlying transaction occurs or, if the transaction results in a non-financial asset or liability, are included in the initial cost of that asset or liability. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in OCI is retained in equity until the hedged transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in OCI is transferred to the income statement for the period. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives and recorded in the balance sheet at fair value when their risks and characteristics are not closely related to those of the host contract. Changes in the fair value of those embedded derivatives recognised in the balance sheet are recognised in the income statement as they arise. c) PPP concession companies Assets constructed by PPP concession companies are classified principally as financial assets measured at fair value through OCI. In the construction phase, income is recognised by applying an attributable profit margin to the construction costs representing the fair value of construction services performed. In the operational phase, income is recognised by allocating a proportion of total cash receivable over the life of the project to service costs by means of a deemed rate of return on those costs. The residual element of projected cash is allocated to the financial asset using the effective interest rate method, giving rise to interest income. Due to the nature of the contractual arrangements, the projected cash flows can be estimated with a high degree of certainty. In the construction phase, the fair value of the Group\u2019s PPP financial assets is determined by applying an attributable profit margin to the construction costs representing the fair value of construction services performed. In the operational phase, fair value is determined by discounting the future cash flows allocated to the financial asset using discount rates based on long-term gilt rates adjusted for the risk levels associated with the assets, with market-related movements in fair value recognised in OCI. Amounts originally recognised in OCI are transferred to the income statement upon disposal of the asset. 2.27 Judgements and key sources of estimation uncertainty The preparation of consolidated financial statements under IFRS requires management to make judgements, estimates and assumptions that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 December 2022 are discussed below. a) Revenue and margin recognition (judgement and estimate) The Group\u2019s revenue recognition and margin recognition policies, which are set out in Notes 2.4 and 2.5, are central to how the Group values the work it has carried out in each financial year. These policies require forecasts to be made of the outcomes of long-term construction services and support services contracts, which require both estimates and judgements to be made of both cost and income recognition on each contract. On the cost side, estimates of forecasts are made on the final out-turn of each contract in addition to potential costs to be incurred for any maintenance and defects liabilities. On the income side, estimates and judgements are made on variations to consideration which typically include variations due to changes in scope of work, recoveries of claim income from customers, and potential liquidated damages that may be levied by customers. On cost reimbursable contracts there are also estimates required on the level of disallowable costs which requires an assessment of whether costs are recoverable under the terms of the contract and therefore should be recognised as income. Judgements and estimates are reviewed regularly throughout the contract life based on latest available information and adjustments are made where necessary. The Group continues to regularly assess these judgements and estimates. As at 31 December 2022, the Group\u2019s contract assets, contract liabilities and contract provisions amounted to \u00a3300m, \u00a3665m and \u00a3335m respectively as set out in Notes 23 and 26. The Group has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 31 December 2022 and could require a material adjustment to the carrying amounts of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across a large portfolio of contracts (in excess of 1,000) at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. Within this portfolio, there are a limited number of long-term contracts where the Group has incorporated significant judgements over contractual entitlements relating to recoveries of claim income from customers and liquidated damages levied by the customer. These recoveries have been recognised at the amount that is considered highly probable not to significantly reverse. However, there are a host of factors affecting potential outcomes in respect of these entitlements which could result in a range of reasonably possible outcomes on these contracts in the following financial year, ranging from a gain of \u00a352m to a loss of \u00a3(24)m. The Directors have assessed the range of reasonably possible outcomes on these limited number of contracts based on facts and circumstances that were present and known at the balance sheet date. As with any contract applying long-term contract accounting, these contracts are also affected by a variety of uncertainties that depend on future events, and so often need to be revised as contracts progress. 2 Principal accounting policies continued 2.27 Judgements and key sources of estimation uncertainty continued b) Non-underlying items (judgement) Non-underlying items are items of financial performance which the Group believes should be presented separately on the face of the income statement to assist in understanding the underlying financial performance achieved by the Group. Determining whether an item is part of underlying items or non-underlying items requires judgement. A total non-underlying loss after tax of \u00a33m (2021: \u00a355m) was charged to the income statement for the year ended 31 December 2022. Refer to Note 10. c) Financial assets measured at fair value through OCI (judgement and estimate) At 31 December 2022, \u00a31,270m (2021: \u00a31,325m) of PPP financial assets constructed by the Group\u2019s subsidiary, joint venture and associate companies were classified as financial assets measured at fair value through OCI. Judgement is required in determining the appropriate classification of these assets and hence the accounting treatment required. In the operational phase the fair value of these financial assets is measured at each reporting date by discounting the future value of the cash flows allocated to the financial asset. A range of discount rates is used from 4.6% to 10.0% (2021: 1.8% to 7.2%), which reflects the prevailing risk-free interest rates and the different risk profiles of the various concessions. These represent key sources of estimation uncertainty. Refer to Note 40. A \u00a3127m loss was taken to other comprehensive income in 2022 (2021: \u00a39m loss) and a cumulative fair value gain of \u00a3178m had arisen on these financial assets as a result of market-related movements in the fair value of these financial assets at 31 December 2022 (2021: \u00a3305m gain). d) Provisions (judgement and estimate) Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the quantum and timing of liabilities judgement is applied and re-evaluated at each reporting date. The range of potential outcomes on contract provisions as a result of uncertain future events could result in a materially positive or negative swing to profitability and cash flow. The Group has considered the nature of these estimates and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions and judgements applied as at 31 December 2022 and could require a material adjustment to the carrying amounts of assets and liabilities in the next financial year. As disclosed in Note 26, the majority of the Group\u2019s provision balance relates to contract provisions, which include loss provisions, defect and warranty provisions, where estimates are made around forecast costs and judgements are made on timing and whether it is probable there will be an outflow of future economic benefit. Contract loss provisions may also include estimates around variable consideration as disclosed in Note 2.27(a). However, due to the level of uncertainty, combination of variables and timing across a large portfolio of complex contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. To the extent that the sensitivities disclosed in Note 2.27(a) affect a loss-making contract, this will have an impact on the Group\u2019s provisions in the next financial year. e) Retirement benefit obligations (judgement and estimate) Details of the Group\u2019s defined benefit pension schemes are set out in Note 30, including tables showing the sensitivity of the pension scheme obligations and assets to different actuarial assumptions. At 31 December 2022, the net retirement benefit assets recognised on the Group\u2019s balance sheet were \u00a3223m (2021: \u00a3231m). The effects of changes in the actuarial assumptions underlying the schemes\u2019 obligations and discount rates and the differences between expected and actual returns on the schemes\u2019 assets are classified as actuarial gains and losses. During 2022, the Group recognised net actuarial losses of \u00a351m (2021: \u00a3105m gains) in OCI, including its share of the actuarial gains and losses arising in joint ventures and associates. Judgement is applied when assessing the recognition of the pension surplus. Any surplus of deficit contributions to the Balfour Beatty Pension Fund (BBPF) and the Railways Pension Scheme (RPS) would be recoverable by way of a refund as, according to the relevant trust deed and rules documents, the Group has the unconditional right to the surplus and controls the run-off of the benefit obligations once all other obligations of the BBPF and RPS have been settled. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-539": {
   "value": "Going concern The Directors consider it reasonable to assume that the Group has adequate resources to continue for the foreseeable future and, for this reason, have continued to adopt the going concern basis in preparing the financial statements. The key financial risk factors for the Group remain largely unchanged. The Group\u2019s principal risks and the consequent impact these might have on the Group as well as mitigations that are in place are detailed on pages 89 to 96. The Group\u2019s US private placement and committed bank facility contain certain financial covenants, such as the ratio of the Group\u2019s EBITDA to its net debt which needs to be less than 3.0 and the ratio of its EBITA to net borrowing costs which needs to be in excess of 3.0. These covenants are tested on a rolling 12-month basis as at the June and December reporting dates. At 31 December 2022, both these covenants were passed as the Group had net cash and net interest income from a covenant test perspective. The Directors have carried out an assessment of the Group\u2019s ability to continue as a going concern for the period of at least 12 months from the date of approval of the financial statements. This assessment has involved the review of medium-term cash forecasts of each of the Group\u2019s operations. The Directors have also considered the strength of the Group\u2019s order book which amounted to \u00a317.4bn at 31 December 2022 and will provide a pipeline of secured work over the going concern assessment period. These base case projections indicate that the headroom provided by the Group\u2019s strong cash position and the debt facilities currently in place is adequate to support the Group over the going concern assessment period. At 31 December 2022, the Group\u2019s only debt, other than non-recourse borrowings ring-fenced within certain concession companies, comprised US private placement (USPP) notes. Of the USPP notes issued in 2013, US$209m matured in March 2023 and the remaining US$50m will mature in March 2025. The Group raised US$158m in June 2022 through the issue of new USPP notes which will mature in tranches in 2027, 2029 and 2032. In December 2022, the Group secured a new \u00a330m bilateral committed bank facility which remained undrawn at 31 December 2022 and expires in December 2024 with an extension option for a further three years subject to certain specific conditions. In March 2023, the funds raised through the new PPP notes and the new bilateral bank facility were utilised towards repayment of the US$209m USPP notes. The Group\u2019s \u00a3375m committed sustainability linked bank facility, which was undrawn throughout the year ended 31 December 2022, remains fully available to the Group until October 2024. The Directors have stress-tested the Group\u2019s base case projections of both cash and profit against key sensitivities which could materialise as a result of adverse changes in the economic environment including a deterioration in commercial or operational conditions. The Group has sensitised its projections against severe but plausible downside scenarios which include:  \u00bb elimination of a portion of unsecured work assumed within the Group\u2019s base case projections and a delay of three months for any awarded but not yet contracted work;  \u00bb a deterioration of contract judgements and restriction of a portion of the Group\u2019s margins; and \u00bb delay in the disposal of Investments assets by 12 months. In the severe but plausible downside scenarios modelled, the Group continues to retain sufficient headroom on liquidity throughout the going concern period. Through these downside scenarios, the Group is still expected to be in a net cash position and to remain within its banking covenants through the going concern assessment period. Based on the above and having made appropriate enquiries, the Directors consider it reasonable to assume that the Group and the Company have adequate resources to continue for the going concern period and, for this reason, have continued to adopt the going concern basis in preparing the financial statements. Consideration of climate change In preparing the financial statements, the Directors have considered the impact of climate change, particularly in the context of the risks identified in the TCFD disclosure on pages 98 to 105. There has been no material impact identified on the financial reporting judgements and estimates. In particular, the Directors considered the impact of climate change in respect of the following areas:  \u00bb contract judgements made on the Group\u2019s Construction Services and Support Services contracts; \u00bb going concern and viability of the Group over the next three years; \u00bb cash flow forecasts used in the impairment assessments of non-current assets including the Group\u2019s intangible assets such as customer contracts and goodwill; \u00bb cash flow forecasts used in the impairment assessments of the Group\u2019s infrastructure investments assets;  \u00bb carrying value and useful economic lives of property, plant and equipment; and \u00bb the valuation of assets held within the Group\u2019s pension schemes. As current legislation stands, there is currently no medium-term impact expected from climate change due to the contractual mechanisms and insurance arrangements in place. The Directors are however aware of the ever-changing risks attached to climate change and will regularly assess these risks against judgements and estimates made in preparation of the Group\u2019s financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-540": {
   "value": "Basis of preparation The annual financial statements have been prepared in accordance with UK-adopted International Accounting Standards and in conformity with the requirements of the Companies Act 2006 (the Act). The financial statements have been prepared under the historical cost convention, except as described under Note 2.26. The functional and presentational currency of the Company and the presentational currency of the Group is sterling. The separate financial statements of the Company are presented as required by the Act and have been prepared in accordance with UK-adopted international accounting standards, including FRS 101 Reduced Disclosure Framework. Except as noted below, the Company\u2019s accounting policies are consistent with those described in the Group\u2019s consolidated financial statements. As permitted by FRS 101, the Company has taken advantage of the disclosure exemptions available under that standard in relation to share-based payments, financial instruments, capital management, presentation of a cash flow statement, related party transactions and comparative information. Where required, equivalent disclosures are given in the consolidated financial statements. In addition to the application of FRS 101, the Company has taken advantage of Section 408 of the Act and consequently its statement of comprehensive income (including the profit and loss account) is not presented as part of these financial statements. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-541": {
   "value": "2.1 Accounting standards Adoption of new and revised standards The following accounting standards, interpretations and amendments have been adopted by the Group in the year ended 31 December 2022: \u00bb Amendments to the following standards: \u00bb IAS 16 Property, Plant and Equipment \u00bb IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u00bb IFRS 3 Business Combinations \u00bb Annual Improvements 2018 - 2020 These amended standards did not have a material effect on the Group. 2 Principal accounting policies continued 2.1 Accounting standards continued Accounting standards not yet adopted by the Group The following accounting standards, interpretations and amendments have been issued by the IASB but had either not been adopted by the UK or were not yet effective in the UK at 31 December 2022: \u00bb IFRS 17 Insurance Contracts \u00bb Amendments to the following standards: \u00bb IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies \u00bb IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current \u00bb IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates \u00bb IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction  \u00bb IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u00bb IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information The Directors do not expect the standards above to have a material effect on the Group and have chosen not to adopt any of the above standards and interpretations earlier than required. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-607": {
   "value": "2.1 Accounting standards Adoption of new and revised standards The following accounting standards, interpretations and amendments have been adopted by the Group in the year ended 31 December 2022: \u00bb Amendments to the following standards: \u00bb IAS 16 Property, Plant and Equipment \u00bb IAS 37 Provisions, Contingent Liabilities and Contingent Assets \u00bb IFRS 3 Business Combinations \u00bb Annual Improvements 2018 - 2020 These amended standards did not have a material effect on the Group. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-608": {
   "value": "2 Principal accounting policies continued 2.1 Accounting standards continued Accounting standards not yet adopted by the Group The following accounting standards, interpretations and amendments have been issued by the IASB but had either not been adopted by the UK or were not yet effective in the UK at 31 December 2022: \u00bb IFRS 17 Insurance Contracts \u00bb Amendments to the following standards: \u00bb IAS 1 Presentation of Financial Statements and IFRS Practice Statement 2: Disclosure of Accounting Policies \u00bb IAS 1 Presentation of Financial Statements: Classification of Liabilities as Current or Non-current \u00bb IAS 8 Accounting Policies, Changes in Accounting Estimates and Errors: Definition of Accounting Estimates \u00bb IAS 12 Income Taxes: Deferred Tax related to Assets and Liabilities arising from a Single Transaction  \u00bb IFRS 16 Leases: Lease Liability in a Sale and Leaseback \u00bb IFRS 17 Insurance Contracts: Initial Application of IFRS 17 and IFRS 9 \u2013 Comparative Information The Directors do not expect the standards above to have a material effect on the Group and have chosen not to adopt any of the above standards and interpretations earlier than required. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfExpectedImpactOfInitialApplicationOfNewStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-542": {
   "value": "2.2 Basis of consolidation The Group financial statements include the results of the Company and its subsidiaries, together with the Group\u2019s share of the results of joint ventures and associates, drawn up to 31 December each year. a) Subsidiaries Subsidiaries are entities controlled by the Group. The Group controls an entity when it is exposed to, or has rights to, variable returns from its involvement with the entity and has the ability to affect those returns through its power over the entity. The results of subsidiaries are consolidated from the date that control commences until the date that control ceases. The acquisition method of accounting is used to account for the acquisition of subsidiaries by the Group. On acquisition, the assets, liabilities and contingent liabilities of a subsidiary are measured at their fair values at the date of acquisition. Any excess of the fair value of the cost of acquisition over the fair values of the identifiable net assets acquired is recognised as goodwill. Any deficiency of the cost of acquisition below the fair values of the identifiable net assets acquired (discount on acquisition) is credited to the income statement in the period of acquisition. The interest of non-controlling equity holders is stated at the non-controlling equity holders\u2019 proportion of the fair value of the assets and liabilities recognised. When the Group loses control of a subsidiary, the profit or loss on disposal is calculated as the difference between: (i) the aggregate of the fair value of the consideration received and the fair value of any retained interest less direct costs of the transaction; and (ii) the previous carrying amount of the assets (including goodwill) less liabilities of the subsidiary. The fair value of any investment retained in the former subsidiary at the date when control is lost is regarded as the fair value on initial recognition for subsequent accounting under IFRS 9 Financial Instruments or, when applicable, the cost on initial recognition of an investment in an associate or jointly controlled entity. Amounts previously recognised in other comprehensive income in relation to the subsidiary are accounted for in the same manner as would be required if the relevant assets or liabilities were disposed of (i.e. reclassified to profit or loss or transferred directly to retained earnings). Any acquisition or disposal which does not result in a change in control is accounted for as a transaction between equity holders. The carrying amounts of the controlling and non-controlling interests are adjusted to reflect the changes in their relative interests in the subsidiary. Any difference between the fair value of the consideration paid or received and the amount by which the non-controlling interests are adjusted is recognised directly in equity and attributed to the owners of the Parent. Accounting policies of subsidiaries are adjusted where necessary to ensure consistency with those used by the Group. All intra-Group transactions, balances, income and expenses are eliminated on consolidation. b) Joint ventures and associates Joint ventures are those entities over whose activities the Group has joint control, whereby the Group has rights to the net assets of the entity, rather than rights to its individual assets and obligations for its individual liabilities. Associates are those entities over whose financial and operating policies the Group has significant influence, but not control or joint control. The results, assets and liabilities of joint ventures and associates are incorporated in the financial statements using the equity method of accounting except when classified as held for sale. The equity return from the military housing joint ventures of the Group is contractually limited to a maximum level of return, beyond which the Group does not share in any further return. Therefore the Group\u2019s investment in these projects is recognised at initial equity investment plus the value of the Group\u2019s accrued preferred return from the underlying projects. Any excess of the fair value of the cost of acquisition over the Group\u2019s share of the fair values of the identifiable net assets of the joint venture or associate entity at the date of acquisition is recognised as goodwill. Any deficiency of the fair value of the cost of acquisition below the Group\u2019s share of the fair values of the identifiable net assets of the joint venture or associate at the date of acquisition (discount on acquisition) is credited to the income statement in the period of acquisition. Investments in joint ventures and associates are initially carried in the balance sheet at cost (including goodwill arising on acquisition) and adjusted by post-acquisition changes in the Group\u2019s share of net assets of the joint venture or associate, less any impairment in the value of individual investments. Losses of joint ventures and associates in excess of the Group\u2019s interest in those joint ventures and associates are only recognised to the extent that the Group is contractually liable for, or has a constructive obligation to meet, the obligations of the joint ventures and associates. Unrealised gains and losses on transactions with joint ventures and associates are eliminated to the extent of the Group\u2019s interest in the relevant joint venture or associate. c) Joint operations The Group\u2019s share of the results, assets and liabilities of contracts carried out in conjunction with another party are included under each relevant heading in the income statement and balance sheet. The results of a small number of joint operations are drawn up to a date other than 31 December, typically in the last two weeks of December. Adjustments are made for any significant transactions between such date and 31 December. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-543": {
   "value": "2.3 Foreign currencies Transactions in foreign currencies are recorded at the rate of exchange at the date of the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the rates of exchange at the reporting date. Significant exchange rates used in the preparation of these financial statements are shown in Note 3. For the purpose of presenting consolidated financial statements, the results of foreign subsidiaries, associates and joint venture entities are translated at average rates of exchange for the year, unless the exchange rates fluctuate significantly during that period, in which case the exchange rates at the date of transactions are used. Assets and liabilities are translated at the rates of exchange prevailing at the reporting date. Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated at the rates of exchange at the reporting date. Currency translation differences arising are transferred to the Group\u2019s foreign currency translation reserve and are recognised in the income statement on disposal of the underlying investment. 2.3 Foreign currencies continued In order to hedge its exposure to certain foreign exchange risks, the Group may enter into forward foreign exchange contracts. Refer to Note 2.26(b) for details of the Group\u2019s accounting policies in respect of such derivative financial instruments. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-545": {
   "value": "2.4 Revenue recognition The Group recognises revenue when it transfers control over a product or service to its customer. Revenue is measured based on the consideration specified in a contract with a customer and excludes amounts collected on behalf of third parties. Where consideration is not specified within the contract and is therefore subject to variability, the Group estimates the amount of consideration to be received from its customer. The consideration recognised is the amount which is highly probable not to result in a significant reversal in future periods. Where a modification to an existing contract occurs, the Group assesses the nature of the modification and whether it represents a separate performance obligation required to be satisfied by the Group or whether it is a modification to the existing performance obligation. The Group does not expect to have any contracts where the period between the transfer of the promised goods or services to the customer and payment by the customer exceeds one year. As a consequence, the Group does not adjust its transaction price for the time value of money. The Group\u2019s activities are wide ranging, and as such, depending on the nature of the product or service delivered and the timing of when control is passed onto the customer, the Group will account for revenue over time and at a point in time. Where revenue is measured over time, the Group uses the input method to measure progress of delivery. Revenue is recognised as follows:  \u00bb revenue from construction and services activities is recognised over time and the Group uses the input method to measure progress of delivery;  \u00bb revenue from manufacturing activities is recognised at a point in time when title has passed to the customer; and \u00bb dividend income in the Parent Company is recognised when the equity holders\u2019 right to receive payment is established. 2.5 Construction and services contracts When the outcome of individual contracts can be estimated reliably, contract revenue is recognised by reference to the measure of progress at the reporting date using the input method. Costs are recognised as incurred and revenue is recognised on the basis of the proportion of total costs at the reporting date to the estimated total costs of the contract. Estimates of the final out-turn on each contract may include cost contingencies to take account of the specific risks within each contract that have been identified during the early stages of the contract. The cost contingencies are reviewed on a regular basis throughout the contract life and are adjusted where appropriate. However, the nature of the risks on contracts are such that they often cannot be resolved until the end of the project and therefore may not reverse until the end of the project. The estimated final out-turns on contracts are continuously reviewed, and in certain limited cases, recoveries from insurers are assessed, and adjustments made where necessary. No margin is recognised until the outcome of the contract can be estimated with reasonable certainty. Provision is made for all known or expected losses on individual contracts once such losses are foreseen. Revenue in respect of variations to contracts and incentive payments is recognised when there is an enforceable right to payment and it is highly probable it will be agreed by the customer. Variable consideration is assessed on a contract by contract basis according to the facts, circumstances and terms of each project and only recognised to the extent that it is highly probable not to significantly reverse in the future. Revenue in respect of claims is recognised only if it is highly probable not to reverse in future periods. Profit for the year includes the benefit of claims settled in the year to the extent not previously recognised on contracts completed in previous years. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-544": {
   "value": "2.6 Segmental reporting The Group considers its Board of Directors to be the chief operating decision maker and therefore the segmental disclosures provided in Note 5 are aligned with the monthly reports provided to the Board of Directors. The Group\u2019s reporting segments are based on the types of services provided. Operating segments with similar economic characteristics have been aggregated into three reportable segments which reflect the nature of the services provided by the Group. A description of each reportable segment is provided in Note 5. Further information on the business activities of each reportable segment is set out on pages 194 to 195. Operating segments are aggregated on the basis of the nature of the services provided and the manner in which returns are earned by the Group. Further information on the nature of services provided within each segment is included in Note 4. Working capital is the balance sheet measure reported to the chief operating decision maker. The profitability measure used to assess the performance of the Group is underlying profit from operations. Segment results represent the contribution of the different segments after the allocation of attributable corporate overheads. Transactions between segments are conducted at arm\u2019s-length market prices. Segment assets and liabilities comprise those assets and liabilities directly attributable to the segments. Corporate assets and liabilities include cash balances, bank borrowings, tax balances and dividends payable. Non-recourse net borrowings are directly attributable to Infrastructure Investments and therefore not included within Corporate activities. Major customers are defined as customers contributing more than 10% of the Group\u2019s external revenue. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-546": {
   "value": "2.7 Pre-contract bid costs and recoveries Pre-contract costs are expensed as incurred until preferred bidder status is awarded at which point further costs are capitalised as there is a high probability that the Group would be able to recover these costs. Amounts subsequently recovered in respect of pre-contract costs that have been written off before preferred bidder status was awarded are recognised in full in the income statement when they are received in cash. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForPreContractBidCostsAndRecoveries",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-547": {
   "value": "2.8 Profit from operations Profit from operations is stated after the Group\u2019s share of the post-tax results of equity accounted joint venture entities and associates, but before investment income and finance costs. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForProfitFromOperations",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-609": {
   "value": "2.9 Investment income and finance costs Interest income is accrued on a time basis using the effective interest method by reference to the principal outstanding and the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Finance costs of debt, including premiums payable on settlement and direct issue costs, are charged to the income statement on an accruals basis over the term of the instrument, using the effective interest method. Finance costs also include interest cost on the discount unwind of lease liabilities and impairment of loans to joint ventures and associates and accrued interest thereon. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-548": {
   "value": "2.9 Investment income and finance costs Interest income is accrued on a time basis using the effective interest method by reference to the principal outstanding and the effective interest rate, which is the rate that exactly discounts estimated future cash receipts through the expected life of the financial asset to that asset\u2019s net carrying amount. Finance costs of debt, including premiums payable on settlement and direct issue costs, are charged to the income statement on an accruals basis over the term of the instrument, using the effective interest method. Finance costs also include interest cost on the discount unwind of lease liabilities and impairment of loans to joint ventures and associates and accrued interest thereon. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-549": {
   "value": "2.10 Non-underlying items Non-underlying items are items of financial performance which the Group believes should be presented separately on the face of the income statement to assist in understanding the underlying financial performance achieved by the Group. Such items will not affect the absolute amount of the results for the period and the trend of results. The Group\u2019s underlying results exclude non-underlying items. 2.10 Non-underlying items continued Non-underlying items include: \u00bb gains and losses on the disposal of businesses and investments, unless this is part of a programme of releasing value from the disposal of similar businesses or investments such as infrastructure concessions; \u00bb costs of major restructuring and reorganisation of existing businesses; \u00bb costs of integrating newly acquired businesses; \u00bb acquisition and similar costs related to business combinations such as transaction costs; \u00bb impairment and amortisation charges on intangible assets arising on business combinations (amortisation of acquired intangible assets); and \u00bb impairment of goodwill. These are examples, however, from time to time it may be appropriate to disclose further items as non-underlying items in order to highlight the underlying performance of the Group. Refer to Note 10. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForNonUnderlyingItems",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-610": {
   "value": "2.11 Taxation The tax charge comprises current tax and deferred tax, calculated using tax rates that have been enacted or substantively enacted by the reporting date. Current tax and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited directly to equity, in which case the relevant tax is also accounted for within equity. Current tax is based on the profit for the year. Deferred tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax on such assets and liabilities is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Management is closely monitoring the impact of the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two model rules to introduce a global minimum tax rate of 15% to address the tax concerns about uneven profit distribution and tax contributions of large multinational corporations. The Pillar Two top-up tax solution is expected to be enacted in 2023 in the UK with application from 1 January 2024. In December 2021 the OECD released a draft legislative framework that is expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws. At the date when these financial statements were authorised for issue, none of the jurisdictions in which the Group operates had enacted or substantively enacted tax legislation related to the Pillar Two top-up tax solution. Management is closely monitoring the progress of the legislative process in each jurisdiction the Group operates in. The Group does not operate in any jurisdiction where the statutory tax rate is 15% or below. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-550": {
   "value": "2.11 Taxation The tax charge comprises current tax and deferred tax, calculated using tax rates that have been enacted or substantively enacted by the reporting date. Current tax and deferred tax are charged or credited to the income statement, except when they relate to items charged or credited directly to equity, in which case the relevant tax is also accounted for within equity. Current tax is based on the profit for the year. Deferred tax is provided, using the liability method, on temporary differences arising between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax on such assets and liabilities is not recognised if the temporary difference arises from the initial recognition of goodwill or from the initial recognition (other than in a business combination) of other assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred tax assets are recognised to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilised. The carrying amount of deferred tax assets is reviewed at each reporting date. Deferred tax is provided on temporary differences arising on investments in subsidiaries, joint ventures and associates, except where the timing of the reversal of the temporary difference can be controlled by the Group and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets and liabilities are offset when they relate to income taxes levied by the same taxation authority and the Group intends to settle its current tax assets and liabilities on a net basis. Management is closely monitoring the impact of the Organisation for Economic Co-operation and Development\u2019s (OECD) Pillar Two model rules to introduce a global minimum tax rate of 15% to address the tax concerns about uneven profit distribution and tax contributions of large multinational corporations. The Pillar Two top-up tax solution is expected to be enacted in 2023 in the UK with application from 1 January 2024. In December 2021 the OECD released a draft legislative framework that is expected to be used by individual jurisdictions that signed the agreement to amend their local tax laws. At the date when these financial statements were authorised for issue, none of the jurisdictions in which the Group operates had enacted or substantively enacted tax legislation related to the Pillar Two top-up tax solution. Management is closely monitoring the progress of the legislative process in each jurisdiction the Group operates in. The Group does not operate in any jurisdiction where the statutory tax rate is 15% or below. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-551": {
   "value": "2.12 Intangible assets a) Goodwill Goodwill arises on the acquisition of subsidiaries and other businesses, joint ventures and associates and represents the excess of the fair value of consideration over the fair value of the identifiable assets and liabilities acquired. Goodwill on acquisitions of subsidiaries and other businesses is included in non-current assets. Goodwill on acquisitions of joint ventures and associates is included in investments in joint ventures and associates. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. Goodwill arising on acquisitions before the date of transition to IFRS (1 January 2004) has been retained at the previous UK GAAP amounts subject to being tested for impairment. Goodwill written off or discount arising on acquisition credited to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. b) Other intangible assets Other intangible assets are stated at cost less accumulated amortisation and impairment losses. Amortisation charges in respect of software and Infrastructure Investments intangibles are included in underlying items. c)  Research and development Internally generated intangible assets developed by the Group are recognised only if all the following conditions are met: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; and the development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-612": {
   "value": "a) Goodwill Goodwill arises on the acquisition of subsidiaries and other businesses, joint ventures and associates and represents the excess of the fair value of consideration over the fair value of the identifiable assets and liabilities acquired. Goodwill on acquisitions of subsidiaries and other businesses is included in non-current assets. Goodwill on acquisitions of joint ventures and associates is included in investments in joint ventures and associates. Goodwill is reviewed annually for impairment and is carried at cost less accumulated impairment losses. Goodwill is included when determining the profit or loss on subsequent disposal of the business to which it relates. Goodwill arising on acquisitions before the date of transition to IFRS (1 January 2004) has been retained at the previous UK GAAP amounts subject to being tested for impairment. Goodwill written off or discount arising on acquisition credited to reserves under UK GAAP prior to 1998 has not been reinstated and is not included in determining any subsequent profit or loss on disposal. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-611": {
   "value": "b) Other intangible assets Other intangible assets are stated at cost less accumulated amortisation and impairment losses. Amortisation charges in respect of software and Infrastructure Investments intangibles are included in underlying items. c)  Research and development Internally generated intangible assets developed by the Group are recognised only if all the following conditions are met: an asset is created that can be identified; it is probable that the asset created will generate future economic benefits; and the development cost of the asset can be measured reliably. Other research expenditure is written off in the period in which it is incurred. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-553": {
   "value": "2.13 Property, plant and equipment Property, plant and equipment is stated at cost less accumulated depreciation and impairment losses. Cost includes expenditure associated with bringing the asset to its operating location and condition. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-552": {
   "value": "2.14 Investment properties The Group classifies land and buildings which it holds to generate capital appreciation and/or to earn rental income as investment properties. The Group has chosen to state its investment properties at cost less accumulated depreciation and impairment losses. The Group depreciates its investment properties over 25 years. Land is not depreciated. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-554": {
   "value": "2.15 Leasing As a lessee, the Group assesses whether a contract is, or contains, a lease at the inception of a contract. A lease exists if the contract conveys the right to control the use of an identified asset for a period of time in exchange for consideration. To assess if a lease exists, the Group assesses whether: (i) the contract involves the use of an identified asset; (ii) the Group has the right to obtain substantially all of the economic benefits from the use of the asset throughout the lease term; and (iii) the Group has the right to direct the use of the asset. In order to determine if the contract involves the use of an identified asset, the Group exercises judgement to assess if the supplier has a substantive substitution right over the asset. An asset is not identified if it has been determined that the supplier has substantive substitution rights. The Group recognises a right-of-use asset and a lease liability at the lease commencement date. The right-of-use asset is initially measured at cost and subsequently depreciated over the lease term. The lease liability is measured at the present value of the lease payments that are not paid at the commencement date, discounted using the interest rate implicit in the lease, or if that rate cannot be readily determined, the Group\u2019s incremental borrowing rate. The Group has elected to apply the practical expedient which allows the Group to use a single discount rate for a portfolio of leases with similar characteristics.  2.15 Leasing continued The Group has elected not to recognise right-of-use assets and lease liabilities for short-term leases of less than 12 months and leases of low value assets. Instead, the Group recognises the lease payments associated with these leases as an expense on a straight-line basis over the lease term. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-557": {
   "value": "2.16 Impairment of assets Assets that have an indefinite useful life (such as goodwill arising on acquisitions) are reviewed at least annually for impairment. Other intangible assets, property, plant and equipment and right-of-use assets are reviewed for impairment whenever there is any indication that the carrying amount of the asset may not be recoverable. If the recoverable amount of an asset is less than its carrying amount, an impairment loss is recognised. Recoverable amount is the higher of fair value less costs to sell and value in use. Value in use is assessed by discounting the estimated future cash flows that the asset is expected to generate. For this purpose assets, including goodwill, are grouped into cash-generating units representing the level at which they are monitored by the Board of Directors for internal management purposes. Goodwill impairment losses are not reversed in subsequent periods. Reversals of other impairment losses are recognised in income when they arise. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-558": {
   "value": "2.17 Investments Investments are recognised and derecognised on the trade date where a purchase or sale of an investment is under a contract whose terms require delivery of the investment within the timeframe established by the market concerned, and are initially measured at cost, including transaction costs. Investments in mutual funds are measured at fair value. Gains and losses arising from changes in the fair value of these investments are recognised in equity, until the investment is disposed or is determined to be impaired, at which time the cumulative gain or loss is included in the net profit or loss for the period. Investments that are held until they reach maturity are measured at amortised cost. Investments in subsidiaries are recognised and held at cost and subsequently tested for impairment on an annual basis. Where an impairment is identified, a provision for impairment is recorded against the carrying value of the investment. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentsOtherThanInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-560": {
   "value": "2.18 Government grants Government grants are recognised when there is a reasonable assurance that the Group will be able to comply with the conditions attached to the grant and that the grant will be received. Grants are recognised in the income statement on a systematic basis as a deduction from the related category of cost in the periods in which the expenses are recognised. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-559": {
   "value": "2.19 Inventories Inventories are valued at the lower of cost and net realisable value. Cost includes an appropriate proportion of manufacturing overheads incurred in bringing inventories to their present location and condition and is determined using the first-in first-out method. Net realisable value represents the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-563": {
   "value": "2.20 Trade receivables Trade receivables are initially recorded at fair value and subsequently measured at amortised cost as reduced by allowances for estimated irrecoverable amounts and expected credit losses. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-555": {
   "value": "2.21 Trade payables Trade payables are not interest bearing and are stated at cost. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-561": {
   "value": "2.22 Provisions Provisions for insurance liabilities retained in the Group\u2019s captive insurance arrangements, legal claims, defects and warranties, environmental restoration, onerous leases, and other onerous commitments are recognised at the best estimate of the expenditure required to settle the Group\u2019s liability. Provisions are recognised when: (i) the Group has a present legal or constructive obligation as a result of a past event; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) the amount of the obligation can be estimated reliably. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-564": {
   "value": "2.23 Borrowings Interest-bearing bank loans and overdrafts are recorded at the proceeds received, net of direct issue costs. Premiums payable on settlement or redemption and direct issue costs are included in the carrying amount of the instrument and are charged to the income statement on an accruals basis using the effective interest method together with the interest payable. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-562": {
   "value": "2.24 Retirement benefit costs The Group, through trustees, operates a number of defined benefit and defined contribution retirement and other long-term employee benefit schemes, the largest of which are of the defined benefit type and are funded. Defined benefit contributions are determined in consultation with the trustees, after taking actuarial advice. For defined benefit pension schemes, the cost of providing benefits recognised in the income statement and the defined benefit obligations are determined at the reporting date by independent actuaries, using the projected unit credit method. The liability recognised in the balance sheet comprises the present value of the defined benefit pension obligations, determined by discounting the estimated future cash flows using the market yield on a high-quality corporate bond, less the fair value of the scheme assets. Actuarial gains and losses are recognised in the period in which they occur in the statement of comprehensive income. Contributions to defined contribution pension schemes are charged to the income statement as they fall due. Any surplus of deficit contributions to the Balfour Beatty Pension Fund (BBPF) and the Railways Pension Scheme (RPS) would be recoverable by way of a refund as, according to the relevant trust deed and rules documents, the Group has the unconditional right to the surplus and controls the run-off of the benefit obligations once all other obligations of the BBPF and RPS have been settled. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-565": {
   "value": "2.25 Share-based payments Employee services received in exchange for the grant of equity-settled and cash-settled awards are charged to the income statement on a straight-line basis over the vesting period, based on the fair values of the awards at the date of grant. The credits in respect of the amounts charged are included within separate reserves in equity until such time as the awards are exercised, when the shares are transferred or cash payments made to employees. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-556": {
   "value": "2.26 Financial instruments Financial assets and financial liabilities are recognised in the Group\u2019s balance sheet when the Group becomes a party to the contractual provisions of the instrument. a) Classification of financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. 2.26 Financial instruments continued b) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to manage interest rate risk and to hedge exposures to fluctuations in foreign currencies in accordance with its risk management policy. The Group does not use derivative financial instruments for speculative purposes. A description of the Group\u2019s objectives, policies and strategies with regard to derivatives and other financial instruments is set out in Note 40. Derivatives are initially recognised in the balance sheet at fair value on the date the derivative transaction is entered into and are subsequently re-measured at their fair values. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the income statement together with any changes in the fair value of the hedged item that are attributable to the hedged risk. Changes in the fair value of the effective portion of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (OCI). Changes in the fair value of the ineffective portion of cash flow hedges are recognised in the income statement. Amounts originally recognised in OCI are transferred to the income statement when the underlying transaction occurs or, if the transaction results in a non-financial asset or liability, are included in the initial cost of that asset or liability. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in OCI is retained in equity until the hedged transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in OCI is transferred to the income statement for the period. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives and recorded in the balance sheet at fair value when their risks and characteristics are not closely related to those of the host contract. Changes in the fair value of those embedded derivatives recognised in the balance sheet are recognised in the income statement as they arise. c) PPP concession companies Assets constructed by PPP concession companies are classified principally as financial assets measured at fair value through OCI. In the construction phase, income is recognised by applying an attributable profit margin to the construction costs representing the fair value of construction services performed. In the operational phase, income is recognised by allocating a proportion of total cash receivable over the life of the project to service costs by means of a deemed rate of return on those costs. The residual element of projected cash is allocated to the financial asset using the effective interest rate method, giving rise to interest income. Due to the nature of the contractual arrangements, the projected cash flows can be estimated with a high degree of certainty. In the construction phase, the fair value of the Group\u2019s PPP financial assets is determined by applying an attributable profit margin to the construction costs representing the fair value of construction services performed. In the operational phase, fair value is determined by discounting the future cash flows allocated to the financial asset using discount rates based on long-term gilt rates adjusted for the risk levels associated with the assets, with market-related movements in fair value recognised in OCI. Amounts originally recognised in OCI are transferred to the income statement upon disposal of the asset. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-613": {
   "value": "a) Classification of financial liabilities and equity instruments Financial liabilities and equity instruments are classified according to the substance of the contractual arrangements. An equity instrument is any contract that evidences a residual interest in the assets of the Group after deducting all of its liabilities. Equity instruments issued by the Company are recorded at the proceeds received, net of direct issue costs. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForFinancialLiabilitiesAndEquityInstruments",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-614": {
   "value": "b) Derivative financial instruments and hedge accounting The Group uses derivative financial instruments to manage interest rate risk and to hedge exposures to fluctuations in foreign currencies in accordance with its risk management policy. The Group does not use derivative financial instruments for speculative purposes. A description of the Group\u2019s objectives, policies and strategies with regard to derivatives and other financial instruments is set out in Note 40. Derivatives are initially recognised in the balance sheet at fair value on the date the derivative transaction is entered into and are subsequently re-measured at their fair values. Changes in the fair value of derivatives that are designated and qualify as fair value hedges are recognised in the income statement together with any changes in the fair value of the hedged item that are attributable to the hedged risk. Changes in the fair value of the effective portion of derivatives that are designated and qualify as cash flow hedges are recognised in other comprehensive income (OCI). Changes in the fair value of the ineffective portion of cash flow hedges are recognised in the income statement. Amounts originally recognised in OCI are transferred to the income statement when the underlying transaction occurs or, if the transaction results in a non-financial asset or liability, are included in the initial cost of that asset or liability. Changes in the fair value of derivative financial instruments that do not qualify for hedge accounting are recognised in the income statement as they arise. Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no longer qualifies for hedge accounting. At that time, any cumulative gain or loss on the hedging instrument recognised in OCI is retained in equity until the hedged transaction occurs. If a hedged transaction is no longer expected to occur, the net cumulative gain or loss recognised in OCI is transferred to the income statement for the period. Derivatives embedded in other financial instruments or other host contracts are treated as separate derivatives and recorded in the balance sheet at fair value when their risks and characteristics are not closely related to those of the host contract. Changes in the fair value of those embedded derivatives recognised in the balance sheet are recognised in the income statement as they arise. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-615": {
   "value": "c) PPP concession companies Assets constructed by PPP concession companies are classified principally as financial assets measured at fair value through OCI. In the construction phase, income is recognised by applying an attributable profit margin to the construction costs representing the fair value of construction services performed. In the operational phase, income is recognised by allocating a proportion of total cash receivable over the life of the project to service costs by means of a deemed rate of return on those costs. The residual element of projected cash is allocated to the financial asset using the effective interest rate method, giving rise to interest income. Due to the nature of the contractual arrangements, the projected cash flows can be estimated with a high degree of certainty. In the construction phase, the fair value of the Group\u2019s PPP financial assets is determined by applying an attributable profit margin to the construction costs representing the fair value of construction services performed. In the operational phase, fair value is determined by discounting the future cash flows allocated to the financial asset using discount rates based on long-term gilt rates adjusted for the risk levels associated with the assets, with market-related movements in fair value recognised in OCI. Amounts originally recognised in OCI are transferred to the income statement upon disposal of the asset. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DescriptionOfAccountingPolicyForPPPConcessionCompanies",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-566": {
   "value": "2.27 Judgements and key sources of estimation uncertainty The preparation of consolidated financial statements under IFRS requires management to make judgements, estimates and assumptions that affect amounts recognised for assets and liabilities at the reporting date and the amounts of revenue and expenses incurred during the reporting period. Actual outcomes may differ from these judgements, estimates and assumptions. The judgements, estimates and assumptions that have the most significant effect on the carrying value of assets and liabilities of the Group as at 31 December 2022 are discussed below. a) Revenue and margin recognition (judgement and estimate) The Group\u2019s revenue recognition and margin recognition policies, which are set out in Notes 2.4 and 2.5, are central to how the Group values the work it has carried out in each financial year. These policies require forecasts to be made of the outcomes of long-term construction services and support services contracts, which require both estimates and judgements to be made of both cost and income recognition on each contract. On the cost side, estimates of forecasts are made on the final out-turn of each contract in addition to potential costs to be incurred for any maintenance and defects liabilities. On the income side, estimates and judgements are made on variations to consideration which typically include variations due to changes in scope of work, recoveries of claim income from customers, and potential liquidated damages that may be levied by customers. On cost reimbursable contracts there are also estimates required on the level of disallowable costs which requires an assessment of whether costs are recoverable under the terms of the contract and therefore should be recognised as income. Judgements and estimates are reviewed regularly throughout the contract life based on latest available information and adjustments are made where necessary. The Group continues to regularly assess these judgements and estimates. As at 31 December 2022, the Group\u2019s contract assets, contract liabilities and contract provisions amounted to \u00a3300m, \u00a3665m and \u00a3335m respectively as set out in Notes 23 and 26. The Group has considered the nature of the estimates involved in deriving these balances and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions applied as at 31 December 2022 and could require a material adjustment to the carrying amounts of these assets and liabilities in the next financial year. However, due to the level of uncertainty, combination of cost and income variables and timing across a large portfolio of contracts (in excess of 1,000) at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. Within this portfolio, there are a limited number of long-term contracts where the Group has incorporated significant judgements over contractual entitlements relating to recoveries of claim income from customers and liquidated damages levied by the customer. These recoveries have been recognised at the amount that is considered highly probable not to significantly reverse. However, there are a host of factors affecting potential outcomes in respect of these entitlements which could result in a range of reasonably possible outcomes on these contracts in the following financial year, ranging from a gain of \u00a352m to a loss of \u00a3(24)m. The Directors have assessed the range of reasonably possible outcomes on these limited number of contracts based on facts and circumstances that were present and known at the balance sheet date. As with any contract applying long-term contract accounting, these contracts are also affected by a variety of uncertainties that depend on future events, and so often need to be revised as contracts progress. 2.27 Judgements and key sources of estimation uncertainty continued b) Non-underlying items (judgement) Non-underlying items are items of financial performance which the Group believes should be presented separately on the face of the income statement to assist in understanding the underlying financial performance achieved by the Group. Determining whether an item is part of underlying items or non-underlying items requires judgement. A total non-underlying loss after tax of \u00a33m (2021: \u00a355m) was charged to the income statement for the year ended 31 December 2022. Refer to Note 10. c) Financial assets measured at fair value through OCI (judgement and estimate) At 31 December 2022, \u00a31,270m (2021: \u00a31,325m) of PPP financial assets constructed by the Group\u2019s subsidiary, joint venture and associate companies were classified as financial assets measured at fair value through OCI. Judgement is required in determining the appropriate classification of these assets and hence the accounting treatment required. In the operational phase the fair value of these financial assets is measured at each reporting date by discounting the future value of the cash flows allocated to the financial asset. A range of discount rates is used from 4.6% to 10.0% (2021: 1.8% to 7.2%), which reflects the prevailing risk-free interest rates and the different risk profiles of the various concessions. These represent key sources of estimation uncertainty. Refer to Note 40. A \u00a3127m loss was taken to other comprehensive income in 2022 (2021: \u00a39m loss) and a cumulative fair value gain of \u00a3178m had arisen on these financial assets as a result of market-related movements in the fair value of these financial assets at 31 December 2022 (2021: \u00a3305m gain). d) Provisions (judgement and estimate) Provisions are liabilities of uncertain timing or amount and therefore in making a reliable estimate of the quantum and timing of liabilities judgement is applied and re-evaluated at each reporting date. The range of potential outcomes on contract provisions as a result of uncertain future events could result in a materially positive or negative swing to profitability and cash flow. The Group has considered the nature of these estimates and concluded that it is possible, on the basis of existing knowledge, that outcomes within the next financial year may be different from the Group\u2019s assumptions and judgements applied as at 31 December 2022 and could require a material adjustment to the carrying amounts of assets and liabilities in the next financial year. As disclosed in Note 26, the majority of the Group\u2019s provision balance relates to contract provisions, which include loss provisions, defect and warranty provisions, where estimates are made around forecast costs and judgements are made on timing and whether it is probable there will be an outflow of future economic benefit. Contract loss provisions may also include estimates around variable consideration as disclosed in Note 2.27(a). However, due to the level of uncertainty, combination of variables and timing across a large portfolio of complex contracts at different stages of their contract life, it is impracticable to provide a quantitative analysis of the aggregated judgements that are applied at a portfolio level. To the extent that the sensitivities disclosed in Note 2.27(a) affect a loss-making contract, this will have an impact on the Group\u2019s provisions in the next financial year. e) Retirement benefit obligations (judgement and estimate) Details of the Group\u2019s defined benefit pension schemes are set out in Note 30, including tables showing the sensitivity of the pension scheme obligations and assets to different actuarial assumptions. At 31 December 2022, the net retirement benefit assets recognised on the Group\u2019s balance sheet were \u00a3223m (2021: \u00a3231m). The effects of changes in the actuarial assumptions underlying the schemes\u2019 obligations and discount rates and the differences between expected and actual returns on the schemes\u2019 assets are classified as actuarial gains and losses. During 2022, the Group recognised net actuarial losses of \u00a351m (2021: \u00a3105m gains) in OCI, including its share of the actuarial gains and losses arising in joint ventures and associates. Judgement is applied when assessing the recognition of the pension surplus. Any surplus of deficit contributions to the Balfour Beatty Pension Fund (BBPF) and the Railways Pension Scheme (RPS) would be recoverable by way of a refund as, according to the relevant trust deed and rules documents, the Group has the unconditional right to the surplus and controls the run-off of the benefit obligations once all other obligations of the BBPF and RPS have been settled. ",
   "dimensions": {
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    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-567": {
   "value": "3 Exchange rates The following key exchange rates were applied in these financial statements: Average rates \u00a31 buys 2022 2021 Change US$ 1.24 1.37 (9.5)% HK$ 9.72 10.69 (9.1)% Closing rates \u00a31 buys 2022 2021 Change US$ 1.20 1.35 (11.1)% HK$ 9.39 10.52 (10.7)% ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-568": {
   "value": "4 Revenue 4.1 Nature of services provided 4.1.1 Construction Services The Group\u2019s Construction Services segment encompasses activities in relation to the physical construction of assets provided to public and private customers. Revenue generated in this segment is measured over time as control passes to the customer as the asset is constructed. Progress is measured by reference to the cost incurred on the contract to date compared to the contract\u2019s end of job forecast (the input method). Payment terms are based on a schedule of value that is set out in the contract and fairly reflect the timing and performance of service delivery. Contracts with customers are typically accounted for as one performance obligation (PO). Types of assets Typical contract length Nature, timing of satisfaction of performance obligations and significant payment terms Buildings  12 to 36 months The Group constructs buildings which include commercial, healthcare, education, retail and residential assets. As part of its construction services, the Group provides a range of services including design and/or build, mechanical and electrical engineering, shell and core and/or fit-out and interior refurbishment. The Group\u2019s customers in this area are a mix of private and public entities. The contract length depends on the complexity and scale of the building and contracts entered into for these services are typically fixed price. In most instances, the contract with the customer is assessed to only contain one PO as the services provided by the Group, including those where the Group is also providing design services, are highly interrelated. However, for certain types of contracts, services relating to fit-out and interior refurbishment may sometimes be assessed as a separate PO. Infrastructure 1 to 3 months for small-scale infrastructure works 24 to 60 months for large-scale complex construction The Group provides construction services for three main types of infrastructure assets: highways, railways and other large-scale infrastructure assets such as waste, water and energy plants. Highways represent the Group\u2019s activities in constructing motorways in the UK, US and Hong Kong. This includes activities such as design and construction of roads, widening of existing motorways or converting existing motorways. The main customers are government bodies. Railway construction services include design and managing the construction of railway systems delivering major multi-disciplinary projects, track work, electrification and power supply. The Group serves both public and private railways including high-speed passenger railways, freight and mixed traffic routes, dense commuter networks, metros and light rail. Other infrastructure assets include construction, design and build services on large-scale complex assets predominantly servicing the waste, water and energy sectors. Contracts entered into relating to these infrastructure assets can take the form of fixed-price, cost-plus or target-cost contracts with shared pain/gain mechanisms. Contract lengths vary according to the size and complexity of the asset build and can range from a few months for small-scale infrastructure works to four to five years for large-scale complex construction works. In most cases, the contract itself represents a single PO where only the design and construction elements are contracted. In some instances, the contract with the customer will include maintenance of the constructed asset. The Group assesses the maintenance element as a separate PO and revenue from this PO is recognised in the Support Services segment. Refer to Note 4.1.2. 4.1.2 Support Services The Group\u2019s work in this segment supports existing assets through maintaining, upgrading and managing services across utilities and infrastructure assets. Revenue generated in this segment is measured over time as control passes to the customer as and when services are provided. Progress is measured by reference to the cost incurred on the contract to date compared to the contract\u2019s end of job forecast (the input method). Payments are structured as milestone payments set out in the respective contracts. Types of assets Nature, timing of satisfaction of performance obligations and significant payment terms Utilities  Within the Group\u2019s services contracts, the Group provides support services to various types of utility assets. For contracts servicing power transmission and distribution assets, the Group constructs and maintains electricity networks, including replacement or new build of overhead lines, underground cabling, cable tunnels and offshore wind farm maintenance. Contracts entered into are normally fixed-price and contract lengths can vary from 12 to 36 months, and up to 20 years for offshore wind farm maintenance contracts. Each contract is normally assessed to contain one PO. However, where a contract contains both a construction phase and a maintenance phase, these are assessed to contain two separate POs. For contracts servicing utility assets, the Group provides services such as renewal, upgrade and expansion of underground main pipelines for assets within the gas network. Within the water network, services include clean and waste water mains renewal and repair, metering and treatment facilities. Contracts are typically delivered through framework agreements which are normally granted on a regulatory cycle period of five years for water contracts and eight years for gas contracts. Individual instructions delivered under the framework agreements can vary in size and duration but usually last between one to six weeks for smaller projects or up to one to two years for major projects. Each instruction is accounted for as a separate PO. Payments are normally set according to a schedule of rates or are cost reimbursable and may include a pain/gain element. Infrastructure  The Group provides maintenance, asset and network management and design services in respect of highways, railways and other publicly available assets. The customer in this area of the Group is mainly government bodies. Types of contract include a fixed schedule of rates, fixed-price, target-cost arrangements and cost-plus. Contract terms range from 1 to 25 years. Where contracts include a lifecycle element, this is accounted for as a separate PO and recognised when the work is delivered. 4 Revenue continued 4.1 Nature of services provided continued 4.1.3 Infrastructure Investments The Group invests directly in a variety of assets, predominantly consisting of infrastructure assets where there are opportunities to manage the asset upon completion of construction. The Group also invests in real estate type assets, in particular private residential and student accommodation assets. Revenue generated in this segment is from the provision of construction, maintenance and management services and also from the recognition of rental income. The Group\u2019s strategy is to hold these assets until optimal values are achieved through disposal of mature assets. Types of services  Nature, timing of satisfaction of performance obligations and significant payment terms Service concessions The Group operates a UK and US portfolio of service concession assets comprising assets in the roads, healthcare, student accommodation, biomass and waste and offshore transmission sectors. The Group accounts for these assets under IFRIC 12 Service Concession Arrangements. Where the Group constructs and maintains these assets, the two services are deemed to be separate performance obligations and accounted for separately. If the maintenance phase includes a lifecycle element, this is considered to be a separate PO. Contract terms can be up to 40 years. The Group recognises revenue over time using the input method. Consideration is paid through a fixed unitary payment charge spread over the life of the contract. Revenue from this service is presented across Buildings, Infrastructure or Utilities in Note 4.2. Management services The Group provides real estate management services such as property development and asset management services. Contract terms can be up to 50 years. The Group recognises revenue over time as and when service is delivered to the customer. Revenue from this service is presented within Buildings in Note 4.2. Housing development The Group also develops housing units on land that is owned by the Group. Revenue is recognised on the sale of individual units at the point in time when control of the asset is transferred to the purchaser. This is deemed to be when an unconditional sale is achieved. Revenue from this service is presented within Buildings in Note 4.2. 4.2 Disaggregation of revenue The Group presents a disaggregation of its underlying revenue according to the primary geographical markets in which the Group operates as well as the types of assets serviced by the Group. The nature of the various services provided by the Group is explained in Note 4.1. This disaggregation of underlying revenue is also presented according to the Group\u2019s reportable segments as described in Note 5. For the year ended 31 December 2022 Revenue by primary geographical markets United Kingdom \u00a3m United States \u00a3m Rest of world \u00a3m Total \u00a3m Construction Services Revenue including share of joint ventures and associates  2,761 3,650 1,071 7,482 Group revenue 2,761 3,645 3 6,409 Support Services Revenue including share of joint ventures and associates  982 \u2013 7 989 Group revenue 982 \u2013 6 988 Infrastructure Investments Revenue including share of joint ventures and associates  151 304 5 460 Group revenue 53 179 \u2013 232 Total revenue Revenue including share of joint ventures and associates  3,894 3,954 1,083 8,931 Group revenue 3,796 3,824 9 7,629 Revenue by types of assets serviced Buildings \u00a3m Infrastructure \u00a3m Utilities \u00a3m Other \u00a3m Total \u00a3m Construction Services Revenue including share of joint ventures and associates  3,878 2,960 639 5 7,482 Group revenue 3,387 2,401 616 5 6,409 Support Services Revenue including share of joint ventures and associates  5 625 349 10 989 Group revenue 5 625 348 10 988 Infrastructure Investments Revenue including share of joint ventures and associates  291 + 154 15 \u2013 460 Group revenue 229 + 3 \u2013 \u2013 232 Total revenue Revenue including share of joint ventures and associates  4,174 3,739 1,003 15 8,931 Group revenue 3,621 3,029 964 15 7,629 Timing of revenue recognition Construction Services \u00a3m Support Services \u00a3m Infrastructure Investments \u00a3m Total \u00a3m Over time  7,475 984 430 8,889 At a point in time  7 5 30 42 Revenue including share of joint ventures and associates 7,482 989 460 8,931 Over time  6,402 983 202 7,587 At a point in time  7 5 30 42 Group revenue 6,409 988 232 7,629 +  Includes rental income of \u00a349m including share of joint ventures and associates or \u00a316m excluding share of joint ventures and associates. 4 Revenue continued 4.2 Disaggregation of revenue continued For the year ended 31 December 2021 Revenue by primary geographical markets United Kingdom \u00a3m United States \u00a3m Rest of world \u00a3m Total \u00a3m Construction Services Revenue including share of joint ventures and associates  2,589 3,341 816 6,746 Group revenue 2,589 3,324 7 5,920 Support Services Revenue including share of joint ventures and associates  1,039 \u2013 27 1,066 Group revenue 1,039 \u2013 7 1,046 Infrastructure Investments Revenue including share of joint ventures and associates  165 295 8 468 Group revenue 55 181 \u2013 236 Total revenue Revenue including share of joint ventures and associates  3,793 3,636 851 8,280 Group revenue 3,683 3,505 14 7,202 Revenue by types of assets serviced Buildings \u00a3m Infrastructure \u00a3m Utilities \u00a3m Other \u00a3m Total \u00a3m Construction Services Revenue including share of joint ventures and associates  3,725 2,380 630 11 6,746 Group revenue 3,391 1,907 611 11 5,920 Support Services Revenue including share of joint ventures and associates  \u2013 578 469 19 1,066 Group revenue \u2013 578 449 19 1,046 Infrastructure Investments Revenue including share of joint ventures and associates  319 + 132 15 2 468 Group revenue 232 + 3 \u2013 1 236 Total revenue Revenue including share of joint ventures and associates  4,044 3,090 1,114 32 8,280 Group revenue 3,623 2,488 1,060 31 7,202 Timing of revenue recognition Construction Services \u00a3m Support Services \u00a3m Infrastructure Investments \u00a3m Total \u00a3m Over time  6,745 1,064 436 8,245 At a point in time  1 2 32 35 Revenue including share of joint ventures and associates 6,746 1,066 468 8,280 Over time  5,919 1,044 204 7,167 At a point in time  1 2 32 35 Group revenue 5,920 1,046 236 7,202 +  Includes rental income of \u00a338m including share of joint ventures and associates or \u00a312m excluding share of joint ventures and associates. 4.3 Transaction price allocated to the remaining performance obligations (excluding joint ventures and associates) 2023 \u00a3m 2024 \u00a3m 2025 onwards \u00a3m Total \u00a3m Construction Services 5,498 3,470 2,724 11,6 92 Support Services  668 405 1,325 2,398 Infrastructure Investments  104 41 1,864 2,009 Total transaction price allocated to remaining performance obligations 6,270 3,916 5,913 16,099 The total transaction price allocated to the remaining performance obligations represents the contracted revenue to be earned by the Group for distinct goods and services which the Group has promised to deliver to its customers. These include promises which are partially satisfied at the period end or those which are unsatisfied but which the Group has committed to providing. In deriving this transaction price, any element of variable revenue is estimated at a value that is highly probable not to reverse in the future. The transaction price above does not include any estimated revenue to be earned on framework contracts for which a firm order or instruction has not been received from the customer. ",
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    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-569": {
   "value": "5 Segment analysis Reportable segments of the Group: \u00bb Construction Services \u2013 activities resulting in the physical construction of an asset; \u00bb Support Services \u2013 activities which support existing assets or functions such as asset maintenance and refurbishment; and \u00bb Infrastructure Investments \u2013 acquisition, operation and disposal of infrastructure assets such as roads, hospitals, student accommodation, military housing, multifamily residences, offshore transmission networks, waste and biomass and other concessions. This segment also includes the Group\u2019s housing development division. 5.1 Total Group Income statement \u2013 performance by activity Construction Services 2022 \u00a3m Support Services 2022 \u00a3m Infrastructure Investments 2022 \u00a3m Corporate activities 2022 \u00a3m Total 2022 \u00a3m Revenue including share of joint ventures and associates 7,482 989 460 \u2013 8,931 Share of revenue of joint ventures and associates (1,073) (1) (228) \u2013 (1,302) Group revenue 6,409 988 232 \u2013 7,629 Group operating profit/(loss) 1 129 83 (4) (34) 174 Share of results of joint ventures and associates 20 \u2013 85 \u2013 105 Profit/(loss) from operations 1 149 83 81 (34) 279 Non-underlying items:          \u2013 amortisation of acquired intangible assets (1) \u2013 (5) \u2013 (6) \u2013 other net operating income  2 \u2013 \u2013 \u2013 2 1 \u2013 (5) \u2013 (4) Profit/(loss) from operations 150 83 76 (34) 275 Investment income         50 Finance costs         (38) Profit before taxation         287 1  Before non-underlying items (Notes 2.10 and 10). Income statement \u2013 performance by activity Construction Services 2021 \u00a3m Support Services 2021 \u00a3m Infrastructure Investments 2021 \u00a3m Corporate activities 2021 \u00a3m Total 2021 \u00a3m Revenue including share of joint ventures and associates 1 6,746 1,066 468 \u2013 8,280 Share of revenue of joint ventures and associates (826) (20) (232) \u2013 (1,078) Group revenue 1 5,920 1,046 236 \u2013 7,202 Group operating profit/(loss) 1 47 101 25 (33) 140 Share of results of joint ventures and associates 32 1 24 \u2013 57 Profit/(loss) from operations 1 79 102 49 (33) 197 Non-underlying items: \u2013 amortisation of acquired intangible assets \u2013 \u2013 (5) \u2013 (5) \u2013 settlement charge following resolution with DoJ \u2013 \u2013 (41) \u2013 (41) \u2013  provision recognised for rectification works to be carried out on a development in London (42) \u2013 \u2013 \u2013 (42) \u2013 other net operating expenses (7) (5) \u2013 \u2013 (12) (49) (5) (46) \u2013 (100) Profit/(loss) from operations 30 97 3 (33) 97 Investment income 39 Finance costs (49) Profit before taxation 87 1  Before non-underlying items (Notes 2.10 and 10). Assets and liabilities by activity Construction Services 2022 \u00a3m Support Services 2022 \u00a3m Infrastructure Investments 2022 \u00a3m Corporate activities 2022 \u00a3m Total 2022 \u00a3m Contract assets 209 62 29 \u2013 300 Contract liabilities \u2013 current (550) (112) (1) \u2013 (663) Inventories 50 32 32 \u2013 114 Trade and other receivables \u2013 current 730 91 37 23 881 Trade and other payables \u2013 current (1,374) (171) (44) (6) (1,595) Provisions \u2013 current (179) (3) (8) (14) (204) Working capital * (1,114) (101) 45 3 (1,167) Total assets 2,342 443 940 1,398 5,123 Total liabilities (2,421) (378) (347) (594) (3,740) Net assets (79) 65 593 804 1,383 *  Includes non-operating items and current working capital. 5 Segment analysis continued 5.1 Total Group continued Assets and liabilities by activity Construction Services 2021 \u00a3m Support Services 2021 \u00a3m Infrastructure Investments 2021 \u00a3m Corporate activities 2021 \u00a3m Total 2021 \u00a3m Contract assets 132 60 22 \u2013 214 Contract liabilities \u2013 current (565) (102) (2) \u2013 (669) Inventories 49 27 28 \u2013 104 Trade and other receivables \u2013 current 706 109 31 19 865 Trade and other payables \u2013 current (1,172) (190) (87) (9) (1,458) Provisions \u2013 current (149) (4) (7) (14) (174) Working capital* (999) (100) (15) (4) (1,118) Total assets 2,158 497 997 1,19 4 4,846 Total liabilities (2,237) (390) (399) (444) (3,470) Net assets (79) 107 598 750 1,376 *  Includes non-operating items and current working capital. Other information Construction Services 2022 \u00a3m Support Services 2022 \u00a3m Infrastructure Investments 2022 \u00a3m Corporate activities 2022 \u00a3m Total 2022 \u00a3m Capital expenditure on property, plant and equipment (Note 16) 13 15 \u2013 3 31 Capital expenditure on intangible assets (Note 15) \u2013 \u2013 1 \u2013 1 Depreciation (Note 16, Note 17 and Note 18) 30 41 2 10 83 Gain on disposals of interests in investments within joint ventures and associates (Note 34.2) \u2013 \u2013 70 \u2013 70 Other information Construction Services 2021 \u00a3m Support Services 2021 \u00a3m Infrastructure Investments 2021 \u00a3m Corporate activities 2021 \u00a3m Total 2021 \u00a3m Capital expenditure on property, plant and equipment (Note 16) 21 12 \u2013 2 35 Capital expenditure on intangible assets (Note 15) \u2013 \u2013 1 1 2 Depreciation (Note 16, Note 17 and Note 18) 30 37 2 10 79 Gain on disposals of interests in investments (Note 34.2) \u2013 \u2013 26 \u2013 26 Gain on disposals of interests in investments within joint ventures and associates (Note 34.2) \u2013 \u2013 9 \u2013 9 Performance by geographic destination United Kingdom 2022 \u00a3m United States 2022 \u00a3m Rest of world 2022 \u00a3m Total 2022 \u00a3m Revenue including share of joint ventures and associates 3,894 3,954 1,083 8,931 Share of revenue of joint ventures and associates (98) (130) (1,074) (1,302) Group revenue 3,796 3,824 9 7,629 Performance by geographic destination United Kingdom 2021 \u00a3m United States 2021 \u00a3m Rest of world 2021 \u00a3m Total 2021 \u00a3m Revenue including share of joint ventures and associates1 3,793 3,636 851 8,280 Share of revenue of joint ventures and associates (110) (131) (837) (1,078) Group revenue1 3,683 3,505 14 7,202 1  Before non-underlying items (Notes 2.10 and 10). Major customers Included in Group revenue are revenues of \u00a31,903m (2021: \u00a31,288m) from the US Government and \u00a32,670m (2021: \u00a32,374m) from the UK Government, which are the Group\u2019s two largest customers, through multiple central and regional bodies. These revenues are included in the results across all three reported segments. 5 Segment analysis continued 5.2 Infrastructure Investments Group 2022 \u00a3m Share of joint ventures and associates (Note 19.2) + 2022 \u00a3m Total 2022 \u00a3m Group 2021 \u00a3m Share of joint ventures and associates (Note 19.2) + 2021 \u00a3m Total 2021 \u00a3m Underlying profit/(loss) from operations 1 UK ^ 3 1 4   6 1 7 North America 18 14 32   15 14 29 Gain on disposals of interests in investments (Note 34.2/34.3) \u2013 70 70   26 9 35  21 85 106   47 24 71 Bidding costs and overheads (25) \u2013 (25)   (22) \u2013 (22)  (4) 85 81   25 24 49 Net assets/(liabilities)              UK ^ 384 140 524   370 220 590 North America 124 187 311   61 190 251  508 327 835   431 410 841 Non-recourse borrowings net of associated cash and cash equivalents (Note 27) (242) \u2013 (242)   (243) \u2013 (243) Total Infrastructure Investments net assets 266 327 593   188 410 598 +  The Group\u2019s share of the results of joint ventures and associates is disclosed net of investment income, finance costs and taxation. ^  Including Ireland. 1  Before non-underlying items (Notes 2.10 and 10). ",
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    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
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  },
  "fact-570": {
   "value": "6 Profit/(loss) from operations 6.1 Profit/(loss) from operations is stated after charging/(crediting) 2022 \u00a3m 2021 \u00a3m Depreciation of property, plant and equipment 27 24 Depreciation of right-of-use assets 54 54 Depreciation of investment properties 2 1 Amortisation of other intangible assets 13 18 Amortisation of contract fulfilment assets 15 12 Net (credit) of trade receivables impairment provision \u2013 (9) Impairment of property, plant and equipment \u2013 2 Profit on disposal of property, plant and equipment (4) (4) Government grant income (6) (4) Cost of inventory recognised as an expense 154 178 Auditor\u2019s remuneration 5 4 6.2 Analysis of auditor\u2019s remuneration 2022 \u00a3m 2021 \u00a3m Services as auditor to the Company 0.7 0.6 Services as auditor to Group subsidiaries 3.4 2.9 Total audit fees 4.1 3.5 Audit-related assurance fees 0.8 0.5 Other assurance fees \u2013 \u2013 Total non-audit fees 0.8 0.5 Total fees in relation to audit and other services 4.9 4.0 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProfitLossFromOperatingActivitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-616": {
   "value": "6.2 Analysis of auditor\u2019s remuneration 2022 \u00a3m 2021 \u00a3m Services as auditor to the Company 0.7 0.6 Services as auditor to Group subsidiaries 3.4 2.9 Total audit fees 4.1 3.5 Audit-related assurance fees 0.8 0.5 Other assurance fees \u2013 \u2013 Total non-audit fees 0.8 0.5 Total fees in relation to audit and other services 4.9 4.0 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-572": {
   "value": "7 Employee costs 7.1 Group Employee costs during the year 2022 \u00a3m 2021 \u00a3m Wages and salaries 1,259 1,187 Redundancy costs 4 10 Social security costs 98 87 Pension costs (Note 30) 63 60 Share-based payments (Note 35) 20 12  1,444 1,356 Average number of Group employees 2022 Number 2021 Number Construction Services 12,233 12,857 Support Services 3,794 3,564 Infrastructure Investments 1,546 1,614 Corporate 145 122  17,718 18,157 Detailed disclosures of items of remuneration, including those accruing under the Company\u2019s equity-settled share-based payment arrangements can be found within the Remuneration report on pages 142 to 167. 7.2 Company The Company did not have any employees and did not incur any employee costs in the year (2021: \u00a3nil). Balfour Beatty Group Employment Ltd, which was established in February 2013, remains the employing entity for the Balfour Beatty Group\u2019s UK employees. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-573": {
   "value": "8 Investment income 2022 \u00a3m 2021 \u00a3m Subordinated debt interest receivable 27 23 Interest receivable on PPP financial assets (Note 21) 2 5 Fair value gain on investment asset  6 9 Interest received on bank deposits 8 \u2013 Other interest receivable and similar income 2 1 Net finance income on pension scheme assets and obligations (Note 30.2) 5 1 50 39 ",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfInvestmentIncome",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-571": {
   "value": "9 Finance costs 2022 \u00a3m 2021 \u00a3m Non-recourse borrowings \u2013 bank loans and overdrafts 9 11 US private placement \u2013 finance cost 15 10 Interest on lease liabilities (Note 28) 6 6 Other interest payable \u2013 committed facilities 2 2 \u2013 letter of credit fees 2 2 \u2013 other finance charges 2 4 Impairment of joint ventures and associates \u2013 loans  \u2013 4 \u2013 accrued interest 2 10 38 49 The impairment of loans to joint ventures and associates of \u00a3nil (2021: \u00a34m) and accrued interest receivable of \u00a32m (2021: \u00a310m) relate to expected credit loss assessments performed. All of these impairments relate to subordinated debt and accrued interest receivable from joint ventures and associates held within the Infrastructure Investments segment. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-574": {
   "value": "10 Non-underlying items 2022 \u00a3m 2021 \u00a3m Items (charged against)/credited to profit 10.1 Amortisation of acquired intangible assets (6) (5) 10.2 Other non-underlying items: \u2013 release of indemnity provisions relating to sale of Heery International Inc. 2 6 \u2013 grant income repaid in relation to UK Job Retention Scheme \u2013 (19) \u2013  settlement charge following resolution with DoJ in relation to handling of work orders within Balfour Beatty Communities \u2013 (41) \u2013 provision recognised for rectification works to be carried out on a development in London \u2013 (42) \u2013 release of accrual relating to sale of Parsons Brinckerhoff \u2013 1 Total other non-underlying items 2 (95) Charged against profit before taxation  (4) (100) 10.3 Tax credit/(charge): \u2013 impact of tax rate change on deferred tax assets previously recognised through non-underlying 2 18 \u2013 tax on other items above (1) \u2013 \u2013 recognition of deferred tax assets in the UK \u2013 11 \u2013 tax on grant income repaid in relation to UK Job Retention Scheme \u2013 4 \u2013 tax on DoJ settlement charge \u2013 4 \u2013 tax on rectification works provision \u2013 8 Total tax credit 1 45 Charged against profit for the year (3) (55) 10.1 The amortisation of acquired intangible assets comprises: customer contracts \u00a35m (2021: \u00a34m); and customer relationships \u00a31m (2021: \u00a31m). The charge was recognised in the following segments: Construction Services \u00a31m (2021: \u00a3nil); and Infrastructure Investments \u00a35m (2021: \u00a35m). 10.2.1 On 27 October 2017, the Group disposed of its 100% interest in Heery International Inc (Heery). As part of the gain on disposal recorded, the Group recognised indemnity provisions relating to several projects which were indemnified by the Group as part of the sale. This estimate was subject to final ongoing negotiations with various clients. Following completion of these projects, a final reassessment of this provision was conducted resulting in a \u00a32m release (2021: \u00a36m). The credit has been recognised in the Construction Services segment. 10.2.2 In 2020, the Group recognised grant income of \u00a319m in respect of the UK Government\u2019s Job Retention Scheme (JRS), which was presented within non-underlying items to avoid distorting the underlying performance of the Group. The Group subsequently repaid this income in 2021 and, in line with the treatment adopted at 31 December 2020, the Group presented its voluntary refund of the grant income within non-underlying items in 2021. The amounts were recognised in the following segments: Construction Services \u00a313m; Support Services \u00a35m; and Corporate \u00a31m. 10.2.3 In December 2021, the Group through its subsidiary Balfour Beatty Communities (BBC), reached a resolution with the US Department of Justice (DoJ) following the completion of its investigation into specific performance incentive fees improperly claimed by BBC between 2013 and 2019 related to maintenance work at certain US military housing installations. As part of the resolution, BBC agreed to pay a settlement totalling US$65.4m. These costs were recorded within non-underlying items, net of provisions already held in the previous year. The Group presented this within non-underlying items due to the size and nature of this charge. This charge was recognised in the Infrastructure Investments segment. 10.2.4 In 2021, the Group recognised a provision of \u00a342m in relation to rectification works to be carried out on a development in London which was constructed by the Group between 2013 and 2016. The rectification work will include the replacement of stone panels affixed to the fa\u00e7ade of the development to meet performance requirements. The provision was calculated in line with a methodology based on an independent expert\u2019s assessment of the rectification and included an estimate of costs associated with any potential consequential disruption to the development as a result of these rectification works. The provision did not include potential recoveries from third parties. The Group presented this within non-underlying items due to the size of the defect provision. This charge was recognised in the Construction Services segment. 10.2.5 The Group established an accrual in relation to separation costs incurred as part of the Group\u2019s sale of Parsons Brinckerhoff in October 2014. In 2021, the Group released \u00a31m of this accrual following completion of works relating to this sale. This credit was recognised in Corporate activities. 10.3.1 There is an additional deferred tax credit of \u00a32m to revalue deferred tax assets previously recognised through non-underlying items due to a corporation tax rate change enacted in the UK (2021: \u00a318m). 10.3.2 The remaining non-underlying items recognised in the Group\u2019s operating profit gave rise to a tax charge of \u00a31m which was recognised mainly on the amortisation of acquired intangible assets (2021: \u00a3nil). 10.3.3 In 2021 the Group recognised \u00a311m net movement on deferred tax assets for tax losses in non-underlying items following the recognition of actuarial gains and losses in the Group\u2019s pension schemes. 10 Non-underlying items continued 10.3.4 As explained in Note 10.2.2, a non-underlying charge of \u00a319m was recognised in 2021 in relation to grant income repaid under the UK Government\u2019s JRS. This expense gave rise to a tax credit of \u00a34m. 10.3.5 As explained in Note 10.2.3, a non-underlying charge of \u00a341m was recognised in 2021 in relation to the resolution with the DoJ. This expense gave rise to a tax credit of \u00a34m. 10.3.6 As explained in Note 10.2.4, a non-underlying charge of \u00a342m was recognised in 2021 in relation to the rectification works to be carried out on a development in London. This expense gave rise to a tax credit of \u00a38m. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfNonUnderlyingItems",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-575": {
   "value": "1<span class=\"_ _17\"></span>1 In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>axe<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>1<span class=\"_ _6\"></span>1.<span class=\"_ _17\"></span>1 I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e/(<span class=\"_ _6\"></span>c<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>it)<span class=\"_ _399\"> </span>Underlying<span class=\"_ _399\"> </span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ms 1 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Non-underlying it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ms (No<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 10) 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l UK t<span class=\"_ _0\"></span>ax<span class=\"_ _1b8\"> </span><span class=\"ff4d lsc0 ws1a9\">(33)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _fd\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span></span></span></span><span class=\"lsf9 ws29\">(67)<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>UK t<span class=\"_ _0\"></span>ax<span class=\"_ _10e\"> </span><span class=\"ff4d lsa2 ws2a\">34<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">1<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">35<span class=\"_ _2d\"> </span></span></span><span class=\"lsfb ws13a\">15<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal tax charg<span class=\"_ _6\"></span>e/<span class=\"_ _6\"></span>(credit) x<span class=\"_ _399\"> </span>1<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _40\"> </span><span class=\"ff4e lsf8 wse1\">(52)<span class=\"_ _399\"> </span></span>UK c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _276\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span>\u2013 cur<span class=\"_ _0\"></span>rent ta<span class=\"_ _0\"></span>x <span class=\"_ _14e\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span>\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _195\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span></span><span class=\"lsa9 ws23\">(5)</span> <span class=\"_ _28a\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _58\"> </span></span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span>No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-U<span class=\"_ _0\"></span>K c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _28b\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span>\u2013 cur<span class=\"_ _0\"></span>rent ta<span class=\"_ _0\"></span>x<span class=\"_ _28c\"> </span><span class=\"ff4d ls40 ws26\">32<span class=\"_ _40\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _3f\"> </span></span></span></span>6<span class=\"_ _399\"> </span>\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _28d\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _2d\"> </span></span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)</span> <span class=\"_ _28e\"> </span><span class=\"ff4d lsb0 ws9b\">29<span class=\"_ _40\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _3f\"> </span></span></span></span>5<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>ax <span class=\"_ _28f\"> </span><span class=\"lsbd ws97\">31<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4)<span class=\"_ _75\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _139\"> </span></span></span></span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span>UK d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _290\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span>\u2013 orig<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d revers<span class=\"_ _0\"></span>al of temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es <span class=\"_ _1d9\"> </span><span class=\"ff4d ls28 ws24\">(20)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _fd\"> </span>(2<span class=\"_ _0\"></span>2)<span class=\"_ _fd\"> </span></span></span><span class=\"ls35 ws34\">(<span class=\"_ _0\"></span>27)<span class=\"_ _399\"> </span></span>\u2013 UK corporation tax rat<span class=\"_ _6\"></span>e change<span class=\"_ _291\"> </span><span class=\"ff4d ls1b4 ws110\">(13<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c4\"> </span></span>(1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span></span><span class=\"lsa9 ws23\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span>\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _25d\"> </span><span class=\"ff4d lsaa ws140\">(<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _7b\"> </span></span></span>\u2013 <span class=\"_ _292\"> </span><span class=\"ff4d ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _fd\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>7)<span class=\"_ _1da\"> </span></span></span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>62)<span class=\"_ _399\"> </span></span>No<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-U<span class=\"_ _0\"></span>K d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"_ _129\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span>\u2013 orig<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d revers<span class=\"_ _0\"></span>al of temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es<span class=\"_ _13f\"> </span><span class=\"ff4d\">4<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _78\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _78\"> </span></span></span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span>\u2013 adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of previ<span class=\"_ _0\"></span>ous p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds<span class=\"_ _293\"> </span><span class=\"ff4d\">1<span class=\"_ _3f\"> </span>2<span class=\"_ _3f\"> </span>3<span class=\"_ _139\"> </span></span>\u2013 <span class=\"_ _28a\"> </span><span class=\"ff4d\">5<span class=\"_ _2d\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _99\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _2d\"> </span></span></span></span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x<span class=\"_ _28b\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _40\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _c4\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"ff4e lsf8 wse1\">(52)<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal tax charg<span class=\"_ _6\"></span>e/<span class=\"_ _6\"></span>(credit) x<span class=\"_ _399\"> </span>1<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _40\"> </span><span class=\"ff4e lsf8 wse1\">(52)<span class=\"_ _399\"> </span></span>x <span class=\"_ _1cd\"> </span>E<span class=\"_ _0\"></span>xcl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing j<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t vent<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span>1 <span class=\"_ _4\"> </span>Be<span class=\"_ _0\"></span>fore n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng i<span class=\"_ _0\"></span>tems (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.1<span class=\"_ _6\"></span>0 a<span class=\"_ _0\"></span>nd 10<span class=\"_ _0\"></span>).<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d a \u00a31<span class=\"_ _6\"></span>m t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m) wit<span class=\"_ _0\"></span>hin non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g items in th<span class=\"_ _0\"></span>e year. Refer to Notes 10.3<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1 to 10.3<span class=\"_ _0\"></span>.6<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ta<span class=\"_ _0\"></span>x char<span class=\"_ _0\"></span>ge/<span class=\"_ _0\"></span>(cre<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>) exclud<span class=\"_ _0\"></span>es amo<span class=\"_ _0\"></span>unts for j<span class=\"_ _0\"></span>oint ventures a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates (refer to N<span class=\"_ _0\"></span>ote 1<span class=\"_ _6\"></span>9<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2), except w<span class=\"_ _0\"></span>here t<span class=\"_ _0\"></span>ax is lev<span class=\"_ _0\"></span>ied a<span class=\"_ _0\"></span>t the Grou<span class=\"_ _0\"></span><span class=\"_ _399\">p level</span><span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the G<span class=\"_ _0\"></span>roup t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e/<span class=\"_ _0\"></span>(cred<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>), tax of \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m has b<span class=\"_ _0\"></span>een c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>ted (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>27m ch<span class=\"_ _0\"></span>arge<span class=\"_ _0\"></span>d) di<span class=\"_ _0\"></span>rect<span class=\"_ _0\"></span>ly to other c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e, com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>sing: a t<span class=\"_ _0\"></span>ax cre<span class=\"_ _0\"></span>dit of \u00a3<span class=\"_ _0\"></span>19m for sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>24m c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e); and a t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>redit i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of j<span class=\"_ _0\"></span>oint ventures a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m charg<span class=\"_ _0\"></span>e). T<span class=\"_ _6\"></span>ax c<span class=\"_ _0\"></span>redit of \u00a3<span class=\"_ _1\"></span>2m (2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>nil) h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed di<span class=\"_ _0\"></span>rect<span class=\"_ _0\"></span>ly in e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to share<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>bas<span class=\"_ _0\"></span>ed pa<span class=\"_ _0\"></span>yme<span class=\"_ _0\"></span>nts. Refer to N<span class=\"_ _0\"></span>ote 32.<span class=\"_ _6\"></span>1. 1<span class=\"_ _17\"></span>1 In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>axe<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>1<span class=\"_ _6\"></span>1.2 I<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>me t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e/(cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t) r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Profi<span class=\"_ _0\"></span>t before ta<span class=\"_ _0\"></span>xat<span class=\"_ _0\"></span>ion in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing sh<span class=\"_ _0\"></span>are of result<span class=\"_ _0\"></span>s from jo<span class=\"_ _0\"></span>int ventures a<span class=\"_ _0\"></span>nd ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iates <span class=\"_ _9f\"> </span><span class=\"ff4d ls2e ws2c\">287<span class=\"_ _99\"> </span></span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span>Les<span class=\"_ _0\"></span>s: share of resul<span class=\"_ _0\"></span>ts of joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates<span class=\"_ _10b\"> </span><span class=\"ff4d ls1b4 ws110\">(10<span class=\"_ _1\"></span>5)<span class=\"_ _9a\"> </span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span>Profi<span class=\"_ _0\"></span>t before ta<span class=\"_ _0\"></span>xat<span class=\"_ _0\"></span>ion<span class=\"_ _1ed\"> </span><span class=\"ff4d ls7b ws13c\">182<span class=\"_ _99\"> </span></span><span class=\"ls13f ws126\">30<span class=\"_ _399\"> </span></span>Ad<span class=\"_ _0\"></span>d: non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing ite<span class=\"_ _0\"></span>ms cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d excludin<span class=\"_ _0\"></span>g share of jo<span class=\"_ _0\"></span>int ventures a<span class=\"_ _0\"></span>nd ass<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iates<span class=\"_ _294\"> </span><span class=\"ff4d\">4<span class=\"_ _9c\"> </span></span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span>Underlying pro<span class=\"_ _6\"></span>fit befor<span class=\"_ _6\"></span>e taxation for s<span class=\"_ _6\"></span>ubsidiaries1<span class=\"_ _399\"> </span>18<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span><span class=\"ff4e ls142 ws12b\">13<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying p<span class=\"_ _0\"></span>rofit b<span class=\"_ _0\"></span>efore ta<span class=\"_ _0\"></span>xatio<span class=\"_ _0\"></span>n at st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard UK c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x rate of 19% (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 19%)<span class=\"_ _61\"> </span><span class=\"ff4d lsb5 ws9f\">35<span class=\"_ _99\"> </span></span><span class=\"ls3c ws3a\">25<span class=\"_ _399\"> </span></span>Ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>or t<span class=\"_ _0\"></span>he e<span class=\"_ _0\"></span>f<span class=\"_ _1\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f: <span class=\"_ _90\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span>E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nses n<span class=\"_ _0\"></span>ot ded<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e for ta<span class=\"_ _0\"></span>x pur<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d other p<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span>anent i<span class=\"_ _0\"></span>tems <span class=\"_ _226\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span></span>4<span class=\"_ _399\"> </span>Benef<span class=\"_ _0\"></span>it of ta<span class=\"_ _0\"></span>x inc<span class=\"_ _0\"></span>entive<span class=\"_ _0\"></span>s<span class=\"_ _295\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _99\"> </span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax l<span class=\"_ _0\"></span>evie<span class=\"_ _0\"></span>d at Grou<span class=\"_ _0\"></span>p level on sh<span class=\"_ _0\"></span>are of joi<span class=\"_ _0\"></span>nt ventures\u2019 and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s\u2019 profits<span class=\"_ _399\"> </span>#<span class=\"_ _399\"> </span>13<span class=\"_ _3f\"> </span><span class=\"ff4e ls3 ws0\">5<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nitio<span class=\"_ _0\"></span>n of los<span class=\"_ _0\"></span>ses not p<span class=\"_ _0\"></span>reviou<span class=\"_ _0\"></span>sly rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>*<span class=\"_ _399\"> </span>(4<span class=\"_ _0\"></span>3)<span class=\"_ _fd\"> </span><span class=\"ff4e ls73 ws6d\">(26<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Effe<span class=\"_ _0\"></span>ct of t<span class=\"_ _0\"></span>ax ra<span class=\"_ _0\"></span>tes in non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>UK ju<span class=\"_ _0\"></span>risd<span class=\"_ _0\"></span>ict<span class=\"_ _0\"></span>ions<span class=\"_ _296\"> </span><span class=\"ff4d ls7b ws13c\">12<span class=\"_ _3f\"> </span></span>6<span class=\"_ _399\"> </span>Rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nitio<span class=\"_ _0\"></span>n of UK defer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax at 2<span class=\"_ _0\"></span>5%&amp;<span class=\"_ _399\"> </span>(12<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ff4e ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Adjustments in respect of pr<span class=\"_ _6\"></span>evious perio<span class=\"_ _0\"></span>ds<span class=\"_ _241\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal tax charg<span class=\"_ _6\"></span>e/<span class=\"_ _6\"></span>(credit)<span class=\"_ _6\"></span> on underlying<span class=\"_ _6\"></span> profit<span class=\"_ _106\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _58\"> </span><span class=\"ff4e lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></span>Ad<span class=\"_ _0\"></span>d: ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>it in no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng items (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 10.3<span class=\"_ _0\"></span>)<span class=\"_ _297\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _fd\"> </span></span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal tax credit o<span class=\"_ _6\"></span>n profit from<span class=\"_ _6\"></span> operations<span class=\"_ _10e\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"ff4e lsf8 wse1\">(<span class=\"_ _0\"></span>52)<span class=\"_ _399\"> </span></span></span># <span class=\"_ _4\"> </span>T<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e are m<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>th US j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>tes w<span class=\"_ _0\"></span>here t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x is le<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>d at t<span class=\"_ _0\"></span>he Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p leve<span class=\"_ _0\"></span>l rat<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n wi<span class=\"_ _0\"></span>thi<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re of jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>* <span class=\"_ _4\"> </span>Ad<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al UK t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m were re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a3197m, of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m we<span class=\"_ _0\"></span>re rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g ite<span class=\"_ _0\"></span>ms).<span class=\"_ _399\"> </span>1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span>&amp; Th<span class=\"_ _0\"></span>e UK c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate wi<span class=\"_ _0\"></span>ll in<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m 19% to 25% fr<span class=\"_ _0\"></span>om 1 A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23 a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>fore t<span class=\"_ _0\"></span>he ne<span class=\"_ _0\"></span>w defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re rem<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at 2<span class=\"_ _0\"></span>5%. T<span class=\"_ _0\"></span>his in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es \u00a3<span class=\"_ _0\"></span>13m cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m) in c<span class=\"_ _0\"></span>onn<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>on of U<span class=\"_ _0\"></span>K t<span class=\"_ _0\"></span>ax l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-576": {
   "value": "12 Earnings per share Earnings Basic 2022 \u00a3m Diluted 2022 \u00a3m Basic 2021 \u00a3m Diluted 2021 \u00a3m Earnings 288 288 140 140 Amortisation of acquired intangible assets \u2013 including tax charge of \u00a31m (2021: \u00a31m credit) 7 7 4 4 Other non-underlying items \u2013 including tax credit of \u00a32m (2021: \u00a344m) (4) (4) 51 51 Underlying earnings 291 291 195 195 Basic 2022 m Diluted 2022 m Basic 2021 m Diluted 2021 m Weighted average number of ordinary shares 612 620 657 664 The basic earnings per ordinary share is calculated by dividing the profit for the year attributable to equity holders by the weighted average number of ordinary shares outstanding during the year, excluding treasury shares and shares held in the Employee Share Ownership Trust. The diluted earnings per ordinary share uses an adjusted weighted average number of shares and includes shares that are potentially outstanding in relation to the equity-settled share-based payment arrangements detailed in Note 35 of the Annual Report and Accounts. Potential dilutive effect of ordinary shares issuable under equity-settled share-based payment arrangements is 8m (2021: 7m). Earnings per share Basic 2022 Pence Diluted 2022 Pence Basic 2021 Pence Diluted 2021 Pence Earnings per ordinary share 46.9 46.3 21.3 21.1 Amortisation of acquired intangible assets after tax 1.2 1.1 0.6 0.6 Other non-underlying items after tax (0.6) (0.6) 7.8 7.7 Underlying earnings per ordinary share 47.5 46.8 29.7 29.4 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-577": {
   "value": "13 Dividends Per share 2022 Pence Amount 2022 \u00a3m Per share 2021 Pence Amount 2021 \u00a3m Proposed dividends for the year        Interim \u2013 current year 3.5 21 3.0 19 Final \u2013 current year 7.0 40 6.0 37  10.5 61 9.0 56 Recognised dividends for the year        Final \u2013 prior year   37   10 Interim \u2013 current year   21   19    58   29 Subject to approval at the Annual General Meeting on 12 May 2023, the final 2022 dividend will be paid on 5 July 2023 to holders on the register on 19 May 2023 by direct credit or, where no mandate has been given, by cheque posted by 5 July 2023. The ordinary shares will be quoted ex-dividend on 18 May 2023. The last date for Dividend Reinvestment Plan (DRIP) elections will be 14 June 2023. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDividendsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-578": {
   "value": "14 Intangible assets \u2013 goodwill Cost \u00a3m Accumulated impairment losses \u00a3m Carrying amount \u00a3m At 1 January 2021 1,036 (225) 811 Currency translation differences (1) 7 6 At 31 December 2021 1,035 (218) 817 Currency translation differences 71 (12) 59 At 31 December 2022 1,106 (230) 876 Carrying amounts of goodwill by segment 2022 2021 United Kingdom \u00a3m United States \u00a3m Total \u00a3m United Kingdom \u00a3m United States \u00a3m Total \u00a3m Construction Services 260 488 748   260 435 695 Support Services 73 \u2013 73   73 \u2013 73 Infrastructure Investments \u2013 55 55   \u2013 49 49 Group 333 543 876   333 484 817 Carrying amounts of goodwill by cash-generating unit 2022 2021 \u00a3m Pre-tax discount rate % \u00a3m Pre-tax discount rate % UK Regional and Engineering Services 248 9.1   248 9.2 Balfour Beatty Construction Group Inc 464 9.3   414 9.3 Rail UK 68 9.3   68 9.3 Balfour Beatty Investments US 55 11.1   49 9.4 Other 41 9.3   38 10.2 Group total 876     817  The recoverable amount of goodwill is based on value-in-use, a key input of which is forecast cash flows. The Group\u2019s cash flow forecasts are based on the expected future revenues and margins of each CGU, giving consideration to the current level of confirmed and anticipated orders. Cash flow forecasts for the next three years are based on the Group\u2019s Three-Year Plan, which covers the period from 2023 to 2025. The cash flow forecasts for each CGU were compiled from each of its constituent business units as part of the Group\u2019s annual financial planning process. The other key inputs in assessing each CGU are its long-term growth rate and discount rate. The discount rates have been calculated using the Weighted Average Cost of Capital (WACC) method, which takes account of the Group\u2019s capital structure (financial risk) as well as the nature of each CGU\u2019s business (operational risk). Long-term growth rates are assumed to be the estimated future GDP growth rates based on published independent forecasts for the country or countries in which each CGU operates, less 1.0% to reflect current economic uncertainties and their consequent estimated effect on public sector spending on infrastructure. 14 Intangible assets \u2013 goodwill continued In the derivation of each CGU\u2019s value-in-use, a terminal value is assumed based on a multiple of earnings before interest and tax. The multiple is applied to a terminal cash flow, which is the normalised cash flow in the last year of the forecast period. However, due to the long-term nature and the degree of predictability of some contracts within Balfour Beatty Investments US, the forecast period used in the derivation of this CGU\u2019s value-in-use extends beyond the Group\u2019s three-year cash flow forecast period in line with the duration of the contracts disclosed in Note 41(e). The EBIT multiple is calculated using the Gordon Growth Model and is a factor of the discount rate and growth rate for each CGU. The nominal terminal value is discounted to present value. 2022 2021 Inflation rate % Real growth rate % Nominal long-term growth rate applied % Inflation rate % Real growth rate % Nominal long-term growth rate applied % UK Regional and Engineering Services 2.3 0.8 3.1   2.3 0.5 2.8 Balfour Beatty Construction Group Inc 2.2 0.7 2.9   2.0 0.8 2.8 Rail UK 2.3 0.8 3.1   2.3 0.5 2.8 Balfour Beatty Investments US  2.2 0.7 2.9   2.0 0.8 2.8 Other 2.3 0.8 3.1   2.2 0.6 2.8 Sensitivities The Group\u2019s impairment review is sensitive to changes in the key assumptions used. The major assumptions that result in significant sensitivities are the discount rate and the long-term growth rate, and for certain CGUs, changes to underlying cash projections. A reasonable possible change in key assumptions would not give rise to an impairment in any of the Group\u2019s CGUs. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-579": {
   "value": "15 Intangible assets \u2013 other Customer contracts \u00a3m Customer relationships \u00a3m Brand names \u00a3m Infrastructure Investments intangibles \u00a3m Software and other \u00a3m Total \u00a3m Cost            At 1 January 2021 216 48 3 235 132 634 Currency translation differences 2 1 \u2013 \u2013 \u2013 3 Additions \u2013 \u2013 \u2013 1 1 2 Removal of fully amortised intangible asset \u2013 \u2013 \u2013 \u2013 (6) (6) At 31 December 2021 218 49 3 236 127 633 Currency translation differences 26 6 \u2013 \u2013 2 34 Additions \u2013 \u2013 \u2013 1 \u2013 1 At 31 December 2022 244 55 3 237 129 668 Accumulated amortisation            At 1 January 2021 (158) (40) (3) (4) (117) (322) Currency translation differences (2) (1) \u2013 \u2013 \u2013 (3) Charge for the year  (4) (1) \u2013 (4) (9) (18) Removal of fully amortised intangible asset  \u2013 \u2013 \u2013 \u2013 6 6 At 31 December 2021 (164) (42) (3) (8) (120) (337) Currency translation differences (20) (5) \u2013 \u2013 (1) (26) Charge for the year  (5) (1) \u2013 (5) (2) (13) At 31 December 2022 (189) (48) (3) (13) (123) (376) Carrying amount            At 31 December 2022 55 7 \u2013 224 6 292 At 31 December 2021 54 7 \u2013 228 7 296 The Group recognises certain assets held as part of service concession arrangements as Infrastructure Investments intangible assets where the Group bears demand risk under IFRIC 12 Service Concession Arrangements. The Group has completed its IFRIC 12 assets at the University of Sussex, incurring a spend of \u00a31m (2021: \u00a31m) in the year. The Infrastructure Investments intangible assets are amortised on a straight-line basis over the life of the projects, which is 50 years. Intangible assets are amortised on a straight-line basis over their expected useful lives, which are one to four years for customer contracts, three to 10 years for customer relationships, three to seven years for software, and up to five years for brand names, except for customer contracts and relationships relating to Balfour Beatty Investments North America which are amortised on a basis matching the returns earned over the life of the underlying contracts and relationships of up to 50 years. Other intangible assets are amortised over periods up to 10 years. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-580": {
   "value": "16 Property, plant and equipment Land and buildings \u00a3m Plant and equipment \u00a3m Assets in the course of construction \u00a3m Total \u00a3m Cost or valuation        At 1 January 2021 65 261 6 332 Currency translation differences \u2013 2 \u2013 2 Additions  2 31 2 35 Removal of fully depreciated assets/assets scrapped \u2013  (4) \u2013 (4) Disposals (2) (38) \u2013 (40) At 31 December 2021 65 252 8 325 Currency translation differences 2 9 \u2013 11 Transfers  \u2013 7 (7) \u2013 Additions  \u2013 31 \u2013 31 Removal of fully depreciated assets/assets scrapped (10) (5) \u2013 (15) Disposals \u2013 (17) \u2013 (17) At 31 December 2022 57 277 1 335 Accumulated depreciation        At 1 January 2021 (45) (194) \u2013 (239) Charge for the year  (5) (19) \u2013 (24) Impairment charge (1) (1) \u2013 (2) Removal of fully depreciated assets/assets scrapped \u2013 4 \u2013 4 Disposals 2 32 \u2013 34 At 31 December 2021 (49) (178) \u2013 (227) Currency translation differences  \u2013 (5) \u2013 (5) Charge for the year  (4) (23) \u2013 (27) Removal of fully depreciated assets/assets scrapped 10 5 \u2013 15 Disposals \u2013 13 \u2013 13 At 31 December 2022 (43) (188) \u2013 (231) Carrying amount        At 31 December 2022 14 89 1 104 At 31 December 2021 16 74 8 98 Except for land and assets in the course of construction, the costs of property, plant and equipment are depreciated on a straight-line basis over their expected useful lives. Buildings are depreciated at 2.5% per annum and plant and equipment is depreciated at 4% to 33% per annum. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-581": {
   "value": "17 Right-of-use assets Land and buildings \u00a3m Plant and equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m Cost or valuation        At 1 January 2021 79 40 78 197 Additions  16 18 27 61 Removal of fully depreciated assets/assets scrapped (3) (12) (7) (22) Disposals  (6) (2) (6) (14) At 31 December 2021 86 44 92 222 Currency translation differences  6 \u2013 \u2013 6 Additions  19 13 24 56 Removal of fully depreciated assets/assets scrapped (11) (10) (6) (27) Disposals  (5) (1) (4) (10) At 31 December 2022 95 46 106 247 Accumulated depreciation        At 1 January 2021 (24) (18) (34) (76) Charge for the year  (17) (14) (23) (54) Removal of fully depreciated assets/assets scrapped 3 12 7 22 Disposals  4 1 6 11 At 31 December 2021 (34) (19) (44) (97) Currency translation differences  (2) (1) \u2013 (3) Charge for the year  (18) (11) (25) (54) Removal of fully depreciated assets/assets scrapped 11 10 6 27 Disposals  3 1 3 7 At 31 December 2022 (40) (20) (60) (120) Carrying amount        At 31 December 2022 55 26 46 127 At 31 December 2021 52 25 48 125 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfQuantitativeInformationAboutRightofuseAssetsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-582": {
   "value": "18 Investment properties Cost \u00a3m Accumulated depreciation \u00a3m Carrying amount \u00a3m At 1 January 2021 35 (5) 30 Depreciation charge for the year  \u2013 (1) (1) At 31 December 2021 35 (6) 29 Depreciation charge for the year  \u2013 (2) (2) At 31 December 2022 35 (8) 27 Investment properties are held by the Group to generate rental income and capital appreciation. The Group has chosen to account for its investment property assets under the cost method. The Group has non-recourse project specific financing amounting to \u00a323m (2021: \u00a326m), which is secured through a floating charge over the property. Once a property is ready for use, the Group ceases capitalisation of interest cost and commences depreciation on the property, on a straight-line basis over 25 years. The fair value of the Group\u2019s investment properties at 31 December 2022 approximates the carrying value. The Group generated \u00a34m (2021: \u00a33m) of rental income from its investment properties. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentPropertyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-583": {
   "value": "<div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.0066986084px; bottom:668.28705px;\">1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:652.03705px;\">19<span class=\"_ _6\"></span>.<span class=\"_ _17\"></span>1 Mov<span class=\"_ _6\"></span>ements<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1b5 ws1aa\" style=\"left:526.29517px; bottom:637.73706px;\">Net<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:517.04956px; bottom:627.98706px;\">assets<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:618.23706px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:580.53577px; bottom:627.98706px;\">Lo<span class=\"_ _0\"></span>ans </div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:602.42426px; bottom:630.5845px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:618.23706px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:627.98706px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:618.23706px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:602.9075px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _27b\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>6<span class=\"_ _9a\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>8<span class=\"_ _9c\"> </span><span class=\"ls1a3 ws193\">554<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:588.87787px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _268\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _76\"> </span></span>(1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:574.84827px;\">Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _284\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:560.81866px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _131\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:546.78906px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _236\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:532.75946px;\">Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benef<span class=\"_ _0\"></span>it ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _97\"> </span>7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>7<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:518.73px;\">T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c4\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:504.70038px;\">Dividends<span class=\"_ _151\"> </span><span class=\"lsaf ws9a\">(68)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span></span>(68)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.0066986084px; bottom:490.67084px;\">Additions<span class=\"_ _15a\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>18<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:476.64124px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of interest i<span class=\"_ _0\"></span>n BC Chil<span class=\"_ _0\"></span>dren\u2019s and BC Wom<span class=\"_ _0\"></span>en\u2019<span class=\"_ _6\"></span>s H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ls (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.<span class=\"_ _6\"></span>1)<span class=\"_ _e1\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:462.61163px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of interest i<span class=\"_ _0\"></span>n A<span class=\"_ _0\"></span>berd<span class=\"_ _0\"></span>een We<span class=\"_ _0\"></span>stern Pe<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>hera<span class=\"_ _0\"></span>l Rou<span class=\"_ _0\"></span>te (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>)<span class=\"_ _e2\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">(18<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:448.58203px;\">Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _2c5\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:434.55243px;\">Loans repaid<span class=\"_ _2c6\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span>(3)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:420.52283px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sific<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en net as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>ans<span class=\"_ _2c7\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _f9\"> </span>(26)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:406.49323px;\">Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent of lo<span class=\"_ _0\"></span>ans to jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates (N<span class=\"_ _0\"></span>ote 9<span class=\"_ _0\"></span>)<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _99\"> </span>(4)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:392.46362px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _242\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _9a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:378.43402px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _28f\"> </span><span class=\"ff4d ls2e ws2c\">28<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>28<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:364.40442px;\">Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _189\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:350.37482px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _26c\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:336.34534px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c8\"> </span><span class=\"ff4d lsb0 ws9b\">29<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:322.04535px;\">Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benef<span class=\"_ _0\"></span>it ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _97\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:307.74536px;\">T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c9\"> </span><span class=\"ff4d lsb5 ws9f\">25<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:293.71576px;\">Dividends<span class=\"_ _2ca\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span></span>(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.0066986084px; bottom:279.68616px;\">Additions<span class=\"_ _15a\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span></span>30<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:265.65656px;\">Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _2cb\"> </span><span class=\"ff4d ls9c ws91\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:251.62695px;\">Loans repaid<span class=\"_ _2c6\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _2d\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:237.59735px;\">Dist<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n in excess of e<span class=\"_ _0\"></span>arni<span class=\"_ _0\"></span>ngs rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d direc<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>n inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _1a0\"> </span><span class=\"ff4d\">2<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:223.56775px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>y ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive investm<span class=\"_ _0\"></span>ent to provi<span class=\"_ _0\"></span>sions (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>)<span class=\"_ _2cc\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:207.94861px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2cd\"> </span><span class=\"lsa8 ws96\">320<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">4<span class=\"_ _0\"></span>26<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:184.54865px;\">^ <span class=\"_ _33\"> </span>Lo<span class=\"_ _0\"></span>ans i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>ebt re<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nfr<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure In<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:165.04861px;\">Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates are sho<span class=\"_ _0\"></span>wn in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:145.54861px;\">Th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of the Gro<span class=\"_ _0\"></span>up\u2019s share of bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates whi<span class=\"_ _0\"></span>ch wa<span class=\"_ _0\"></span>s supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup an<span class=\"_ _0\"></span>d the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any wa<span class=\"_ _0\"></span>s \u00a3nil </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:132.54861px;\">(2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil). </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:113.048615px;\">Th<span class=\"_ _0\"></span>e non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>recou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of joint ve<span class=\"_ _0\"></span>nture and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iate enti<span class=\"_ _0\"></span>ties rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to infrast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s are rep<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le over p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:100.048615px;\">exten<span class=\"_ _0\"></span>ding u<span class=\"_ _0\"></span>p to 20<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>8. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>r fac<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s taken ou<span class=\"_ _0\"></span>t by proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ic joi<span class=\"_ _0\"></span>nt venture and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:87.048615px;\">com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies. T<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s of eac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>re secure<span class=\"_ _0\"></span>d by a co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fixed a<span class=\"_ _0\"></span>nd flo<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g cha<span class=\"_ _0\"></span>rges over t<span class=\"_ _0\"></span>hat c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>on </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:74.048615px;\">com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s interests in it<span class=\"_ _0\"></span>s proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s assets an<span class=\"_ _0\"></span>d revenues an<span class=\"_ _0\"></span>d the sh<span class=\"_ _0\"></span>ares in the c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any hel<span class=\"_ _0\"></span>d by it<span class=\"_ _0\"></span>s imme<span class=\"_ _0\"></span>diate p<span class=\"_ _0\"></span>arent co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:61.048615px;\"><span class=\"_ _399\">A signi</span><span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span>se lo<span class=\"_ _0\"></span>ans has b<span class=\"_ _0\"></span>een s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d into fixed ra<span class=\"_ _0\"></span>te debt by t<span class=\"_ _0\"></span>he use of interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>ps.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:41.548615px;\">As d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1(f), the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e its sh<span class=\"_ _0\"></span>are of fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y fun<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g of joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciates i<span class=\"_ _0\"></span>n </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.548615px;\">Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cture I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts\u2019 proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s and mil<span class=\"_ _0\"></span>itar<span class=\"_ _1\"></span>y hous<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns. Fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther, in respec<span class=\"_ _0\"></span>t of a num<span class=\"_ _0\"></span>ber of t<span class=\"_ _0\"></span>hese inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.5486145px;\">com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted not to d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>se of it<span class=\"_ _0\"></span>s equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y interest unt<span class=\"_ _0\"></span>il co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on is c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>lete. A<span class=\"_ _0\"></span>s is custo<span class=\"_ _0\"></span>mar<span class=\"_ _1\"></span>y in such p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts, b<span class=\"_ _0\"></span>ank<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ovenant<span class=\"_ _0\"></span>s restri<span class=\"_ _0\"></span>ct </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.5486145px;\"><span class=\"_ _399\">the p</span><span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt of div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds an<span class=\"_ _0\"></span>d other d<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:744.3808px;\">1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:728.1308px;\">19.<span class=\"_ _0\"></span>2 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:462.98047px; bottom:707.3308px;\">Infrastructure Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:661.18085px;\">Income sta<span class=\"_ _0\"></span>tement </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:301.99197px; bottom:690.43085px;\">Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:318.9445px; bottom:680.68085px;\">Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:333.84302px; bottom:670.93085px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:340.1368px; bottom:661.18085px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:382.5717px; bottom:690.43085px;\">Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls183 ws172\" style=\"left:381.30548px; bottom:680.68085px;\">Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:396.34195px; bottom:670.93085px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:404.19095px; bottom:661.18085px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4d fs6 fc2 sc0 lscf wsb7\" style=\"left:466.70624px; bottom:680.68085px;\">UK<span class=\"ff4e fs4 ls3 ws0\"> </span></div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:478.06226px; bottom:683.2782px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75726px; bottom:670.93085px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.14844px; bottom:661.18085px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:516.94086px; bottom:690.43085px;\">North<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lscf wsb7\" style=\"left:507.33868px; bottom:680.68085px;\">America<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:521.7986px; bottom:670.93085px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:528.66656px; bottom:661.18085px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:583.04755px; bottom:680.68085px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:584.39667px; bottom:670.93085px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:661.18085px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:646.935px; bottom:680.68085px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:646.935px; bottom:670.93085px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.957px; bottom:661.18085px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2c ws9d\" style=\"left:0.009376526px; bottom:645.85126px;\">Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _2ce\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span>3<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>9<span class=\"_ _9c\"> </span><span class=\"ls2e ws2c\">228<span class=\"_ _a0\"> </span></span></span></span></span>1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:631.82166px;\">Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t excludi<span class=\"_ _0\"></span>ng ga<span class=\"_ _0\"></span>in on dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sals of i<span class=\"_ _0\"></span>nterests </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:618.82166px;\"><span class=\"_ _399\">in in</span><span class=\"_ _6\"></span>vestments<span class=\"_ _80\"> </span><span class=\"ff4d ls71 ws6b\">24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _40\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _78\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _99\"> </span><span class=\"ls252 ws3b\">42<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:604.79205px;\">Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s<span class=\"_ _2cf\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _2d\"> </span>70<span class=\"_ _99\"> </span>70<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:590.76245px;\">Operating profit<span class=\"_ _2d0\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _40\"> </span><span class=\"ls99 ws8f\">91<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">88<span class=\"_ _82\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:576.73285px;\">Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2d1\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">88<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:562.70325px;\">Finance costs<span class=\"_ _21c\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _1da\"> </span><span class=\"ls28 ws24\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span>(8<span class=\"_ _0\"></span>7)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:548.67377px;\">Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _2d2\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">84<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">87<span class=\"_ _82\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:534.64417px;\">T<span class=\"_ _17\"></span>a<span class=\"_ _0\"></span>xation<span class=\"_ _215\"> </span><span class=\"ff4d lsb4 ws87\">(6)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _95\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:520.61456px;\">Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _2ae\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">84<span class=\"_ _95\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _9a\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:506.58496px;\">Balance sheet<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:492.55536px;\">Non-current assets<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:478.52576px;\">Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _d3\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">33</span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:464.49615px;\"> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 Infrastructure In<span class=\"_ _6\"></span>vestments intangible<span class=\"_ _2d3\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _99\"> </span>40</span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:450.46655px;\"> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 other<span class=\"_ _1fe\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span>13<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:436.43695px;\">Proper<span class=\"_ _0\"></span>ty,<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>lant and<span class=\"_ _6\"></span> equipment<span class=\"_ _2d4\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>33<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:422.40735px;\">Investment<span class=\"_ _6\"></span> prop<span class=\"_ _0\"></span>erties<span class=\"_ _2d5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls2c ws9d\">2<span class=\"_ _0\"></span>57<span class=\"_ _9c\"> </span>2<span class=\"_ _0\"></span>57<span class=\"_ _9c\"> </span>2<span class=\"_ _0\"></span>57<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:408.37775px;\">Investments<span class=\"_ _6\"></span> in joint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _298\"> </span><span class=\"ff4d ls3 ws0\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>5<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:394.34814px;\">Mo<span class=\"_ _0\"></span>ney mar<span class=\"_ _0\"></span>ket funds<span class=\"_ _2a9\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _99\"> </span>26<span class=\"_ _99\"> </span>26<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:380.31854px;\">PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _79\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">98<span class=\"_ _0\"></span>4<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">260<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _b2\"> </span>1,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>4<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:366.28906px;\">Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _2ab\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>9<span class=\"_ _f8\"> </span>11<span class=\"_ _0\"></span>9<span class=\"_ _f8\"> </span>11<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:352.25946px;\">Other non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current assets<span class=\"_ _2d6\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:338.22986px;\">Current assets<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:324.20032px;\">Cash and cash equivalents<span class=\"_ _2d7\"> </span><span class=\"ff4d lsf9 ws29\">385<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span><span class=\"lsb4 ws87\">150<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _82\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span></span></span>561<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:310.17072px;\">Other current assets<span class=\"_ _1d6\"> </span><span class=\"ff4d lsf8 wse1\">275<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _15\"> </span></span>5<span class=\"_ _78\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">326<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.009376526px; bottom:296.1411px;\">T<span class=\"_ _17\"></span>otal<span class=\"_ _6\"></span> assets<span class=\"_ _2a3\"> </span><span class=\"ls91 ws85\">837<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _0\"></span>6<span class=\"_ _a0\"> </span></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">2,803<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:281.49786px;\">Current liabilities<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:267.46844px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _37\"> </span><span class=\"ff4d ls8c ws8d\">(8<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span></span>(37)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span></span>(37)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(12<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:253.43881px;\">Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _169\"> </span><span class=\"ff4d ls8c ws8d\">(<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span>(12<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span>(1<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls20 ws88\">(715)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:239.40921px;\">Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:225.37961px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _66\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _109\"> </span><span class=\"ls20 ws88\">(8<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>5)<span class=\"_ _aa\"> </span><span class=\"lsaa ws140\">(50<span class=\"_ _0\"></span>2)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:211.35px;\">Othe<span class=\"_ _0\"></span>r non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>urrent liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _37\"> </span><span class=\"ff4d lsa3 ws124\">(80)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>0)<span class=\"_ _99\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _119\"> </span></span>(18<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:196.25156px;\">T<span class=\"_ _17\"></span>otal liabilities<span class=\"_ _2d1\"> </span><span class=\"ls1e ws30\">(<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>8)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>)<span class=\"_ _119\"> </span><span class=\"lsfa ws127\">(<span class=\"_ _0\"></span>519<span class=\"_ _0\"></span>)<span class=\"_ _10f\"> </span></span>(1,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _ab\"> </span><span class=\"lsc0 ws1a9\">(2,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.009376526px; bottom:182.22195px;\">Net<span class=\"_ _6\"></span> assets<span class=\"_ _105\"> </span><span class=\"ls1b9 ws1ae\">89<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"lsaa ws140\">2<span class=\"_ _0\"></span>21<span class=\"_ _77\"> </span><span class=\"lsbd ws97\">310<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:168.19235px;\">Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>y ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive investm<span class=\"_ _0\"></span>ent to provi<span class=\"_ _0\"></span>sions (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>)<span class=\"_ _161\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:154.16275px;\">Lo<span class=\"_ _0\"></span>ans to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _a4\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span>106<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:140.13315px;\">T<span class=\"_ _17\"></span>otal inv<span class=\"_ _6\"></span>estment in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _2d8\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _82\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">3<span class=\"_ _0\"></span>27<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">426<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:116.733154px;\">^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:100.04819px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s inves<span class=\"_ _0\"></span>tment i<span class=\"_ _0\"></span>n milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g joint vent<span class=\"_ _0\"></span>ures\u2019 and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates\u2019 pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d at its rem<span class=\"_ _0\"></span>ainin<span class=\"_ _0\"></span>g equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y invest<span class=\"_ _0\"></span>ment pl<span class=\"_ _0\"></span>us the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:87.04819px;\">value of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s accru<span class=\"_ _0\"></span>ed retur<span class=\"_ _0\"></span>ns from th<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s have total n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:74.04819px;\">net bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2,<span class=\"_ _6\"></span>126m). Note 41<span class=\"_ _6\"></span>(e) det<span class=\"_ _0\"></span>ails th<span class=\"_ _0\"></span>e Group\u2019s milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:54.548187px;\">On ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Investme<span class=\"_ _0\"></span>nts co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ere net fair v<span class=\"_ _0\"></span>alue reval<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>ons of P<span class=\"_ _0\"></span>PP fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges resul<span class=\"_ _0\"></span>ted in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:41.548187px;\">the Gro<span class=\"_ _0\"></span>up\u2019s carr<span class=\"_ _1\"></span>ying va<span class=\"_ _0\"></span>lue of the<span class=\"_ _0\"></span>se invest<span class=\"_ _0\"></span>ments b<span class=\"_ _0\"></span>eing n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ative, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses b<span class=\"_ _0\"></span>eyond t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>lue of it<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:28.548187px;\">investm<span class=\"_ _0\"></span>ents. T<span class=\"_ _0\"></span>his is b<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s not co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to prov<span class=\"_ _0\"></span>ide a<span class=\"_ _0\"></span>ny fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r fund<span class=\"_ _0\"></span>ing to the<span class=\"_ _0\"></span>se investm<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>nd the b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.548187px;\">these c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sions a<span class=\"_ _0\"></span>re non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>recou<span class=\"_ _0\"></span>rse to the G<span class=\"_ _0\"></span>roup. At 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e unrec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised c<span class=\"_ _0\"></span>umula<span class=\"_ _0\"></span>tive net fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>rges to othe<span class=\"_ _0\"></span>r </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.548172px;\">com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unted to \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a321<span class=\"_ _6\"></span>m).<span class=\"_ _399\"> </span> </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.0066986084px; bottom:773.47455px;\">1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:757.22455px;\">19.<span class=\"_ _0\"></span>2 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:466.56226px; bottom:736.42456px;\">Infrastructure Inv<span class=\"_ _6\"></span>estments<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.0066986084px; bottom:690.2746px;\">Income sta<span class=\"_ _0\"></span>tement </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:305.08185px; bottom:719.5246px;\">Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:321.15363px; bottom:709.7746px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:333.87115px; bottom:700.0246px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:340.7922px; bottom:690.2746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:385.7791px; bottom:719.5246px;\">Support<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:383.20938px; bottom:709.7746px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:396.19028px; bottom:700.0246px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:690.2746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:466.56226px; bottom:709.7746px;\">UK<span class=\"fs4 ls3 ws0\"> </span></div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:478.0913px; bottom:712.37195px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75574px; bottom:700.0246px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:690.2746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:519.39014px; bottom:719.5246px;\">Nor<span class=\"_ _0\"></span>th<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:509.3338px; bottom:709.7746px;\">Americ<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.01733px; bottom:700.0246px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:690.2746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:585.2572px; bottom:709.7746px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.14703px; bottom:700.0246px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:690.2746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:709.7746px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:700.0246px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:690.2746px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:674.945px;\">Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue <span class=\"_ _299\"> </span><span class=\"ff4e ls73 ws6d\">826<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>3<span class=\"_ _207\"> </span>11<span class=\"_ _1\"></span>9<span class=\"_ _82\"> </span><span class=\"lsf9 ws29\">232<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:660.9154px;\">Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t excludi<span class=\"_ _0\"></span>ng ga<span class=\"_ _0\"></span>in on dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sals of i<span class=\"_ _0\"></span>nterests </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:647.9154px;\"><span class=\"_ _399\">in in</span><span class=\"_ _6\"></span>vestments<span class=\"_ _80\"> </span><span class=\"ls87 ws7e\">37<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _2e\"> </span>19<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:633.8858px;\">Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>9<span class=\"_ _89\"> </span>9<span class=\"_ _3f\"> </span>9<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:619.8562px;\">Operating profit<span class=\"_ _2d0\"> </span><span class=\"ff4e ls87 ws7e\">37<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _99\"> </span>28<span class=\"_ _99\"> </span><span class=\"ls141 ws129\">66<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:605.8266px;\">Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2d1\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls34 ws33\">76<span class=\"_ _78\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _99\"> </span><span class=\"ls26a ws11b\">88<span class=\"_ _95\"> </span><span class=\"ls38 ws37\">89<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:591.797px;\">Finance costs<span class=\"_ _db\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lse0 ws92\">(73<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">(9<span class=\"_ _0\"></span>0)<span class=\"_ _82\"> </span></span></span></span></span>(<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:577.7675px;\">Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _2d2\"> </span><span class=\"ff4e ls87 ws7e\">37<span class=\"_ _3f\"> </span></span><span class=\"ff4e\">1<span class=\"_ _3f\"> </span>3<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _99\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _95\"> </span><span class=\"ls30 ws2e\">64<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:563.7379px;\">T<span class=\"_ _17\"></span>a<span class=\"_ _0\"></span>xation<span class=\"_ _215\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _95\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:549.7083px;\">Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _13f\"> </span><span class=\"ff4e lsb0 ws9b\">32<span class=\"_ _3f\"> </span></span><span class=\"ff4e\">1<span class=\"_ _89\"> </span>1<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.0066986084px; bottom:535.6787px;\">Balance sheet<span class=\"_ _13d\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:521.6491px;\">Non-current assets<span class=\"_ _18e\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:507.6195px;\">Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _2d9\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30</span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:493.5899px;\"> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 Infrastructure In<span class=\"_ _6\"></span>vestments intangible<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _2e\"> </span>41</span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.0066986084px; bottom:479.5603px;\"> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 other<span class=\"_ _1fe\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _78\"> </span>13<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:465.5307px;\">Proper<span class=\"_ _0\"></span>ty,<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>lant and<span class=\"_ _6\"></span> equipment<span class=\"_ _2d4\"> </span><span class=\"ls28 ws24\">31<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span></span>31<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:451.5011px;\">Investment<span class=\"_ _6\"></span> prop<span class=\"_ _0\"></span>erties<span class=\"_ _2d5\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls73 ws6d\">265<span class=\"_ _9a\"> </span>26<span class=\"_ _0\"></span>5<span class=\"_ _9a\"> </span>26<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:437.4715px;\">Investments<span class=\"_ _6\"></span> in joint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _298\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:423.4419px;\">Mo<span class=\"_ _0\"></span>ney mar<span class=\"_ _0\"></span>ket funds<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls9b wse4\">81<span class=\"_ _2d\"> </span>81<span class=\"_ _99\"> </span>81<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:409.4123px;\">PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _79\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _30\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _f8\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>2<span class=\"_ _a3\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _b2\"> </span>1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:395.3828px;\">Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _2ab\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>6<span class=\"_ _82\"> </span>10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span>10<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:381.3532px;\">Other non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current assets<span class=\"_ _2ba\"> </span><span class=\"ls29 ws25\">70<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _89\"> </span></span>7<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _95\"> </span><span class=\"ls1a3 ws193\">92<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:367.3236px;\">Current assets<span class=\"_ _80\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:353.29407px;\">Cash and cash equivalents<span class=\"_ _37\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _0\"></span>8<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>3<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _82\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span><span class=\"lsaa ws140\">475<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:339.26447px;\">Other current assets<span class=\"_ _1d6\"> </span><span class=\"lsf9 ws29\">223<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">56<span class=\"_ _245\"> </span></span>2<span class=\"_ _99\"> </span><span class=\"ls155 ws141\">58<span class=\"_ _9a\"> </span><span class=\"ls9b wse4\">281<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:325.23486px;\">T<span class=\"_ _17\"></span>otal<span class=\"_ _6\"></span> assets<span class=\"_ _2da\"> </span><span class=\"ff4e ls13f ws126\">665<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>1<span class=\"_ _82\"> </span><span class=\"ls2e ws2c\">657<span class=\"_ _a1\"> </span><span class=\"ls157 ws144\">2,<span class=\"_ _17\"></span>048<span class=\"_ _a3\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>713<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:310.5916px;\">Current liabilities<span class=\"_ _2db\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:296.5622px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _2d9\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>51)<span class=\"_ _7a\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _207\"> </span><span class=\"lsae ws99\">(36<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _207\"> </span><span class=\"lsae ws99\">(3<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span><span class=\"ls40 ws26\">(87<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:282.53256px;\">Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _169\"> </span><span class=\"ls71 ws6b\">(467<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">(<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _0\"></span>13<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls35 ws34\">(5<span class=\"_ _0\"></span>97)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:268.50296px;\">Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _2dc\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:254.47336px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _66\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"lsb0 ws9b\">(9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _30\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _10f\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:240.44376px;\">Othe<span class=\"_ _0\"></span>r non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>urrent liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _9d\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _1\"></span>213<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _aa\"> </span><span class=\"lsa2 ws2a\">(220)<span class=\"_ _119\"> </span><span class=\"ls131 ws12a\">(<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:225.3453px;\">T<span class=\"_ _17\"></span>otal liabilities<span class=\"_ _2d1\"> </span><span class=\"ff4e lsf8 wse1\">(572)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c0\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls71 ws6b\">(46<span class=\"_ _0\"></span>7)<span class=\"_ _e\"> </span></span>(1,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.0066986084px; bottom:211.3157px;\">Net<span class=\"_ _6\"></span> assets<span class=\"_ _105\"> </span><span class=\"ff4e ls13f ws126\">93<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>3<span class=\"_ _77\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span></span></span></span>303<span class=\"_ _fd\"> </span><span class=\"ls39 ws38\">396<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:197.2861px;\">Lo<span class=\"_ _0\"></span>ans to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _a4\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">107<span class=\"_ _77\"> </span>107<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:183.2565px;\">T<span class=\"_ _17\"></span>otal inv<span class=\"_ _6\"></span>estment in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _2d8\"> </span><span class=\"ff4e ls13f ws126\">93<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">220<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>0<span class=\"_ _77\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">503<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:0.0066986084px; bottom:159.8565px;\">^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:139.92154px;\">19.3 Ag<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>te i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3d ws26\" style=\"left:484.57068px; bottom:125.62152px;\">Joint v<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>ntures<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:115.87152px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:106.12152px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:559.6746px; bottom:125.62152px;\">Associates<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:115.87152px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:106.12152px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:646.3632px; bottom:125.62152px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:115.87152px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.35535px; bottom:106.12152px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:90.79193px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _223\"> </span><span class=\"ff4d ls1b9 ws1ae\">89<span class=\"_ _99\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:76.76233px;\">Ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e Group\u2019s interest<span class=\"_ _dd\"> </span><span class=\"ff4d lsa9 ws23\">300<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">426<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:488.55414px; bottom:51.412323px;\">Joint vent<span class=\"_ _0\"></span>ures<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:41.662323px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:31.912323px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:563.1299px; bottom:51.412323px;\">Associates<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:41.662323px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:31.912323px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:51.412323px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:41.662323px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:31.912323px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:16.582733px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _223\"> </span><span class=\"ls157 ws144\">4<span class=\"_ _6\"></span>8<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.553131px;\">Ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e Group\u2019s interest<span class=\"_ _24b\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>0<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">113<span class=\"_ _82\"> </span><span class=\"ls1b ws18\">503<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.009376526px; bottom:645.2937px;\">1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:629.0437px;\">19.4 De<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:441.22px; bottom:614.7437px;\">Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ch<span class=\"_ _0\"></span>ina L<span class=\"_ _0\"></span>td<span class=\"_ _15\"> </span>C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>nec<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>lus (<span class=\"_ _0\"></span>M2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:452.13367px; bottom:597.84375px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:458.65875px; bottom:588.09375px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:514.6909px; bottom:597.84375px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:521.7986px; bottom:588.09375px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.39667px; bottom:597.84375px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:590.8718px; bottom:588.09375px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:648.716px; bottom:597.84375px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.957px; bottom:588.09375px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:572.76416px;\">Pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s own<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>p in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t in t<span class=\"_ _0\"></span>he j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _1e0\"> </span><span class=\"ls35 ws34\">50%<span class=\"_ _ae\"> </span></span><span class=\"ff4e\">5<span class=\"_ _0\"></span>0%<span class=\"_ _1f9\"> </span> <span class=\"_ _86\"> </span></span><span class=\"lsb4 ws87\">15%<span class=\"_ _118\"> </span><span class=\"ff4e lsfb ws13a\">15%<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:545.73456px;\">Income sta<span class=\"_ _0\"></span>tement<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:0.009376526px; bottom:531.70496px;\">Revenue<span class=\"_ _250\"> </span><span class=\"ff4d ls127 ws95\">2<span class=\"_ _1\"></span>,1<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _30\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ff4d ls2c ws9d\">270<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:517.67535px;\">Underlying<span class=\"_ _6\"></span> operating profit<span class=\"_ _2dd\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _99\"> </span><span class=\"ff4e lsf8 wse1\">72<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1b\"> </span><span class=\"ff4d\">9<span class=\"_ _78\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:503.64575px;\">Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2de\"> </span><span class=\"ff4d ls3 ws0\">6<span class=\"_ _3f\"> </span><span class=\"ff4e\">2<span class=\"_ _1f9\"> </span> <span class=\"_ _12c\"> </span></span><span class=\"ls4e ws3\">14<span class=\"_ _1\"></span>0<span class=\"_ _82\"> </span></span></span><span class=\"ls142 ws12b\">13<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.009376526px; bottom:489.61615px;\">Finance costs<span class=\"_ _2df\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _ae\"> </span><span class=\"ff4d ls1ad ws1a1\">(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1)<span class=\"_ _119\"> </span></span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:475.58667px;\">Inc<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e<span class=\"_ _106\"> </span><span class=\"ff4d ls1b4 ws110\">(12<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span></span><span class=\"ls142 ws12b\">(13<span class=\"_ _0\"></span>)<span class=\"_ _1cd\"> </span></span> <span class=\"_ _99\"> </span><span class=\"ff4d ls8c ws8d\">(9)<span class=\"_ _9c\"> </span></span><span class=\"lsa4 ws86\">(16<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.009376526px; bottom:461.55707px;\">Prof<span class=\"_ _0\"></span>it<span class=\"_ _2e0\"> </span><span class=\"ff4d ls36 ws35\">63<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ff4d lsaf ws9a\">39<span class=\"_ _99\"> </span></span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:447.52747px;\">T<span class=\"_ _17\"></span>otal other compre<span class=\"_ _6\"></span>hensive income/(loss) <span class=\"_ _252\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _78\"> </span></span><span class=\"ls142 ws12b\">13<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _86\"> </span><span class=\"ff4d ls1e ws30\">(2<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span></span><span class=\"lsa9 ws23\">(8<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:433.49786px;\">T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me/(los<span class=\"_ _0\"></span>s) (1<span class=\"_ _6\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%)<span class=\"_ _2d5\"> </span><span class=\"ls252 ws3b\">65<span class=\"_ _95\"> </span><span class=\"ff4e lsf8 wse1\">72<span class=\"_ _1f9\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _119\"> </span></span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5)<span class=\"_ _1da\"> </span><span class=\"ff4e lsae ws99\">(5<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:419.46826px;\">Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>f to<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ive i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e/(los<span class=\"_ _0\"></span>s)<span class=\"_ _2e1\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _95\"> </span><span class=\"ff4e ls39 ws38\">36<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _9c\"> </span></span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"ff4e ls1b7 ws13b\">(8)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:405.43866px;\">Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _2d9\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _99\"> </span><span class=\"ff4e lsb0 ws9b\">32<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span></span>6<span class=\"_ _3f\"> </span><span class=\"ff4e\">5<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:378.40906px;\">Balance sheet<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:364.37946px;\">Non-current assets<span class=\"_ _23f\"> </span><span class=\"ls2e ws2c\">289<span class=\"_ _82\"> </span><span class=\"ff4e ls3b ws12f\">210<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c0\"> </span></span></span>1<span class=\"_ _6\"></span>,667<span class=\"_ _a0\"> </span><span class=\"ff4e lsaa ws140\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>47<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:350.34985px;\">Current assets<span class=\"_ _14c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _c3\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:336.32025px;\">Cash and cash equivalents<span class=\"_ _154\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _1\"></span>3<span class=\"_ _fd\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _0\"></span>3<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:322.29065px;\">Other current assets<span class=\"_ _272\"> </span><span class=\"ff4d lscc ws94\">5<span class=\"_ _1\"></span>41<span class=\"_ _77\"> </span></span><span class=\"ls63 wsa1\">416<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ff4d ls252 ws3b\">65<span class=\"_ _95\"> </span></span><span class=\"ls38 ws37\">60<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa4 ws86\" style=\"left:442.8948px; bottom:308.26105px;\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _12\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span></span></span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>8<span class=\"_ _9a\"> </span><span class=\"ff4e ls71 ws6b\">20<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:294.23145px;\">Current liabilities<span class=\"_ _26e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _c3\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:280.20197px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _104\"> </span><span class=\"ff4d ls4e ws3\">(914<span class=\"_ _0\"></span>)<span class=\"_ _12\"> </span></span><span class=\"lsaf ws9a\">(6<span class=\"_ _0\"></span>99)<span class=\"_ _4\"> </span></span> <span class=\"_ _9a\"> </span><span class=\"ff4d\">(56)<span class=\"_ _fd\"> </span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:266.17236px;\">Provisions<span class=\"_ _28c\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>8)<span class=\"_ _1da\"> </span></span><span class=\"lsae ws99\">(5<span class=\"_ _0\"></span>0)<span class=\"_ _33\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:252.14276px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _fb\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span></span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _82\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span></span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:238.11322px;\">Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _2e2\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span></span><span class=\"lsfb ws13a\">(14<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _99\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _2d\"> </span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls1b4 ws110\" style=\"left:441.22px; bottom:224.08362px;\">(1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _30\"> </span><span class=\"ff4e lsf8 wse1\">(<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>4)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _9a\"> </span></span></span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"ff4e lsb5 ws9f\">(77)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:210.05402px;\">Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _22d\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> <span class=\"_ _180\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:196.02441px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _2e3\"> </span><span class=\"ff4d ls9c ws91\">(9<span class=\"_ _0\"></span>4)<span class=\"_ _1da\"> </span></span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _33\"> </span></span> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:181.99481px;\">Provisions<span class=\"_ _28c\"> </span><span class=\"ff4d ls7a ws1ad\">(28)<span class=\"_ _fd\"> </span></span><span class=\"ls3c ws3a\">(25)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:167.96521px;\">Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _2e4\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1f9\"> </span> <span class=\"_ _ce\"> </span></span><span class=\"ls127 ws95\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _ce\"> </span></span></span><span class=\"ls156 ws143\">(<span class=\"_ _1\"></span>1,1<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:153.93558px;\">Other non-<span class=\"_ _1\"></span>curren<span class=\"_ _6\"></span>t liabilities<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>including s<span class=\"_ _6\"></span>hareholder loans)<span class=\"_ _da\"> </span><span class=\"ff4d ls8c ws8d\">(3<span class=\"_ _0\"></span>7)<span class=\"_ _1da\"> </span></span><span class=\"lsf9 ws29\">(29)<span class=\"_ _33\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _86\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span></span><span class=\"lsae ws99\">(506)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls1b4 ws110\" style=\"left:449.29443px; bottom:139.906px;\">(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ff4e ls3b ws12f\">(<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _b1\"> </span></span></span>(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span><span class=\"ff4e lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _3b\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsdf wsc8\" style=\"left:0.009376526px; bottom:125.8764px;\">Net<span class=\"_ _6\"></span> assets (<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>00%<span class=\"_ _6\"></span>)<span class=\"_ _23b\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _f8\"> </span><span class=\"ff4e ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _218\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span></span></span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span><span class=\"ff4e lsaa ws140\">471<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:98.8468px;\">Re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>bove s<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mma<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:85.8468px;\">am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>bove j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:72.8468px;\">consolidate<span class=\"_ _0\"></span>d financial statements:<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:58.81732px;\">Net as<span class=\"_ _0\"></span>sets of jo<span class=\"_ _0\"></span>int venture (100%)<span class=\"_ _2e5\"> </span><span class=\"ff4d lsbd ws97\">131<span class=\"_ _f8\"> </span></span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _218\"> </span></span> <span class=\"_ _12c\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span></span><span class=\"lsaa ws140\">471<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:44.78772px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of net as<span class=\"_ _0\"></span>sets<span class=\"_ _2e6\"> </span><span class=\"ff4d lsdf wsc8\">66<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _24\"> </span></span> <span class=\"_ _c4\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _2d\"> </span></span><span class=\"lsaa ws140\">71<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:30.758118px;\">Ad<span class=\"_ _0\"></span>d: Group\u2019s interest in sh<span class=\"_ _0\"></span>arehol<span class=\"_ _0\"></span>der l<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ns<span class=\"_ _133\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _24\"> </span> <span class=\"_ _c4\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _99\"> </span></span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:16.728516px;\">Goo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill<span class=\"_ _22e\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">30<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:2.6989136px;\">Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s in<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t in t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _c9\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _99\"> </span><span class=\"ff4e ls38 ws37\">89<span class=\"_ _4e\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _75\"> </span></span><span class=\"ls2c ws9d\">57<span class=\"_ _99\"> </span><span class=\"ff4e ls1b1 ws1a6\">98<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls8 ws7\" style=\"left:0.0066986084px; bottom:711.65936px;\">1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:695.40936px;\">19<span class=\"_ _6\"></span>.5 Cash flo<span class=\"_ _6\"></span>w from/<span class=\"_ _17\"></span>(to<span class=\"_ _6\"></span>) joint<span class=\"_ _6\"></span> ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:171.68587px; bottom:674.6094px;\">Infrastructure Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _187\"> </span><span class=\"ff4e ls3d wsae\">Infrastructure<span class=\"_ _6\"></span> Investments<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13c ws98\" style=\"left:0.0066986084px; bottom:628.4594px;\">Cash flows<span class=\"_ _6\"></span> from inv<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>sting activities<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:208.18793px; bottom:647.9594px;\">UK </div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:219.96332px; bottom:650.55676px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:200.82056px; bottom:638.2094px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:208.18793px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:259.1994px; bottom:657.7094px;\">North<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lscf wsb7\" style=\"left:249.69522px; bottom:647.9594px;\">America<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:263.06573px; bottom:638.2094px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:270.03827px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:322.44766px; bottom:647.9594px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:325.6398px; bottom:638.2094px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:332.41034px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:387.3131px; bottom:647.9594px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:388.74088px; bottom:638.2094px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:396.19028px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:466.56226px; bottom:647.9594px;\">UK </div><div class=\"t m0 h5c ff4e fs30 fc2 sc0 ls3 ws0\" style=\"left:476.5534px; bottom:650.55676px;\">^<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:459.75574px; bottom:638.2094px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:519.39014px; bottom:657.7094px;\">Nor<span class=\"_ _0\"></span>th<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:509.3338px; bottom:647.9594px;\">Americ<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:638.2094px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:582.20483px; bottom:647.9594px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:584.14703px; bottom:638.2094px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:647.9594px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:638.2094px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:628.4594px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:613.1298px;\">Div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ends f<span class=\"_ _0\"></span>rom joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:600.1298px;\">associates<span class=\"_ _ca\"> </span><span class=\"ff4d ls143 ws12c\">11<span class=\"_ _12c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>3 </span></span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:278.94498px; bottom:603.593px;\">x<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa2 ws2a\" style=\"left:332.41034px; bottom:600.1298px;\">34<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _7b\"> </span>5<span class=\"_ _dc\"> </span><span class=\"ls3c ws3a\">25</span><span class=\"ff4d\"> <span class=\"_ _a\"></span><span class=\"ff4e\">+<span class=\"_ _99\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _95\"> </span><span class=\"ls38 ws37\">68<span class=\"_ _399\"> </span></span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:586.1002px;\">Sub<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nated d<span class=\"_ _0\"></span>ebt interes<span class=\"_ _0\"></span>t </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf8 wse1\" style=\"left:0.0066986084px; bottom:573.1002px;\">receiv<span class=\"_ _6\"></span>ed<span class=\"_ _a4\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span></span>10<span class=\"_ _72\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _7b\"> </span>8<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>8<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:559.0706px;\">Investm<span class=\"_ _0\"></span>ents in a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>ans to joi<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:546.0706px;\">ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _2e7\"> </span><span class=\"ff4d ls7a ws1ad\">(7)<span class=\"_ _1da\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"ls8c ws8d\">(2<span class=\"_ _0\"></span>9)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span>2<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls8d ws8e\" style=\"left:0.0066986084px; bottom:532.041px;\">Equit<span class=\"_ _0\"></span>y<span class=\"_ _1a1\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _dc\"> </span><span class=\"lsaa ws140\">(2<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _77\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:518.0114px;\">Subordinat<span class=\"_ _6\"></span>ed debt repaid<span class=\"_ _1a\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _7b\"> </span>3<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:503.5805px;\">Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y from jo<span class=\"_ _0\"></span>int </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:490.5805px;\">ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _186\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _40\"> </span>34 </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls3 ws0\" style=\"left:278.94498px; bottom:494.0437px;\">x<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:339.32047px; bottom:490.5805px;\">\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _24\"> </span></span><span class=\"ff4e\"> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _29\"> </span>4</span> <span class=\"_ _a\"></span><span class=\"ff4e\">+<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>4<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:476.5509px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of invest<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n joint </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:463.5509px;\">venture<span class=\"_ _0\"></span>s<span class=\"_ _204\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _c4\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _95\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _3f\"> </span></span></span>1<span class=\"_ _78\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:449.5213px;\">Ne<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ow f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:436.5213px;\">ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _1d3\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _1\"></span>5<span class=\"_ _2d\"> </span><span class=\"lsb5 ws9f\">35<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _0\"></span>4<span class=\"_ _72\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _40\"> </span><span class=\"ls39 ws38\">45<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _95\"> </span></span>39<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:0.0066986084px; bottom:413.12128px;\">^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:398.38617px;\">x <span class=\"_ _1cd\"> </span>In 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d retur<span class=\"_ _0\"></span>n of e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d \u00a35<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y of pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of In<span class=\"_ _0\"></span>fra<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:10.748081px; bottom:387.33618px;\">ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h \u00a312m, \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>, \u00a34<span class=\"_ _0\"></span>m, \u00a3<span class=\"_ _0\"></span>13m an<span class=\"_ _0\"></span>d \u00a314<span class=\"_ _0\"></span>m res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>ly of p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>f Reg<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d at M<span class=\"_ _0\"></span>ed C<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>r, Asp<span class=\"_ _0\"></span>ire a<span class=\"_ _0\"></span>t Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Pre<span class=\"_ _0\"></span>ser<span class=\"_ _1\"></span>ve at S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>hwi<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:10.748081px; bottom:376.28632px;\">Preserve at Bartlet<span class=\"_ _0\"></span>t and Wat<span class=\"_ _6\"></span>erchase A<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>tments.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:361.5512px;\">+ <span class=\"_ _33\"> </span>In 2<span class=\"_ _0\"></span>021, di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>n of e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed \u00a3<span class=\"_ _1\"></span>8m an<span class=\"_ _0\"></span>d \u00a34<span class=\"_ _0\"></span>m re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ely o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of Inf<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Inve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s,<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:10.748081px; bottom:350.50122px;\">of wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h \u00a3<span class=\"_ _0\"></span>8m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>4m re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y of pr<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ted fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of R<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g and Z<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>hyr R<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:327.75122px;\">19.6 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:367.76227px; bottom:303.70117px;\">Accumul<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls5c ws10b\" style=\"left:374.57376px; bottom:293.95117px;\">(los<span class=\"_ _0\"></span>s)/prof<span class=\"_ _0\"></span>it<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:284.20117px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:446.35px; bottom:303.70117px;\">Hedging<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:450.50272px; bottom:293.95117px;\">reserve<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:284.20117px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13c ws98\" style=\"left:524.7773px; bottom:313.45117px;\">PPP </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:510.73157px; bottom:303.70117px;\">financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:517.04956px; bottom:293.95117px;\">assets<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:284.20117px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls24e ws24f\" style=\"left:569.8587px; bottom:313.45117px;\">Cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:564.6583px; bottom:303.70117px;\">translation<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:575.7854px; bottom:293.95117px;\">reserve<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:284.20117px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:303.70117px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls12b ws114\" style=\"left:626.5149px; bottom:293.95117px;\">(<span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>o<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> 3<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>.1)<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:284.20117px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:268.87158px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2bf\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _9c\"> </span><span class=\"lsa9 ws23\">(55)<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>2<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _95\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:254.84198px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2ad\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _76\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2e\"> </span>(1)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:240.5506px;\">Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _103\"> </span><span class=\"ls2e ws2c\">5<span class=\"_ _6\"></span>7<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>57<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:226.52097px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets<span class=\"_ _17d\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:212.49136px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es<span class=\"_ _2e8\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:198.46176px;\">Actuarial movements on re<span class=\"_ _6\"></span>tirement benefit assets/<span class=\"_ _0\"></span>liabilities <span class=\"_ _21\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>7<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:184.43216px;\">T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _5b\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _1b\"> </span></span>6<span class=\"_ _58\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:170.40256px;\">Dividends<span class=\"_ _2e9\"> </span><span class=\"lsaf ws9a\">(68)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _207\"> </span></span>(6<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:156.37311px;\">Reser<span class=\"_ _0\"></span>ve transf<span class=\"_ _6\"></span>ers relating to joint<span class=\"_ _6\"></span> ventures and associates<span class=\"_ _2ea\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>34<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:142.34338px;\">Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _f3\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _58\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:128.31378px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _107\"> </span>8<span class=\"_ _207\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _40\"> </span><span class=\"ls141 ws129\">80<span class=\"_ _c\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _99\"> </span></span></span>72<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:114.28418px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2ad\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">23<span class=\"_ _99\"> </span>23<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:100.2547px;\">Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _21f\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:86.2251px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets<span class=\"_ _17d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:72.195496px;\">Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es<span class=\"_ _2e8\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:58.165894px;\">Actuarial movements on re<span class=\"_ _6\"></span>tirement benefit assets/<span class=\"_ _0\"></span>liabilities <span class=\"_ _21\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:44.13629px;\">T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _179\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _139\"> </span></span></span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:30.10669px;\">Dividends<span class=\"_ _224\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _b0\"> </span></span>(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:16.077087px;\">Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _f3\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span>(3)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.0475159px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _9\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _fd\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _9c\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span><span class=\"lsae ws99\">58<span class=\"_ _f9\"> </span><span class=\"ls28 ws24\">(20)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:887.6933px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:872.0933px;\">pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:859.0933px;\">In ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th Se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9 of t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anies A<span class=\"_ _0\"></span>ct 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6 a full list </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:846.0933px;\">of subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span>, par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ners<span class=\"_ _0\"></span>hips<span class=\"_ _0\"></span>, asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates and j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:833.0933px;\">the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipal a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e cou<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y of in<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on and t<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>ive </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:820.0933px;\">perc<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>ge of eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y ow<span class=\"_ _0\"></span>ned a<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 is d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:807.0933px;\">bel<span class=\"_ _0\"></span>ow. Unless othe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wis<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>ted, al<span class=\"_ _0\"></span>l interests a<span class=\"_ _0\"></span>re in the ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y share </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:794.0933px;\">ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al or sh<span class=\"_ _0\"></span>ares of co<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n stock i<span class=\"_ _0\"></span>n the enti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and are h<span class=\"_ _0\"></span>eld in<span class=\"_ _0\"></span>direc<span class=\"_ _0\"></span>tly </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:781.0933px;\">by the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany, and all entit<span class=\"_ _0\"></span>ies op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ally i<span class=\"_ _0\"></span>n their c<span class=\"_ _0\"></span>ountr<span class=\"_ _1\"></span>y of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:768.0933px;\">inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. Al<span class=\"_ _0\"></span>l subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries h<span class=\"_ _0\"></span>ad a rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d end<span class=\"_ _0\"></span>ed 31 </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:755.0933px;\">Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d are who<span class=\"_ _0\"></span>lly ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d and co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated into the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:742.0933px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s resu<span class=\"_ _0\"></span>lts<span class=\"_ _0\"></span>, except wh<span class=\"_ _0\"></span>ere indi<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:722.5933px;\">Subsidiary under<span class=\"_ _0\"></span>takings incorporated i<span class=\"_ _6\"></span>n the United<span class=\"_ _6\"></span> K<span class=\"_ _0\"></span>ingdom </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.009376526px; bottom:701.79333px;\">Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:686.95123px;\">Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le u<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9a ws8b\" style=\"left:0.009376526px; bottom:673.95123px;\">N<span class=\"_ _0\"></span>E12 8<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>U<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:659.92163px;\">Ab<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>yst<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>th Student Accommo<span class=\"_ _0\"></span>dation Ltd<span class=\"_ _3\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:645.892px;\">Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:632.892px;\">Investments<span class=\"_ _6\"></span><span class=\"_ _399\"> Ltd</span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:77.61795px; bottom:636.3552px;\"> (i) </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:645.892px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:632.892px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:618.8624px;\">Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Partners </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:605.8624px;\">Mem<span class=\"_ _0\"></span>ber Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:618.8624px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:605.8624px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:591.8328px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:578.8328px;\">Investments<span class=\"_ _6\"></span> Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:591.8328px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:578.8328px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:564.8032px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents Ltd <span class=\"_ _58\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:551.8032px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:537.77374px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y OF<span class=\"_ _1\"></span>TO Hol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:524.77374px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:510.74414px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>orate  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:497.74414px;\">Ser<span class=\"_ _0\"></span>vices Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:203.77124px; bottom:510.74414px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:203.77124px; bottom:497.74414px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:483.71454px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Work<span class=\"_ _0\"></span>Sm<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t Ltd<span class=\"_ _2b\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:470.71454px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:456.68494px;\">BBI Holdings Austral<span class=\"_ _6\"></span>ia Ltd<span class=\"_ _1c3\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:443.68494px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsae ws99\" style=\"left:0.009376526px; bottom:429.65533px;\">BBPF<span class=\"_ _6\"></span> LLP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls272 ws279\" style=\"left:49.429527px; bottom:433.11853px;\"> (iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:429.65533px;\">Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:415.62573px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _113\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:402.62576px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:388.59616px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ltd <span class=\"_ _360\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e C<span class=\"_ _0\"></span>oncession<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:374.56656px;\">Connect Roads Infrastructu<span class=\"_ _6\"></span>re <span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:361.56656px;\">Investments<span class=\"_ _6\"></span> Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:374.56656px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:361.56656px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:347.53696px;\">Consor<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>althcare Infrastructure </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:334.53696px;\">Investments<span class=\"_ _6\"></span> Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:347.53696px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:334.53696px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:320.50735px;\">East Slope Residenc<span class=\"_ _0\"></span>ies Facilities </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:307.50735px;\">Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:203.77124px; bottom:320.50735px;\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:293.47775px;\">Eas<span class=\"_ _0\"></span>t Slo<span class=\"_ _0\"></span>pe Re<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>enci<span class=\"_ _0\"></span>es Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd <span class=\"_ _1c7\"> </span><span class=\"ls10 wse\">Investment Holding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:280.47775px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:266.44815px;\">East Slope Residenc<span class=\"_ _0\"></span>ies Partner Ltd <span class=\"_ _113\"> </span><span class=\"ls35 ws34\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:252.41855px;\">East Slope Residenc<span class=\"_ _0\"></span>ies plc </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:130.60516px; bottom:255.88174px;\">(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:203.77124px; bottom:252.41855px;\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:238.3891px;\">East Slope Residenc<span class=\"_ _0\"></span>ies Student </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:225.3891px;\">Accomm<span class=\"_ _0\"></span>odation L<span class=\"_ _0\"></span>LP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:98.67015px; bottom:228.8523px;\"> (ii) (iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:203.77124px; bottom:238.3891px;\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:211.3595px;\">Education Investments Holdings Ltd<span class=\"_ _b4\"> </span>Investmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:198.3595px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:184.3299px;\">Initi<span class=\"_ _0\"></span>al GP<span class=\"_ _0\"></span>1 Ltd <span class=\"_ _38f\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:171.3299px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:157.3003px;\">Manchester Residences (New Cross) Ltd<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:143.27069px;\">South C<span class=\"_ _0\"></span>ambridgeshire Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:130.27069px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:143.27069px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:130.27069px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:116.24109px;\">West Stratford Dev<span class=\"_ _6\"></span>elo<span class=\"_ _0\"></span>pments Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:158.04128px; bottom:119.704285px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:116.24109px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:103.24109px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:89.21149px;\">5 Ch<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>l Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y W<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n E14 5HU<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:75.181885px;\">Avata<span class=\"_ _0\"></span>r Ltd <span class=\"_ _a5\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:61.152283px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>d Ltd <span class=\"_ _111\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:203.77124px; bottom:48.152283px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:34.12268px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>ding Ltd <span class=\"_ _1e\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:203.77124px; bottom:21.12268px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:343.57272px; bottom:884.88257px;\">Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:869.5531px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CE Ltd<span class=\"_ _13\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:856.5531px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:842.5235px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _1f9\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:829.5235px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:815.49396px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring Ltd <span class=\"_ _c0\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:802.49396px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:788.46436px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>ils Ltd <span class=\"_ _49\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:775.46436px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:761.43475px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nst Ltd <span class=\"_ _1d3\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:748.43475px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:734.40515px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _b9\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:721.40515px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:707.37555px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction International </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:343.57272px; bottom:694.37555px;\">Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:707.37555px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:694.37555px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:680.34595px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hern Ltd <span class=\"_ _24\"> </span>Age<span class=\"_ _0\"></span>nt of Balfo<span class=\"_ _0\"></span>ur Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:667.34595px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:653.31635px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>Y<span class=\"_ _1\"></span>) </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:343.57272px; bottom:640.31635px;\">Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:653.31635px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:640.31635px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:626.28674px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Empl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent Ltd <span class=\"_ _52\"> </span>Employe<span class=\"_ _0\"></span>r For U<span class=\"_ _0\"></span>K </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:546.9885px; bottom:613.28674px;\">Workforce<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:599.25714px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _390\"> </span><span class=\"ls35 ws34\">Construction &amp; Support </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:586.25714px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:572.22754px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>mes Ltd<span class=\"_ _f3\"> </span>Ag<span class=\"_ _0\"></span>ent of M<span class=\"_ _0\"></span>anrin<span class=\"_ _0\"></span>g Ho<span class=\"_ _0\"></span>mes </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:559.22754px;\">Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:545.19794px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal Ltd <span class=\"_ _16f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:532.19794px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:518.16846px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ent Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:528.66656px; bottom:521.63165px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:518.16846px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:505.16846px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:491.13885px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd <span class=\"_ _346\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:478.13885px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:464.10925px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y No<span class=\"_ _0\"></span>minee<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1db\"> </span><span class=\"ls35 ws34\">Nominee Company<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.57272px; bottom:450.07965px;\">Balfour Beatt<span class=\"_ _0\"></span>y Overseas Investments Lt<span class=\"_ _6\"></span>d<span class=\"_ _71\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:437.07965px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:423.05005px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ove<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>as Ltd<span class=\"_ _31c\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:410.05005px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:396.02045px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:472.09387px; bottom:399.48367px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:396.02045px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:546.9885px; bottom:383.02045px;\">plc<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:368.99084px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>ture S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:343.57272px; bottom:355.99084px;\">Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:368.99084px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:355.99084px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:341.96127px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Ltd <span class=\"_ _1a\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:328.96127px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:314.93167px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Ltd <span class=\"_ _58\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:301.93167px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:287.90207px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Technol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>es Ltd <span class=\"_ _b1\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:274.90207px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:260.87247px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Track System<span class=\"_ _0\"></span>s Ltd <span class=\"_ _53\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:247.87247px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:233.84286px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Refur<span class=\"_ _0\"></span>bishm<span class=\"_ _0\"></span>ent Ltd<span class=\"_ _9c\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:220.84286px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:206.81339px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Reg<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:193.81339px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:179.78378px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Util<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons Ltd <span class=\"_ _30\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:166.78378px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:152.75418px;\">Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck Ltd <span class=\"_ _22\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:138.7246px;\">BB In<span class=\"_ _0\"></span>done<span class=\"_ _0\"></span>sia Ltd<span class=\"_ _35f\"> </span><span class=\"ls10 wse\">Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:124.69499px;\">Bal<span class=\"_ _0\"></span>vac Ltd <span class=\"_ _19f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:111.69499px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:97.66539px;\">Bic<span class=\"_ _0\"></span>al C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd <span class=\"_ _1e4\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:84.66539px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:70.63579px;\">Bign<span class=\"_ _0\"></span>ell &amp; A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates Ltd<span class=\"_ _2d8\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:546.9885px; bottom:57.635788px;\">Grou<span class=\"_ _0\"></span>p Ltd </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:43.606186px;\">Birs<span class=\"_ _0\"></span>e Group Ltd <span class=\"_ _21\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:30.606186px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:343.57272px; bottom:16.576591px;\">Birs<span class=\"_ _0\"></span>e Met<span class=\"_ _0\"></span>ro Ltd<span class=\"_ _357\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:343.57272px; bottom:2.5469894px;\">Bno<span class=\"_ _0\"></span>ms Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:393.6907px; bottom:6.0101852px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:546.9885px; bottom:2.5469894px;\">Nominee Company<span class=\"_ _399\"> </span></div>Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>BP<span class=\"_ _0\"></span>H Equip<span class=\"_ _0\"></span>ment Ltd <span class=\"_ _2a\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Cow<span class=\"_ _0\"></span>lin Gro<span class=\"_ _0\"></span>up Ltd <span class=\"_ _1e0\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant T<span class=\"_ _0\"></span>hree Li<span class=\"_ _0\"></span>mited<span class=\"_ _4\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Guinea Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Ltd<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Haden Building Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es Ltd<span class=\"_ _31c\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ha<span class=\"_ _0\"></span>den Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung Ltd (i)<span class=\"_ _399\"> </span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Wes<span class=\"_ _0\"></span>tern Ltd <span class=\"_ _338\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>L<span class=\"_ _0\"></span>aser R<span class=\"_ _0\"></span>ail Ltd <span class=\"_ _174\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Loun<span class=\"_ _0\"></span>sda<span class=\"_ _0\"></span>le Ele<span class=\"_ _0\"></span>ctr<span class=\"_ _0\"></span>ic Ltd <span class=\"_ _387\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ma<span class=\"_ _0\"></span>nring H<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>es Ltd (i)<span class=\"_ _399\"> </span>Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span>Mult<span class=\"_ _0\"></span>ibui<span class=\"_ _0\"></span>ld (C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on &amp; Interi<span class=\"_ _0\"></span>ors) Ltd <span class=\"_ _19d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Of<span class=\"_ _0\"></span>fice Projects (Interiors) Ltd<span class=\"_ _1d8\"> </span><span class=\"ls3 ws0\">Agent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Omnicom Enginee<span class=\"_ _6\"></span>ring Ltd <span class=\"_ _1d0\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ray<span class=\"_ _0\"></span>neswa<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _373\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Strata Construction L<span class=\"_ _6\"></span>td <span class=\"_ _17e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>He<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd S<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l Wor<span class=\"_ _0\"></span>ks<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd H<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>4 9SW<span class=\"_ _399\"> </span>Painter B<span class=\"_ _0\"></span>rother<span class=\"_ _0\"></span>s Ltd <span class=\"_ _26d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>s Dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>, Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>t, M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>eys<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4 1PJ<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pensi<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>ru<span class=\"_ _0\"></span>st Ltd (i)<span class=\"_ _399\"> </span>Pension Fund T<span class=\"_ _17\"></span>rustee<span class=\"_ _399\"> </span>C/O Mc Gr<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, 12\u201316 Bri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>BT1 1LS<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Ir<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn Irel<span class=\"_ _0\"></span>and Ltd <span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>e Cu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g, A<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>is B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>k, H<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ne Way, La<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>Berkshire SL3 8AG<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Groun<span class=\"_ _0\"></span>d Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing Ltd <span class=\"_ _b6\"> </span>Ag<span class=\"_ _0\"></span>ent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1cd\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Li<span class=\"_ _0\"></span>ving P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ces Ltd <span class=\"_ _95\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _369\"> </span><span class=\"ls3 ws0\">A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>esti<span class=\"_ _0\"></span>ng and A<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>alys<span class=\"_ _0\"></span>is Ltd <span class=\"_ _f2\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _78\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sh &amp;<span class=\"_ _399\"> </span>So<span class=\"_ _0\"></span>uthe<span class=\"_ _0\"></span>rn Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y K<span class=\"_ _0\"></span>ilpa<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>k Lim<span class=\"_ _0\"></span>ited <span class=\"_ _75\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail R<span class=\"_ _0\"></span>esid<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y Ltd <span class=\"_ _9a\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Regional Civil<span class=\"_ _6\"></span> Engineering<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>BBPFS LP (iii)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _0\"></span>P (iii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street) SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Ltd <span class=\"_ _391\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Initi<span class=\"_ _0\"></span>al Fo<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er Par<span class=\"_ _1\"></span>tner G<span class=\"_ _0\"></span>P1 Ltd <span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Mi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ll B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>u<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s Way, Kin<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e, Ab<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>AB51<span class=\"_ _6\"></span> 0TG<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engineeri<span class=\"_ _6\"></span>ng<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices (C<span class=\"_ _0\"></span>L) Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r B<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>t Ka<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne\u2019s Way, Lon<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>E1W 1<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>D<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Power C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd<span class=\"_ _50\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Birse Construction<span class=\"_ _6\"></span> Ltd <span class=\"_ _1be\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Liquidation<span class=\"_ _399\"> </span>Edg<span class=\"_ _0\"></span>ar A<span class=\"_ _0\"></span>llen En<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span>erin<span class=\"_ _0\"></span>g Ltd <span class=\"_ _31c\"> </span>Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span>Mansell Maintenance Limited <span class=\"_ _2b\"> </span><span class=\"ls3 ws0\">Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span></span>Ma<span class=\"_ _0\"></span>nsell p<span class=\"_ _0\"></span>lc <span class=\"_ _392\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>Wes<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, R<span class=\"_ _0\"></span>ayn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>ay<span class=\"_ _6\"></span>, D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rby D<span class=\"_ _0\"></span>E21 7B<span class=\"_ _0\"></span>G<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pla<span class=\"_ _0\"></span>nt &amp; Fleet S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _17\"></span>, 10<span class=\"_ _0\"></span>0 Qu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Gl<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sg<span class=\"_ _0\"></span>ow G1 3DN S<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (L<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Lumina<span class=\"_ _6\"></span> Building, 40 Ainslie<span class=\"_ _6\"></span> Road, Hillington<span class=\"_ _6\"></span> Park, Glasgow<span class=\"_ _6\"></span> G5<span class=\"_ _0\"></span><span class=\"_ _399\">2 4</span><span class=\"_ _0\"></span>RU<span class=\"_ _399\"> </span>Shaw<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Petrie L<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ted <span class=\"_ _1ab\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>4<span class=\"_ _0\"></span>2-<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4 C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Wat<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d, H<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>re W<span class=\"_ _0\"></span>D17 1<span class=\"_ _6\"></span>D<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>Bar<span class=\"_ _0\"></span>low &amp; Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung<span class=\"_ _0\"></span>, Limi<span class=\"_ _0\"></span>ted <span class=\"_ _13b\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Ha<span class=\"_ _0\"></span>den Inter<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l Ltd<span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Fo<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>th Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>or, 1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 W<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n SW1V 1LQ<span class=\"_ _399\"> </span>0<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> L<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>d<span class=\"_ _9e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>0<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>8<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>d<span class=\"_ _393\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>BIC<span class=\"_ _0\"></span>C D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _374\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _1a7\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>d F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or D<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>ay<span class=\"_ _1\"></span>fa<span class=\"_ _0\"></span>ir P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n W1X 5FH<span class=\"_ _399\"> </span>BICC Ther<span class=\"_ _0\"></span>moheat Limited<span class=\"_ _1c3\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>80% owned.<span class=\"_ _399\"> </span>(iii) <span class=\"_ _59\"></span>Partnership interests<span class=\"_ _6\"></span> held<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _59\"></span>3<span class=\"_ _0\"></span>1 Ma<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>Australia<span class=\"_ _285\"> </span><span class=\"ls3 ws0\"> </span>Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s P<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y Lim<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, 101 Co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span>Stree<span class=\"_ _0\"></span>t, Melbourne, Victoria, 3000<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Australian Limited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tnership<span class=\"_ _399\"> </span>(ii)<span class=\"_ _399\"> </span>Holding company<span class=\"_ _399\"> </span>Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 5, D<span class=\"_ _0\"></span>eu<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>, 126<span class=\"_ _0\"></span>-1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 Ph<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>p S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t NSW<span class=\"_ _399\"> </span>2000, A<span class=\"_ _6\"></span>us<span class=\"_ _0\"></span>tralia<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Aust<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd <span class=\"_ _58\"> </span><span class=\"ls35 ws34\">Construction &amp; Support<span class=\"_ _399\"> </span></span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bahamas<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span>Th<span class=\"_ _0\"></span>e Al<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, O<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e Mi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>t, P<span class=\"_ _17\"></span>.O. Box N<span class=\"_ _0\"></span>-7<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>17<span class=\"_ _17\"></span>, N<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Bah<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1d5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Canada<span class=\"_ _206\"> </span><span class=\"ls3 ws0\"> </span>Bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r G<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vai<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, 2<span class=\"_ _0\"></span>2 Ade<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>te 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>,<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>oronto, ON,<span class=\"_ _6\"></span> M<span class=\"_ _0\"></span>5H 4E3<span class=\"_ _399\"> </span>BB Gro<span class=\"_ _0\"></span>up C<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>da In<span class=\"_ _0\"></span>c<span class=\"_ _22\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.009376526px; bottom:913.8713px;\">Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:899.0292px;\">T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls87 ws7e\" style=\"left:0.009376526px; bottom:886.0292px;\">R3C 4K5<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:871.9996px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities GP<span class=\"_ _59\"></span>, Inc<span class=\"_ _a1\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:857.97px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:151.7767px; bottom:861.43317px;\"> (ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:857.97px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:843.94037px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>P</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:149.15175px; bottom:847.40356px;\"> (ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:843.94037px;\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:829.91077px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc<span class=\"_ _12\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:815.88116px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc <span class=\"_ _b2\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:801.85156px;\">Balfour Beatt<span class=\"_ _0\"></span>y Investments, LP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:148.03816px; bottom:805.31476px;\"> (ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:801.85156px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:787.82196px;\">BB NI<span class=\"_ _0\"></span>H GP<span class=\"_ _17\"></span>, I<span class=\"_ _0\"></span>nc<span class=\"_ _179\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:773.7925px;\">Germany<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:759.7629px;\">Ga<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 35, 8137<span class=\"_ _0\"></span>3 Mu<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _bf\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:745.7333px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail G<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>H<span class=\"_ _13b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es,<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:203.77124px; bottom:732.7333px;\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:718.7037px;\">BICC Holdings GmbH<span class=\"_ _13\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:203.77124px; bottom:705.7037px;\">Comp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>, Dormant<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:691.6741px;\">Schreck<span class=\"_ _6\"></span>-<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>iev<span class=\"_ _6\"></span>es GmbH<span class=\"_ _1a\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span><span class=\"ls28 ws24\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:677.6445px;\">Hong K<span class=\"_ _6\"></span>ong<span class=\"_ _1f5\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:663.61487px;\">5/F<span class=\"_ _17\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>e Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 Kwun Tong Ro<span class=\"_ _0\"></span>ad Kow<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>n Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:649.58527px;\">Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Hong Kong<span class=\"_ _6\"></span> Ltd<span class=\"_ _1db\"> </span>Construction &amp; Support<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:636.58527px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:622.55566px;\">India<span class=\"_ _149\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:608.5261px;\">6<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or, N-1 Bal<span class=\"_ _0\"></span>sa B<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>anya<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a Em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sy B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:595.5261px;\">Nagav<span class=\"_ _6\"></span>ara, Rachenahalli Villag<span class=\"_ _6\"></span>e, Bangalore<span class=\"_ _6\"></span> \u2013 56004<span class=\"_ _0\"></span>5,<span class=\"_ _6\"></span> I<span class=\"_ _0\"></span>ndia<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:581.4965px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Indi<span class=\"_ _0\"></span>a  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.009376526px; bottom:568.4965px;\">P<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:203.77124px; bottom:581.4965px;\">Engineerin<span class=\"_ _0\"></span>g Design<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:203.77124px; bottom:568.4965px;\">Consultan<span class=\"_ _0\"></span>cy<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:554.4669px;\">Ireland<span class=\"_ _a4\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:540.4373px;\">Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Bu<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Cr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.009376526px; bottom:527.4373px;\">Dublin 1<span class=\"_ _17\"></span>7<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:513.40784px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Irela<span class=\"_ _0\"></span>nd Ltd<span class=\"_ _2d3\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:499.37823px;\">Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _1f5\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:485.34863px;\">T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h Pr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, Do<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>s I<span class=\"_ _0\"></span>M1 2L<span class=\"_ _0\"></span>Z<span class=\"_ _0\"></span>, Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f Ma<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:471.31903px;\">Delphian Insurance C<span class=\"_ _0\"></span>ompany Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:156.4232px; bottom:474.78223px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:203.77124px; bottom:471.31903px;\">Insurance Comp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:457.28943px;\">Jer<span class=\"_ _0\"></span>sey<span class=\"_ _a2\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:443.25983px;\">12 Ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. He<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r, Jer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ey<span class=\"_ _b1\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:429.23022px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Empl<span class=\"_ _0\"></span>oyees T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ustee<span class=\"_ _0\"></span>s Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:183.07889px; bottom:432.69342px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls9b wse4\" style=\"left:203.77124px; bottom:429.23022px;\">Employee T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ust<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls8d ws8e\" style=\"left:0.009376526px; bottom:415.20062px;\">Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:401.17102px;\">12t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r, Men<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a sy<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ony, No 5, Ja<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f. K<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>o Kay K<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:388.17102px;\">Seksyen 1<span class=\"_ _6\"></span>3, 46200 Petaling Jaya,<span class=\"_ _6\"></span> Sel<span class=\"_ _0\"></span>angor<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:374.14142px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail D<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn Inter<span class=\"_ _0\"></span>natio<span class=\"_ _0\"></span>nal<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:361.14142px;\">Sd<span class=\"_ _0\"></span>n Bhd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:203.77124px; bottom:374.14142px;\">Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:347.11182px;\">Netherlan<span class=\"_ _0\"></span>ds<span class=\"_ _393\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:333.0822px;\">Ra<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>at 177<span class=\"_ _6\"></span>/B<span class=\"_ _0\"></span>, 101<span class=\"_ _17\"></span>1 V<span class=\"_ _0\"></span>M Am<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>am<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:319.0526px;\">Balfour Beatt<span class=\"_ _0\"></span>y Netherl<span class=\"_ _0\"></span>ands B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>.<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:306.0526px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:0.009376526px; bottom:292.02316px;\">Romania<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:277.99356px;\">23 G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l E<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t Br<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, 1s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:264.99356px;\">Distric<span class=\"_ _0\"></span>t, 01<span class=\"_ _6\"></span>0527<span class=\"_ _17\"></span>, Bucharest<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:250.96396px;\">S.C<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ra<span class=\"_ _0\"></span>il S.<span class=\"_ _0\"></span>R.<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>.<span class=\"_ _11\"> </span>D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant - In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:0.009376526px; bottom:236.93436px;\">Sri Lanka<span class=\"_ _c6\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:222.90475px;\">Pha<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 3 In<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on Z<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e, K<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ke, C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>o,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsae ws99\" style=\"left:0.009376526px; bottom:209.90475px;\">Western<span class=\"_ _6\"></span> Province<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:195.87515px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Cey<span class=\"_ _0\"></span>lon (<span class=\"_ _0\"></span>Pr<span class=\"_ _0\"></span>ivate) Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:181.84555px;\">Thailand<span class=\"_ _343\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:167.81595px;\">9 So<span class=\"_ _0\"></span>i Sa<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Si<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Hu<span class=\"_ _0\"></span>ay Kwan<span class=\"_ _0\"></span>g, Ba<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>kok<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:153.78635px;\">As<span class=\"_ _0\"></span>ia T<span class=\"_ _6\"></span>ra<span class=\"_ _0\"></span>de D<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.009376526px; bottom:139.75676px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand) C<span class=\"_ _0\"></span>o<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.009376526px; bottom:126.75676px;\">Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:203.77124px; bottom:139.75676px;\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:112.72716px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs (<span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>ailan<span class=\"_ _0\"></span>d) C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _1f9\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:98.697556px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Th<span class=\"_ _0\"></span>ai Ltd <span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:84.66795px;\">Linwo<span class=\"_ _0\"></span>od C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _21\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:70.63848px;\">United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:56.608887px;\">101<span class=\"_ _17\"></span>1 C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e 310, Wi<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on D<span class=\"_ _0\"></span>E 198<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:42.579285px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs In<span class=\"_ _0\"></span>c<span class=\"_ _18b\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:29.579285px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.549683px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y LLC <span class=\"_ _19b\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:203.77124px; bottom:2.5496826px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:343.57272px; bottom:913.8713px;\">Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:899.0292px;\">30<span class=\"_ _0\"></span>0 Ga<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia Pa<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>way, Sui<span class=\"_ _0\"></span>te 20<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0, At<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>, GA 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:343.57272px; bottom:884.9996px;\">National Enginee<span class=\"_ _6\"></span>ring &amp; Contracting<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:343.57272px; bottom:871.9996px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:884.9996px;\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:857.97px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re, Inc <span class=\"_ _f9\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:843.94037px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _17\"></span>127 B<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ay St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>et N<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:830.94037px;\">310, Sale<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>R 97<span class=\"_ _0\"></span>301<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:816.91077px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Roc<span class=\"_ _0\"></span>k Sp<span class=\"_ _0\"></span>ring<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>LC<span class=\"_ _207\"> </span><span class=\"ls10 wse\">Constru<span class=\"_ _0\"></span>ction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:802.88116px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _6\"></span>70<span class=\"_ _0\"></span>3 L<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>l S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Co<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>a,  </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2a ws3c\" style=\"left:343.57272px; bottom:789.88116px;\">SC 2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>201<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:775.85156px;\">National C<span class=\"_ _0\"></span>asualt<span class=\"_ _0\"></span>y and Assuranc<span class=\"_ _0\"></span>e, Inc <span class=\"_ _d2\"> </span>Insurance Company<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:761.82196px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls9c ws91\" style=\"left:343.57272px; bottom:748.82196px;\">DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:734.7925px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons, L<span class=\"_ _0\"></span>LC<span class=\"_ _53\"> </span><span class=\"lsf wsd\">Infra<span class=\"_ _6\"></span>structure Holding<span class=\"_ _399\"> </span></span><span class=\"lsf wsd\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:721.7925px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:707.7629px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LLC<span class=\"_ _77\"> </span><span class=\"ls10 wse\">Infrastructure<span class=\"_ _6\"></span> Investment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:693.7333px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion D.C<span class=\"_ _0\"></span>., LLC<span class=\"_ _ba\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:679.7037px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>LC<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Constr<span class=\"_ _0\"></span>uction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:343.57272px; bottom:665.6741px;\">Balfour Beatty Equipment, LLC<span class=\"_ _89\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstructio<span class=\"_ _0\"></span>n Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:651.6445px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, Inc <span class=\"_ _2e\"> </span><span class=\"ls10 wse\">Investment Company<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:637.61487px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement I<span class=\"_ _0\"></span>nc <span class=\"_ _99\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:623.58527px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>Be<span class=\"_ _0\"></span>nham  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:610.58527px;\">Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:465.14844px; bottom:614.0485px;\"> (v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:623.58527px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:596.55566px;\">Balfour Beatt<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>HELP<span class=\"_ _0\"></span>S<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:583.55566px;\">Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:465.14844px; bottom:587.0189px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:596.55566px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:569.5261px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:343.57272px; bottom:556.5261px;\">Devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:569.5261px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:542.4965px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.57272px; bottom:529.4965px;\">Investments<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:542.4965px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:546.9885px; bottom:529.4965px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:515.4669px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:343.57272px; bottom:502.46692px;\">Managem<span class=\"_ _0\"></span>ent LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:515.4669px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:488.43732px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y \u2013 Wor<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _fd\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:474.40784px;\">BBC A<span class=\"_ _0\"></span>F H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n LLC<span class=\"_ _af\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:343.57272px; bottom:460.37823px;\">BBC AF Management/<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>eve<span class=\"_ _6\"></span>lo<span class=\"_ _0\"></span>pment<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _16c\"> </span><span class=\"ls10 wse\">Infrastructure Investmen<span class=\"_ _6\"></span>t<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:446.34863px;\">BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er I, I<span class=\"_ _0\"></span>nc <span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:432.31903px;\">BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er II<span class=\"_ _0\"></span>, Inc<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:418.28943px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 AC<span class=\"_ _0\"></span>C Grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _199\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _6\"></span> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:404.25983px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC G<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:391.25983px;\">Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls272 ws279\" style=\"left:402.16803px; bottom:394.72302px;\">(iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:404.25983px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:377.23022px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC L<span class=\"_ _0\"></span>imited<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:364.23022px;\">Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls272 ws279\" style=\"left:402.16803px; bottom:367.69342px;\">(iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:377.23022px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:350.20062px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Gen<span class=\"_ _0\"></span>eral<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:337.20062px;\">Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:350.20062px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:323.17102px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Lim<span class=\"_ _0\"></span>ited<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:310.17102px;\">Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:323.17102px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:296.14142px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:283.14142px;\">General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:296.14142px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:269.11182px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:256.11182px;\">Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:269.11182px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:242.08221px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:343.57272px; bottom:229.08221px;\">Picatinny General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:242.08221px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:215.05261px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:202.05263px;\">Pic<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>ny Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:215.05261px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:188.02315px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 FD<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>R LLC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:511.35724px; bottom:191.48636px;\">(v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:188.02315px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:173.99355px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>on LLC<span class=\"_ _d\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:159.96396px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Go<span class=\"_ _0\"></span>rdon L<span class=\"_ _0\"></span>LC<span class=\"_ _bd\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:145.93436px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ha<span class=\"_ _0\"></span>milton L<span class=\"_ _0\"></span>LC<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:131.90475px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>n LLC<span class=\"_ _c3\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:117.87515px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 H<span class=\"_ _0\"></span>ampton R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:343.57272px; bottom:104.87515px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:117.87515px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:90.84555px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 L<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>kla<span class=\"_ _0\"></span>nd L<span class=\"_ _0\"></span>LC<span class=\"_ _cf\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:76.815956px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Le<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>rd Woo<span class=\"_ _0\"></span>d LLC<span class=\"_ _3b\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:62.786354px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>east<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:343.57272px; bottom:49.786354px;\">LLC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:365.45798px; bottom:53.24955px;\">(v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:62.786354px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:35.756752px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>heas<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:343.57272px; bottom:22.756752px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:546.9885px; bottom:35.756752px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:948.3652px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m1a h115 ff4d fs66 fc2 sc0 ls275 ws0\" style=\"left:0.009376526px; bottom:932.4983px;\">Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"ff4e ls276 ws27b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.0066986084px; bottom:893.67633px;\">Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:878.34674px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn G<span class=\"_ _0\"></span>roup,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.0066986084px; bottom:865.34674px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:878.34674px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:851.31714px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Stewar<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>unter<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.0066986084px; bottom:838.31714px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:851.31714px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:824.28754px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:811.28754px;\">Gen<span class=\"_ _0\"></span>eral P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er LLC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:97.515274px; bottom:814.75073px;\">(v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:824.28754px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:797.25793px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:784.25793px;\">Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:97.515274px; bottom:787.7211px;\">(v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:797.25793px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:770.22833px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 West P<span class=\"_ _0\"></span>oint L<span class=\"_ _0\"></span>LC<span class=\"_ _b6\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:756.1987px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:743.1987px;\">Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:756.1987px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:729.1691px;\">BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Li<span class=\"_ _0\"></span>mited<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:716.1691px;\">Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:729.1691px;\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:702.13965px;\">BBC Multif<span class=\"_ _6\"></span>amily Holdings, LLC<span class=\"_ _7f\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:688.11005px;\">BBC<span class=\"_ _0\"></span>S \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hsid<span class=\"_ _0\"></span>e Ca<span class=\"_ _0\"></span>mpu<span class=\"_ _0\"></span>s LLC<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:674.08044px;\">BBCS Developmen<span class=\"_ _6\"></span>t, LLC<span class=\"_ _161\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>frastru<span class=\"_ _0\"></span>cture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:660.05084px;\">BICC Cables Cor<span class=\"_ _0\"></span>poration<span class=\"_ _f2\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:646.02124px;\">Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 30<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s Way SW, Sui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:633.02124px;\">30<span class=\"_ _0\"></span>4, Tumwat<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r WA 98<span class=\"_ _0\"></span>501<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:618.99164px;\">Howa<span class=\"_ _0\"></span>rd S. W<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>ht Co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on C<span class=\"_ _0\"></span>o<span class=\"_ _109\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:604.96204px;\">HS<span class=\"_ _0\"></span>W, Inc <span class=\"_ _145\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:590.93243px;\">CS<span class=\"_ _0\"></span>C \u2013 N<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, C/O CS<span class=\"_ _0\"></span>C Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f Ne<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>., 50<span class=\"_ _0\"></span>2 Ea<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:577.93243px;\">St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Neva<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>a 8<span class=\"_ _0\"></span>970<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:563.9029px;\">Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>olden C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.0066986084px; bottom:550.9029px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:563.9029px;\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:536.8733px;\">Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>ompany<span class=\"_ _6\"></span>, Inc<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:522.8437px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup, In<span class=\"_ _0\"></span>c <span class=\"_ _16b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:0.0066986084px; bottom:499.44366px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:484.70868px;\">(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:0.0066986084px; bottom:469.97357px;\">(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:455.2386px;\">(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>8<span class=\"_ _1\"></span>0% inte<span class=\"_ _0\"></span>rest h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:440.50348px;\">(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:0.0066986084px; bottom:425.7685px;\">(v) 9<span class=\"_ _0\"></span>0% interest<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span></div><div class=\"t m1a h115 ff4d fs66 fc2 sc0 ls275 ws0\" style=\"left:0.0066986084px; bottom:405.83353px;\">Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.0066986084px; bottom:381.7835px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:180.57358px; bottom:391.5335px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:180.57358px; bottom:381.7835px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:366.94144px;\">Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le U<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.0066986084px; bottom:353.94144px;\">T<span class=\"_ _17\"></span>yne, England,<span class=\"_ _6\"></span> England, NE<span class=\"_ _6\"></span>12 8BU<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:339.91183px;\">BBDE Orbital Holdings, LLP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls272 ws279\" style=\"left:130.84235px; bottom:343.37503px;\"> (iii) (v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b8 ws1ac\" style=\"left:180.57358px; bottom:339.91183px;\">3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:326.91183px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:312.88223px;\">Connect A3<span class=\"_ _0\"></span>0/A<span class=\"_ _0\"></span>35 Holdings Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:147.16566px; bottom:316.34543px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.57358px; bottom:312.88223px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:299.88223px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:285.85263px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>/A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5 Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:102.12312px; bottom:289.31583px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.57358px; bottom:285.85263px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:272.85263px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:258.82303px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:79.48831px; bottom:262.28622px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:180.57358px; bottom:258.82303px;\">25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:245.82303px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:231.79343px;\">Connect CNDR Holdings Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:133.19054px; bottom:235.25662px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:180.57358px; bottom:231.79343px;\">25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:218.79343px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:204.76382px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Interm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iate Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:151.6526px; bottom:208.22702px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:180.57358px; bottom:204.76382px;\">25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:191.76382px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:177.73422px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:90.79285px; bottom:181.19742px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:180.57358px; bottom:177.73422px;\">25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:164.73422px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:150.70462px;\">Connect M<span class=\"_ _6\"></span>1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Holdings Lt<span class=\"_ _6\"></span>d</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:135.32735px; bottom:154.16782px;\"> (i) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.57358px; bottom:150.70462px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:137.70462px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:123.67502px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:93.78168px; bottom:127.13823px;\">(iv)</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:102.12312px; bottom:123.67502px;\"> <span class=\"_ _18b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:110.67502px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:96.64542px;\">Connect M77/GSO Holdings<span class=\"_ _6\"></span> Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:151.6526px; bottom:100.10863px;\"> (ii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls39 ws38\" style=\"left:180.57358px; bottom:96.64542px;\">85<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:83.64542px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:69.61583px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M7<span class=\"_ _0\"></span>7/GS<span class=\"_ _0\"></span>O pl<span class=\"_ _0\"></span>c</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:106.414825px; bottom:73.07915px;\"> (ii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls39 ws38\" style=\"left:180.57358px; bottom:69.61583px;\">85<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:56.61583px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:42.58635px;\">Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:29.58635px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.57358px; bottom:42.58635px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:223.91351px; bottom:29.58635px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:15.556755px;\">Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:2.556755px;\">Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.57358px; bottom:15.556755px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:223.91351px; bottom:2.556755px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:342.74948px; bottom:883.92633px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:522.68524px; bottom:893.67633px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:522.68524px; bottom:883.92633px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:868.59686px;\">Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e Ltd<span class=\"_ _be\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:855.59686px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:841.56726px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:828.56726px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:814.53766px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Inter<span class=\"_ _0\"></span>med<span class=\"_ _0\"></span>iate<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:342.74948px; bottom:801.53766px;\">Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:814.53766px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:801.53766px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:787.50806px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ltd<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:774.50806px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:760.47845px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:436.26212px; bottom:763.94165px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:522.68524px; bottom:760.47845px;\">25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:747.47845px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:733.44885px;\">Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:720.44885px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:733.44885px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:720.44885px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:706.41925px;\">Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:342.74948px; bottom:693.41925px;\">Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:706.41925px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:693.41925px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:679.38965px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads N<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>thamp<span class=\"_ _0\"></span>tonshire Ltd <span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:666.38965px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:652.36005px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:639.36005px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:652.36005px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:639.36005px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:625.33044px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de Ltd<span class=\"_ _d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:612.33044px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:598.30084px;\">Connect Roads Sunderland<span class=\"_ _6\"></span> Holdings<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:342.74948px; bottom:585.30084px;\">Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:598.30084px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:585.30084px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:571.27124px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>and Ltd<span class=\"_ _a1\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:558.27124px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:544.2418px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:531.2418px;\">(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:410.10236px; bottom:534.705px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:544.2418px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:531.2418px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:517.2122px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:504.21222px;\">(P<span class=\"_ _0\"></span>hase 1) Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:406.4786px; bottom:507.6754px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:517.2122px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:504.21222px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:490.18262px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:477.18262px;\">(P<span class=\"_ _0\"></span>hase 2<span class=\"_ _0\"></span>) Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:404.09px; bottom:480.6458px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:490.18262px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:477.18262px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:463.153px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:450.153px;\">(P<span class=\"_ _0\"></span>hase 3<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:406.4786px; bottom:453.6162px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:463.153px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:450.153px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:436.12338px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:423.12338px;\">(P<span class=\"_ _0\"></span>hase 4<span class=\"_ _0\"></span>) Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:404.09px; bottom:426.58658px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:436.12338px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:423.12338px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:409.09378px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:396.09378px;\">(P<span class=\"_ _0\"></span>hase 5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:406.4786px; bottom:399.557px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:409.09378px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:396.09378px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:382.06418px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:369.06418px;\">(P<span class=\"_ _0\"></span>hase 7A) Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:410.10236px; bottom:372.5274px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:382.06418px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:369.06418px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:355.0346px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:342.0346px;\">(P<span class=\"_ _0\"></span>hase 7<span class=\"_ _0\"></span>) Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:404.09px; bottom:345.4978px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:355.0346px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:342.0346px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:328.005px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:315.005px;\">(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:410.10236px; bottom:318.4682px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:328.005px;\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:315.005px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:300.9754px;\">Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:287.9754px;\">(Fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e) Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:402.72888px; bottom:291.4386px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:300.9754px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:287.9754px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:273.9458px;\">Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:497.0777px; bottom:277.409px;\"> (ii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls38 ws37\" style=\"left:522.68524px; bottom:273.9458px;\">60<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:260.9458px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:246.9162px;\">Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:342.74948px; bottom:237.3794px;\">(ii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls38 ws37\" style=\"left:522.68524px; bottom:246.9162px;\">60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:233.9162px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:219.8866px;\">Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO p<span class=\"_ _0\"></span>lc</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:451.8234px; bottom:223.3498px;\"> (ii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls38 ws37\" style=\"left:522.68524px; bottom:219.8866px;\">60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:206.8866px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:192.85712px;\">Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:342.74948px; bottom:183.32031px;\">(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:192.85712px;\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:179.85712px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:165.82753px;\">Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:342.74948px; bottom:152.82753px;\">Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:357.42273px; bottom:156.29073px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:165.82753px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:152.82753px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:138.79793px;\">Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:474.26736px; bottom:142.26112px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:138.79793px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:125.79793px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.74948px; bottom:111.768326px;\">South Cambridgeshir<span class=\"_ _6\"></span>e Projects LLP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:509.3338px; bottom:115.23152px;\"> (v)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:522.68524px; bottom:111.768326px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:98.768326px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:84.73872px;\">Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>co Ltd (<span class=\"_ _0\"></span>iv)<span class=\"_ _f8\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:566.811px; bottom:71.73872px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:57.70912px;\">Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate Ltd (i<span class=\"_ _0\"></span>v)<span class=\"_ _51\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:44.70912px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:30.67952px;\">Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:423.58713px; bottom:34.142723px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:522.68524px; bottom:30.67952px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:566.811px; bottom:17.67952px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:923.6152px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:907.3652px;\">Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:817.68353px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:801.43353px;\">Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.009376526px; bottom:776.7336px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:180.82794px; bottom:786.4836px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:180.82794px; bottom:776.7336px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:761.8915px;\">Bl<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, B<span class=\"_ _0\"></span>ly<span class=\"_ _1\"></span>th<span class=\"_ _0\"></span>e Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>oke o<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsb0 ws9b\" style=\"left:0.009376526px; bottom:748.8915px;\">Staffordshire S<span class=\"_ _6\"></span>T1<span class=\"_ _17\"></span>1 9RD<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:734.8619px;\">T<span class=\"_ _6\"></span>yse<span class=\"_ _0\"></span>ley Bio P<span class=\"_ _0\"></span>ower Ltd <span class=\"_ _374\"> </span><span class=\"ls1b8 ws1ac\">3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span><span class=\"ls1b8 ws1ac\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:224.88284px; bottom:721.8619px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:707.8323px;\">Co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>s Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, S<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>lb<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ns R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Mi<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>s,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsb0 ws9b\" style=\"left:0.009376526px; bottom:694.8323px;\">Hert<span class=\"_ _0\"></span>fordshire<span class=\"_ _6\"></span> EN6 3NP<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:680.8027px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:156.4232px; bottom:684.26587px;\"> (iii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsfb ws13a\" style=\"left:180.82794px; bottom:680.8027px;\">15<span class=\"_ _c0\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:224.88284px; bottom:667.8027px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:653.7731px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:0.009376526px; bottom:644.23627px;\">(iii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsfb ws13a\" style=\"left:180.82794px; bottom:653.7731px;\">15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:640.7731px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:626.74347px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>ssue<span class=\"_ _0\"></span>r plc</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:141.3407px; bottom:630.20667px;\"> (iii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsfb ws13a\" style=\"left:180.82794px; bottom:626.74347px;\">15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:613.74347px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:599.714px;\">Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:111.49205px; bottom:603.1772px;\"> (iii) (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsfb ws13a\" style=\"left:180.82794px; bottom:599.714px;\">15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:586.714px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:572.6844px;\">Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.009376526px; bottom:559.6844px;\">Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:545.6548px;\">Holyrood Holdings Lt<span class=\"_ _6\"></span>d <span class=\"_ _18f\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:224.88284px; bottom:532.6548px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:518.6252px;\">Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:505.62518px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.82794px; bottom:518.6252px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:505.62518px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:491.59558px;\">Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.009376526px; bottom:478.59558px;\">Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.82794px; bottom:491.59558px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:478.59558px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:464.56598px;\">Holyrood Student Accommodation plc<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:451.56598px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.009376526px; bottom:437.53638px;\">Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:424.53638px;\">SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls71 ws6b\" style=\"left:180.82794px; bottom:437.53638px;\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:424.53638px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:410.50677px;\">Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r Ho<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Way<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>swo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h We<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:397.50677px;\">Fareham,<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>ampshire PO<span class=\"_ _6\"></span>15 5SS<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:383.47717px;\">Pevense<span class=\"_ _6\"></span>y C<span class=\"_ _0\"></span>oastal<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:370.47717px;\">Defenc<span class=\"_ _0\"></span>e Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:180.82794px; bottom:383.47717px;\">25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:370.47717px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:356.44757px;\">C/O Pari<span class=\"_ _0\"></span>o Lt<span class=\"_ _0\"></span>d, 18 Ri<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sway B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s V<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Way,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:343.44757px;\">Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ton P<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>2 2YP<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:329.418px;\">Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:316.418px;\">Funding plc<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls37 ws36\" style=\"left:180.82794px; bottom:329.418px;\">40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:316.418px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:302.3884px;\">Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:289.3884px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls37 ws36\" style=\"left:180.82794px; bottom:302.3884px;\">40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:224.88284px; bottom:289.3884px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:275.3588px;\">Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.009376526px; bottom:262.3588px;\">Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls37 ws36\" style=\"left:180.82794px; bottom:275.3588px;\">40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:262.3588px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:248.32932px;\">Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am) Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls37 ws36\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:235.32932px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:221.29971px;\">9 Am<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e Woo<span class=\"_ _0\"></span>d La<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l Es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.009376526px; bottom:208.29971px;\">Hemel Hempstead,<span class=\"_ _6\"></span> Her<span class=\"_ _0\"></span>tfordshire, Eng<span class=\"_ _6\"></span>land HP2 4<span class=\"_ _6\"></span>TP<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:194.27011px;\">Peb<span class=\"_ _0\"></span>bleh<span class=\"_ _0\"></span>all Bi<span class=\"_ _0\"></span>o Power Ltd <span class=\"_ _f4\"> </span><span class=\"lsf wsd\">2<span class=\"_ _0\"></span>9.2<span class=\"_ _53\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:224.88284px; bottom:181.27011px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:167.24051px;\">Wellan<span class=\"_ _0\"></span>d Bio Po<span class=\"_ _0\"></span>wer Ltd <span class=\"_ _18\"> </span><span class=\"lsf wsd\">29.2<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:154.24051px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:0.009376526px; bottom:130.84052px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:116.10541px;\">(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:101.37042px;\">(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Due to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:11.050667px; bottom:90.320435px;\">req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:11.050667px; bottom:79.27045px;\">and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:11.050667px; bottom:68.22043px;\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d as a jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>re.<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:53.48532px;\">(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d a 3<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>5% par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st in B<span class=\"_ _0\"></span>BD<span class=\"_ _0\"></span>E O<span class=\"_ _0\"></span>rb<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs L<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P at 31<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:11.050667px; bottom:42.435318px;\">De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct P<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Lt<span class=\"_ _0\"></span>d and i<span class=\"_ _0\"></span>ts s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s are 4<span class=\"_ _0\"></span>0% o<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:11.050667px; bottom:31.385315px;\">by BB<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>E Or<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:16.650345px;\">(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>31 M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:0.009376526px; bottom:1.9153595px;\">(v) Par<span class=\"_ _0\"></span>tnership interests<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:790.66437px;\">Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:342.07214px; bottom:766.6144px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:523.5979px; bottom:776.3644px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:523.5979px; bottom:766.6144px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.07214px; bottom:751.7723px;\">Bermuda<span class=\"_ _38f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:737.7427px;\">Co<span class=\"_ _0\"></span>nye<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Di<span class=\"_ _0\"></span>ll &amp; Pe<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>on H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 2 C<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:724.7427px;\">St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n H<span class=\"_ _0\"></span>M 1<span class=\"_ _6\"></span>1<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:710.7131px;\">CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y A LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:567.2649px; bottom:697.7131px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:683.6835px;\">CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y B LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:567.2649px; bottom:670.6835px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.07214px; bottom:656.6539px;\">British Virgin Islands<span class=\"_ _374\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:642.62427px;\">Vi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te S<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s Cay I<span class=\"_ _0\"></span>I R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:342.07214px; bottom:629.62427px;\">To<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> V<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:615.5948px;\">Gam<span class=\"_ _0\"></span>mon A<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a Ltd <span class=\"_ _163\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Man<span class=\"_ _0\"></span>agement<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls10 wse\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:567.2649px; bottom:602.5948px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.07214px; bottom:588.5652px;\">Gammon Construction<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:342.07214px; bottom:575.5652px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:523.5979px; bottom:588.5652px;\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:567.2649px; bottom:575.5652px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsae ws99\" style=\"left:342.07214px; bottom:561.5356px;\">Canada<span class=\"_ _a6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:547.506px;\">T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls87 ws7e\" style=\"left:342.07214px; bottom:534.506px;\">R3C 4K5<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:520.4764px;\">C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Fac<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:342.07214px; bottom:507.47638px;\">Managem<span class=\"_ _0\"></span>ent,LP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:420.46005px; bottom:510.93958px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:523.5979px; bottom:520.4764px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:507.47638px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:493.44678px;\">C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H FM GP I<span class=\"_ _0\"></span>nc<span class=\"_ _170\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:480.44678px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:466.41718px;\">C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Desi<span class=\"_ _0\"></span>gn \u2013 Bui<span class=\"_ _0\"></span>ld GP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls273 ws27a\" style=\"left:454.36005px; bottom:469.88037px;\"> (iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:523.5979px; bottom:466.41718px;\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:342.07214px; bottom:452.38757px;\">China<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:438.35797px;\">Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng Ave<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>da d<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ia G<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>, n\u00b042<span class=\"_ _0\"></span>9, 25<span class=\"_ _0\"></span>\u00b0 an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ar D, em<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:425.35797px;\">Ma<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>au<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:411.32837px;\">BBE<span class=\"_ _0\"></span>&amp;<span class=\"_ _0\"></span>M (M<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>au) Ltd<span class=\"_ _2d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Ele<span class=\"_ _0\"></span>ctrical and<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:567.2649px; bottom:398.32837px;\">Mechanic<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:567.2649px; bottom:385.32837px;\">Contracting<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.07214px; bottom:371.29877px;\">Gammon Building C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaf ws9a\" style=\"left:342.07214px; bottom:358.29877px;\">(Maca<span class=\"_ _6\"></span>u) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:523.5979px; bottom:371.29877px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:344.26917px;\">No. 4<span class=\"_ _0\"></span>57<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, G<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g Aven<span class=\"_ _0\"></span>ue, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:342.07214px; bottom:331.2692px;\">Dongguan City,<span class=\"_ _6\"></span> Guangdong Province<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:317.2396px;\">Don<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>uan P<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ine M<span class=\"_ _0\"></span>etal Wo<span class=\"_ _0\"></span>rks Ltd<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">M<span class=\"_ _0\"></span>anufacturing<span class=\"_ _6\"></span> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:304.2396px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse ws0\" style=\"left:342.07214px; bottom:290.2101px;\">25<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, J<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 1 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.07214px; bottom:276.1805px;\">Sanfield<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Gammon C<span class=\"_ _0\"></span>onstruction J<span class=\"_ _0\"></span>V<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:342.07214px; bottom:263.1805px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:523.5979px; bottom:276.1805px;\">25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:249.15091px;\">22<span class=\"_ _0\"></span>/F<span class=\"_ _6\"></span>, T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er 1, Th<span class=\"_ _0\"></span>e Q<span class=\"_ _0\"></span>uay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, 7<span class=\"_ _0\"></span>7 Ho<span class=\"_ _0\"></span>i Bu<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, Kwu<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>on<span class=\"_ _0\"></span>g,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls71 ws6b\" style=\"left:342.07214px; bottom:236.15091px;\">Kowloon,<span class=\"_ _6\"></span> Hong Kong<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.07214px; bottom:222.1213px;\">AsiaBuil<span class=\"_ _0\"></span>d Ltd<span class=\"_ _182\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:208.09174px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y E&amp;<span class=\"_ _0\"></span>M Ltd<span class=\"_ _7e\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.07214px; bottom:194.06213px;\">Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G Ltd<span class=\"_ _35f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>T<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:567.2649px; bottom:181.06213px;\">Innovation<span class=\"_ _399\"> </span></div>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Entasis Ltd<span class=\"_ _17b\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">General Contractor<span class=\"_ _399\"> </span></span></span>Gammon Building C<span class=\"_ _0\"></span>onstruction Ltd<span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span></span>Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ltd<span class=\"_ _1d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt Ltd <span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>hina Ltd <span class=\"_ _4a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gammon Con<span class=\"_ _0\"></span>cret<span class=\"_ _6\"></span>e S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _b1\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Gammon Construction (China<span class=\"_ _6\"></span>) Ltd<span class=\"_ _52\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span></span></span>Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Vietnam)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">C<span class=\"_ _0\"></span>onstruc<span class=\"_ _0\"></span>tion and<span class=\"_ _399\"> </span></span>Project Manag<span class=\"_ _0\"></span>ement<span class=\"_ _399\"> </span>Gammon C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>onsultants<span class=\"_ _399\"> </span>(Shenzhen) Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Gammon Construction Lt<span class=\"_ _6\"></span>d (iii)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span>Construction<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon E&amp;<span class=\"_ _1\"></span>M Ltd<span class=\"_ _1fa\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Engineering Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span></span>Gammon Engineeri<span class=\"_ _6\"></span>ng &amp; Construction<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span>Construction<span class=\"_ _399\"> </span>Gammon Engineeri<span class=\"_ _6\"></span>ng Ltd<span class=\"_ _f4\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce Ltd <span class=\"_ _1d0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Finance and<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Gam<span class=\"_ _0\"></span>mon I<span class=\"_ _0\"></span>nterior<span class=\"_ _0\"></span>s Ltd <span class=\"_ _31\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Gammon Mana<span class=\"_ _0\"></span>gement Ser<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _c3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">Construction<span class=\"_ _399\"> </span></span></span>Managem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _0\"></span>lant Ltd<span class=\"_ _16\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Plant and E<span class=\"_ _6\"></span>quipment<span class=\"_ _399\"> </span></span></span>Hire and M<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ntenanc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Gold T<span class=\"_ _6\"></span>actic<span class=\"_ _0\"></span>s Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent Lt<span class=\"_ _6\"></span>d<span class=\"_ _c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Into G Ltd<span class=\"_ _38f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>I<span class=\"_ _0\"></span>nterior F<span class=\"_ _0\"></span>it-<span class=\"_ _1\"></span>Ou<span class=\"_ _0\"></span>t and<span class=\"_ _399\"> </span>Contracting<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Ltd <span class=\"_ _10\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent and<span class=\"_ _399\"> </span>Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>istine M<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>l Works Ltd <span class=\"_ _117\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Ireland<span class=\"_ _177\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>3 Dublin<span class=\"_ _6\"></span> Land<span class=\"_ _0\"></span>ings, No<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>th Wall<span class=\"_ _6\"></span> Quay<span class=\"_ _6\"></span>, Dublin<span class=\"_ _6\"></span> 1,<span class=\"_ _6\"></span> D01 C4E0<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CLG Ltd <span class=\"_ _1d5\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></span>C/O Pari<span class=\"_ _0\"></span>o SP<span class=\"_ _0\"></span>V Ma<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 54<span class=\"_ _0\"></span>, Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>Ch<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, 32 N<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>, D<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>in 2<span class=\"_ _0\"></span>, D0<span class=\"_ _0\"></span>2 A<span class=\"_ _0\"></span>P2<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span>Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP Ltd <span class=\"_ _f9\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _96\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>c/L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, M<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a 1MK<span class=\"_ _0\"></span>. Ko<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>s 1 Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 1 Ja<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n K<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 50<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 Kua<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Lu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ur<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd (ii)<span class=\"_ _399\"> </span>70<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>\u2013 In Liquidation<span class=\"_ _399\"> </span>Uni<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>-7<span class=\"_ _17\"></span>, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 9, C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l 2<span class=\"_ _0\"></span>, Oa<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re, N<span class=\"_ _0\"></span>o.<span class=\"_ _0\"></span>2 J<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an PJU<span class=\"_ _399\"> </span>1A/<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>A<span class=\"_ _0\"></span>, A<span class=\"_ _0\"></span>ra D<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>a, 473<span class=\"_ _0\"></span>01 Pe<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Jaya<span class=\"_ _0\"></span>, Se<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon S<span class=\"_ _0\"></span>dn Bh<span class=\"_ _0\"></span>d <span class=\"_ _27\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Pesaka Gammon<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>onstruction Sdn<span class=\"_ _399\"> </span>Bhd<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Philippines<span class=\"_ _394\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>G/F M<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i S<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>k E<span class=\"_ _0\"></span>xc<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e, Ayal<span class=\"_ _0\"></span>a Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>aka<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Me<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ro<span class=\"_ _399\"> </span>Manila, P<span class=\"_ _6\"></span>hilippine<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Gammo<span class=\"_ _0\"></span>n Philipp<span class=\"_ _0\"></span>ines, Inc<span class=\"_ _0\"></span>.<span class=\"_ _7d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">G<span class=\"_ _0\"></span>eneral Construction<span class=\"_ _399\"> </span></span></span>MG Construction V<span class=\"_ _6\"></span>entures<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings,<span class=\"_ _399\"> </span>Inc.<span class=\"_ _399\"> </span>16<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _cb\"> </span><span class=\"ls10 wse\">Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Singapore<span class=\"_ _1fb\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>239 Ale<span class=\"_ _6\"></span>xandra Ro<span class=\"_ _6\"></span>ad, 15<span class=\"_ _6\"></span>9<span class=\"_ _0\"></span>930<span class=\"_ _332\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G (Sin<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>re) P<span class=\"_ _0\"></span>te. Ltd<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Equipment Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></span>Gammon C<span class=\"_ _0\"></span>onstruction and<span class=\"_ _399\"> </span>Engineering<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>te. Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Gammon Construction<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings (S)<span class=\"_ _399\"> </span>P<span class=\"_ _0\"></span>te. L<span class=\"_ _0\"></span>td<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _1\"></span>te. Ltd<span class=\"_ _2f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span></span>Construction<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Desi<span class=\"_ _0\"></span>gn &amp;<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsult<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls3 ws0\">M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Thailand <span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>21<span class=\"_ _6\"></span>st Floor<span class=\"_ _6\"></span>, Times Square Build<span class=\"_ _0\"></span>ing, 246 Sukhum<span class=\"_ _6\"></span>vi<span class=\"_ _0\"></span>t Road, Klongtoey<span class=\"_ _399\"> </span>Sub-<span class=\"_ _0\"></span>Distric<span class=\"_ _0\"></span>t, Klongtoey<span class=\"_ _6\"></span> Dis<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>t, Bangk<span class=\"_ _6\"></span>ok 1<span class=\"_ _6\"></span>01<span class=\"_ _17\"></span>10<span class=\"_ _6\"></span>, Thailand<span class=\"_ _399\"> </span>Gammon (<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>hailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls2c ws9d\">24.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>23<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, T<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng,<span class=\"_ _399\"> </span>246 Sukhumvit Road, Klongtoey<span class=\"_ _6\"></span> Sub-Di<span class=\"_ _0\"></span>stric<span class=\"_ _0\"></span>t, Klongtoe<span class=\"_ _6\"></span>y Distric<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span>Bangkok<span class=\"_ _6\"></span> 10<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>0, Thailand<span class=\"_ _399\"> </span>Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _72\"> </span><span class=\"ls2c ws9d\">24.<span class=\"_ _0\"></span>5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Th<span class=\"_ _0\"></span>ai Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ltd<span class=\"_ _146\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any 1201 H<span class=\"_ _0\"></span>ays S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>al<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e FL<span class=\"_ _399\"> </span>32<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span>C-<span class=\"_ _1\"></span>BB Managemen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>, LLC<span class=\"_ _373\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>C-<span class=\"_ _1\"></span>BBC Dev<span class=\"_ _6\"></span>elopment, LLC<span class=\"_ _139\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, d/b/a CSC<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>aw<span class=\"_ _1\"></span>yer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Se<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>ce C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, 21<span class=\"_ _17\"></span>1 E<span class=\"_ _0\"></span>. 7<span class=\"_ _0\"></span>th S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te 6<span class=\"_ _0\"></span>20,<span class=\"_ _399\"> </span>Aus<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n T<span class=\"_ _0\"></span>X 78<span class=\"_ _0\"></span>701-3<span class=\"_ _0\"></span>218<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>P (iv)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 2,L<span class=\"_ _0\"></span>P (iv)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 3, L<span class=\"_ _0\"></span>P(i)(iv)<span class=\"_ _399\"> </span>70<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 4, L<span class=\"_ _0\"></span>P(i)(iv)<span class=\"_ _399\"> </span>65<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>thside C<span class=\"_ _0\"></span>ampus General Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>DE1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span>BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove, L<span class=\"_ _0\"></span>LC<span class=\"_ _bf\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Che<span class=\"_ _0\"></span>nal Po<span class=\"_ _0\"></span>inte, LLC<span class=\"_ _f6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> 4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake, L<span class=\"_ _0\"></span>LC<span class=\"_ _c0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ings<span class=\"_ _0\"></span>, LLC<span class=\"_ _354\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Lexin<span class=\"_ _0\"></span>gton<span class=\"_ _0\"></span>, LLC<span class=\"_ _10f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Mo<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>i, LLC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok<span class=\"_ _0\"></span>, LLC<span class=\"_ _b6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Retrea<span class=\"_ _0\"></span>t, L<span class=\"_ _0\"></span>LC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Rive<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o, LLC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e So<span class=\"_ _0\"></span>uthwi<span class=\"_ _0\"></span>nd, L<span class=\"_ _0\"></span>LC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Waterch<span class=\"_ _0\"></span>ase, L<span class=\"_ _0\"></span>LC<span class=\"_ _50\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Wolfc<span class=\"_ _0\"></span>hase, L<span class=\"_ _0\"></span>LC<span class=\"_ _ac\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>, LLC<span class=\"_ _199\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my Integr<span class=\"_ _0\"></span>ated, L<span class=\"_ _0\"></span>LC<span class=\"_ _15\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove (<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>ilmin<span class=\"_ _0\"></span>gton) O<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>er,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Chen<span class=\"_ _0\"></span>al Poi<span class=\"_ _0\"></span>nte (Li<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le Ro<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake (H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ton) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _c8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X I<span class=\"_ _0\"></span>ntegra<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ress S<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ions<span class=\"_ _399\"> </span>Holdco, LLC<span class=\"_ _399\"> </span>27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X Int<span class=\"_ _6\"></span>egrated Express Solutions,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ngs (<span class=\"_ _0\"></span>Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>nville) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Lexin<span class=\"_ _0\"></span>gton (<span class=\"_ _0\"></span>Rid<span class=\"_ _0\"></span>gel<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _1a6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Mo<span class=\"_ _0\"></span>retti (<span class=\"_ _0\"></span>Ho<span class=\"_ _0\"></span>mewo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Li<span class=\"_ _0\"></span>mited P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok (C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>a) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Retreat at Schilling<span class=\"_ _0\"></span>er (M<span class=\"_ _0\"></span>obile) O<span class=\"_ _0\"></span>wner,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Riverc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ng (H<span class=\"_ _0\"></span>oove<span class=\"_ _0\"></span>r) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o (K<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>mmee) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _71\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> So<span class=\"_ _0\"></span>uthwin<span class=\"_ _0\"></span>d (M<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>his) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _19e\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Southwind<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>Memphis)<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings, LLC<span class=\"_ _72\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Swif<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>sure Ho<span class=\"_ _0\"></span>using P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _bb\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>T-BBA Riverchas<span class=\"_ _6\"></span>e Holdings, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b8 ws1ac\">7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>V<span class=\"_ _0\"></span>iew SA H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny LP<span class=\"_ _399\"> </span>(i)(iv)<span class=\"_ _399\"> </span>87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>V<span class=\"_ _0\"></span>iew SA L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(i)<span class=\"_ _399\"> </span>87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _399\"> </span>Waterch<span class=\"_ _0\"></span>ase (L<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rgo) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _ab\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Wolfch<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>Bar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>t) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge (<span class=\"_ _1\"></span>Zephy<span class=\"_ _0\"></span>rhill<span class=\"_ _0\"></span>s) Ow<span class=\"_ _0\"></span>ner,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Age<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t So<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. 9 E L<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>31<span class=\"_ _17\"></span>1 D<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>r DE 19<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span>United C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>mpus P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _109\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>Vietnam<span class=\"_ _9e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>5t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>t T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er, 2B<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>\u2013<span class=\"_ _1\"></span>6 L<span class=\"_ _0\"></span>e Th<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>h T<span class=\"_ _6\"></span>on S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ng<span class=\"_ _0\"></span>he Wa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>, Di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t 1, Ho C<span class=\"_ _0\"></span>hi M<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nh C<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Vie<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on V<span class=\"_ _0\"></span>ietna<span class=\"_ _0\"></span>m Co<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span>and M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  D<span class=\"_ _0\"></span>ue to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ds a 70<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y R<span class=\"_ _0\"></span>ail S<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>n Bhd<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h ho<span class=\"_ _0\"></span>lds a 6<span class=\"_ _1\"></span>0%<span class=\"_ _399\"> </span>inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y A<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>do S<span class=\"_ _0\"></span>yste<span class=\"_ _0\"></span>ms J<span class=\"_ _0\"></span>V S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd<span class=\"_ _0\"></span>. Du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs\u2019<span class=\"_ _399\"> </span>ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>her s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span>ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>of th<span class=\"_ _0\"></span>ese c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>at t<span class=\"_ _0\"></span>he Gr<span class=\"_ _0\"></span>oup d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l the<span class=\"_ _0\"></span>se<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ey ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r as jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span> P<span class=\"_ _0\"></span>refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>/or d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(iv) <span class=\"_ _3d\"></span> Partner<span class=\"_ _0\"></span>ship int<span class=\"_ _6\"></span>erest held.<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>United Kingdom<span class=\"_ _146\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>As<span class=\"_ _0\"></span>hf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>d H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, Gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er E<span class=\"_ _0\"></span>X1 3LH<span class=\"_ _399\"> </span>UBB W<span class=\"_ _0\"></span>aste (E<span class=\"_ _0\"></span>ssex<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>) Ltd<span class=\"_ _1ce\"> </span><span class=\"lsf wsd\">49.5<span class=\"_ _53\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve,<span class=\"_ _399\"> </span>Wi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>08<span class=\"_ _399\"> </span>ACC G<span class=\"_ _0\"></span>roup H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng, L<span class=\"_ _0\"></span>LC(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>AE<span class=\"_ _1\"></span>TC Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(i)(ii)<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Concession<span class=\"_ _399\"> </span>A<span class=\"_ _0\"></span>MC We<span class=\"_ _0\"></span>st Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(i)(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>Walsh Housing, LLC<span class=\"_ _1bc\"> </span><span class=\"lsf9 ws29\">67<span class=\"_ _b5\"> </span></span>I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span>Concession<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>arlisl<span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>Pic<span class=\"_ _0\"></span>atinny F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>FDWR Pare<span class=\"_ _6\"></span>nt LLC<span class=\"_ _26\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>te San<span class=\"_ _0\"></span>ds M<span class=\"_ _0\"></span>issil<span class=\"_ _0\"></span>e Ran<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span>Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LLC<span class=\"_ _c8\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t D<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>ck<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>Walter R<span class=\"_ _0\"></span>eed A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my<span class=\"_ _399\"> </span>Medic<span class=\"_ _0\"></span>al Center Housing LLC<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Stor<span class=\"_ _1\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _32\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Gordon Housing<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _f4\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ami<span class=\"_ _0\"></span>lton H<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g LLC<span class=\"_ _58\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Jackson Housi<span class=\"_ _6\"></span>ng LLC<span class=\"_ _89\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g, L<span class=\"_ _0\"></span>LC(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Leo<span class=\"_ _0\"></span>nard Wo<span class=\"_ _0\"></span>od F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>theast Housing LLC<span class=\"_ _18\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span>n Grou<span class=\"_ _0\"></span>p Ho<span class=\"_ _0\"></span>using<span class=\"_ _0\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Southeast Housing L<span class=\"_ _0\"></span>LC<span class=\"_ _395\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Stewar<span class=\"_ _0\"></span>t Hu<span class=\"_ _0\"></span>nter Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>LIQUIDA<span class=\"_ _6\"></span>TED<span class=\"_ _399\"> </span>Vanden<span class=\"_ _0\"></span>berg H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ing L<span class=\"_ _0\"></span>P(i)(ii)<span class=\"_ _399\"> </span>90<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Wester<span class=\"_ _0\"></span>n Group H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span>, LP(i)(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>West Po<span class=\"_ _0\"></span>int Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _ef\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ev<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d ea<span class=\"_ _0\"></span>ch of i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e mil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts to d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ine i<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span>the a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ies s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t was n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>lim<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d to, id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t an en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c<span class=\"_ _399\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he ri<span class=\"_ _0\"></span>sks a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _399\"> </span>the<span class=\"_ _0\"></span>se en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s. D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>owe<span class=\"_ _0\"></span>r ove<span class=\"_ _0\"></span>r key fa<span class=\"_ _0\"></span>cet<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts we<span class=\"_ _0\"></span>re eva<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span>wh<span class=\"_ _0\"></span>en de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s had c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l over t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>ost<span class=\"_ _399\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t a pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cs<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>is rev<span class=\"_ _0\"></span>iew, th<span class=\"_ _0\"></span>e Dir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not h<span class=\"_ _0\"></span>ave th<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>wer to d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l or<span class=\"_ _399\"> </span>joi<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>em a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es h<span class=\"_ _0\"></span>ave b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ted<span class=\"_ _399\"> </span>undertakings.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>As<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Uni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-617": {
   "value": "1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span>19<span class=\"_ _6\"></span>.<span class=\"_ _17\"></span>1 Mov<span class=\"_ _6\"></span>ements<span class=\"_ _399\"> </span>Net<span class=\"_ _399\"> </span>assets<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Lo<span class=\"_ _0\"></span>ans ^<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _27b\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>6<span class=\"_ _9a\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>8<span class=\"_ _9c\"> </span><span class=\"ls1a3 ws193\">554<span class=\"_ _399\"> </span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _268\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _76\"> </span></span>(1)<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _284\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _131\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _236\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benef<span class=\"_ _0\"></span>it ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _97\"> </span>7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>7<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c4\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span>Dividends<span class=\"_ _151\"> </span><span class=\"lsaf ws9a\">(68)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span></span>(68)<span class=\"_ _399\"> </span></span>Additions<span class=\"_ _15a\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>18<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of interest i<span class=\"_ _0\"></span>n BC Chil<span class=\"_ _0\"></span>dren\u2019s and BC Wom<span class=\"_ _0\"></span>en\u2019<span class=\"_ _6\"></span>s H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ls (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.<span class=\"_ _6\"></span>1)<span class=\"_ _e1\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of interest i<span class=\"_ _0\"></span>n A<span class=\"_ _0\"></span>berd<span class=\"_ _0\"></span>een We<span class=\"_ _0\"></span>stern Pe<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>hera<span class=\"_ _0\"></span>l Rou<span class=\"_ _0\"></span>te (N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.4<span class=\"_ _0\"></span>)<span class=\"_ _e2\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _82\"> </span><span class=\"lsfc ws18f\">(18<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _2c5\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span>Loans repaid<span class=\"_ _2c6\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span>(3)<span class=\"_ _399\"> </span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sific<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en net as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d lo<span class=\"_ _0\"></span>ans<span class=\"_ _2c7\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _f9\"> </span>(26)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _399\"> </span>Imp<span class=\"_ _0\"></span>airm<span class=\"_ _0\"></span>ent of lo<span class=\"_ _0\"></span>ans to jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates (N<span class=\"_ _0\"></span>ote 9<span class=\"_ _0\"></span>)<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _7b\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _99\"> </span>(4)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _242\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _9a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _28f\"> </span><span class=\"ff4d ls2e ws2c\">28<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span></span>28<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _189\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>)<span class=\"_ _26c\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c8\"> </span><span class=\"ff4d lsb0 ws9b\">29<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n retireme<span class=\"_ _0\"></span>nt benef<span class=\"_ _0\"></span>it ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _97\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me (<span class=\"_ _0\"></span>Note 3<span class=\"_ _0\"></span>2.<span class=\"_ _6\"></span>1)<span class=\"_ _2c9\"> </span><span class=\"ff4d lsb5 ws9f\">25<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _399\"> </span></span></span>Dividends<span class=\"_ _2ca\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span></span>(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Additions<span class=\"_ _15a\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span></span>30<span class=\"_ _399\"> </span></span>Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _2cb\"> </span><span class=\"ff4d ls9c ws91\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _399\"> </span></span></span>Loans repaid<span class=\"_ _2c6\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _2d\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span>Dist<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n in excess of e<span class=\"_ _0\"></span>arni<span class=\"_ _0\"></span>ngs rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d direc<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>n inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _1a0\"> </span><span class=\"ff4d\">2<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>2<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>y ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive investm<span class=\"_ _0\"></span>ent to provi<span class=\"_ _0\"></span>sions (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>)<span class=\"_ _2cc\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2cd\"> </span><span class=\"lsa8 ws96\">320<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">4<span class=\"_ _0\"></span>26<span class=\"_ _399\"> </span></span></span></span>^ <span class=\"_ _33\"> </span>Lo<span class=\"_ _0\"></span>ans i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e su<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>ebt re<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>nfr<span class=\"_ _0\"></span>ast<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ure In<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates are sho<span class=\"_ _0\"></span>wn in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1. Th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of the Gro<span class=\"_ _0\"></span>up\u2019s share of bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates whi<span class=\"_ _0\"></span>ch wa<span class=\"_ _0\"></span>s supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d by the G<span class=\"_ _0\"></span>roup an<span class=\"_ _0\"></span>d the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any wa<span class=\"_ _0\"></span>s \u00a3nil (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3nil). Th<span class=\"_ _0\"></span>e non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>recou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of joint ve<span class=\"_ _0\"></span>nture and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iate enti<span class=\"_ _0\"></span>ties rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to infrast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture c<span class=\"_ _0\"></span>once<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns proj<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>s are rep<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le over p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>ds exten<span class=\"_ _0\"></span>ding u<span class=\"_ _0\"></span>p to 20<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>8. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>r fac<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s taken ou<span class=\"_ _0\"></span>t by proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ic joi<span class=\"_ _0\"></span>nt venture and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>te conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies. T<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s of eac<span class=\"_ _0\"></span>h co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>re secure<span class=\"_ _0\"></span>d by a co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fixed a<span class=\"_ _0\"></span>nd flo<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g cha<span class=\"_ _0\"></span>rges over t<span class=\"_ _0\"></span>hat c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>on com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>\u2019s interests in it<span class=\"_ _0\"></span>s proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s assets an<span class=\"_ _0\"></span>d revenues an<span class=\"_ _0\"></span>d the sh<span class=\"_ _0\"></span>ares in the c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any hel<span class=\"_ _0\"></span>d by it<span class=\"_ _0\"></span>s imme<span class=\"_ _0\"></span>diate p<span class=\"_ _0\"></span>arent co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>. <span class=\"_ _399\">A signi</span><span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of the<span class=\"_ _0\"></span>se lo<span class=\"_ _0\"></span>ans has b<span class=\"_ _0\"></span>een s<span class=\"_ _0\"></span>wap<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d into fixed ra<span class=\"_ _0\"></span>te debt by t<span class=\"_ _0\"></span>he use of interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>ps.<span class=\"_ _399\"> </span>As d<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>ote 4<span class=\"_ _6\"></span>1(f), the G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e its sh<span class=\"_ _0\"></span>are of fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y fun<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g of joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciates i<span class=\"_ _0\"></span>n Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cture I<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nts\u2019 proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s and mil<span class=\"_ _0\"></span>itar<span class=\"_ _1\"></span>y hous<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns. Fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther, in respec<span class=\"_ _0\"></span>t of a num<span class=\"_ _0\"></span>ber of t<span class=\"_ _0\"></span>hese inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted not to d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>se of it<span class=\"_ _0\"></span>s equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y interest unt<span class=\"_ _0\"></span>il co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on is c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>lete. A<span class=\"_ _0\"></span>s is custo<span class=\"_ _0\"></span>mar<span class=\"_ _1\"></span>y in such p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts, b<span class=\"_ _0\"></span>ank<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ovenant<span class=\"_ _0\"></span>s restri<span class=\"_ _0\"></span>ct <span class=\"_ _399\">the p</span><span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt of div<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>nds an<span class=\"_ _0\"></span>d other d<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19.<span class=\"_ _0\"></span>2 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _399\"> </span>Income sta<span class=\"_ _0\"></span>tement Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Servi<span class=\"_ _0\"></span>ces<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>UK<span class=\"ff4e fs4 ls3 ws0\"> </span>^<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>North<span class=\"_ _399\"> </span>America<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Reve<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ue<span class=\"_ _2ce\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>07<span class=\"_ _1\"></span>3<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>9<span class=\"_ _9c\"> </span><span class=\"ls2e ws2c\">228<span class=\"_ _a0\"> </span></span></span></span></span>1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span>Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t excludi<span class=\"_ _0\"></span>ng ga<span class=\"_ _0\"></span>in on dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sals of i<span class=\"_ _0\"></span>nterests <span class=\"_ _399\">in in</span><span class=\"_ _6\"></span>vestments<span class=\"_ _80\"> </span><span class=\"ff4d ls71 ws6b\">24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _40\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _78\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _99\"> </span><span class=\"ls252 ws3b\">42<span class=\"_ _399\"> </span></span></span></span></span></span></span>Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s<span class=\"_ _2cf\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _2d\"> </span>70<span class=\"_ _99\"> </span>70<span class=\"_ _399\"> </span></span></span>Operating profit<span class=\"_ _2d0\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _40\"> </span><span class=\"ls99 ws8f\">91<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">88<span class=\"_ _82\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2d1\"> </span><span class=\"ff4d ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _99\"> </span><span class=\"ls1b9 ws1ae\">88<span class=\"_ _399\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _21c\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _1da\"> </span><span class=\"ls28 ws24\">(2<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span>(8<span class=\"_ _0\"></span>7)<span class=\"_ _399\"> </span></span></span></span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _2d2\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">84<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">87<span class=\"_ _82\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _17\"></span>a<span class=\"_ _0\"></span>xation<span class=\"_ _215\"> </span><span class=\"ff4d lsb4 ws87\">(6)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _95\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _399\"> </span></span></span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _2ae\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">84<span class=\"_ _95\"> </span><span class=\"ls13f ws126\">85<span class=\"_ _9a\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span>Balance sheet<span class=\"_ _399\"> </span>Non-current assets<span class=\"_ _399\"> </span>Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _d3\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">33</span></span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 Infrastructure In<span class=\"_ _6\"></span>vestments intangible<span class=\"_ _2d3\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _99\"> </span>40</span></span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 other<span class=\"_ _1fe\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span>13<span class=\"_ _399\"> </span></span></span>Proper<span class=\"_ _0\"></span>ty,<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>lant and<span class=\"_ _6\"></span> equipment<span class=\"_ _2d4\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>33<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> prop<span class=\"_ _0\"></span>erties<span class=\"_ _2d5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls2c ws9d\">2<span class=\"_ _0\"></span>57<span class=\"_ _9c\"> </span>2<span class=\"_ _0\"></span>57<span class=\"_ _9c\"> </span>2<span class=\"_ _0\"></span>57<span class=\"_ _399\"> </span></span></span>Investments<span class=\"_ _6\"></span> in joint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _298\"> </span><span class=\"ff4d ls3 ws0\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>5<span class=\"_ _399\"> </span></span>Mo<span class=\"_ _0\"></span>ney mar<span class=\"_ _0\"></span>ket funds<span class=\"_ _2a9\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _99\"> </span>26<span class=\"_ _99\"> </span>26<span class=\"_ _399\"> </span></span></span>PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _79\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">98<span class=\"_ _0\"></span>4<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">260<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>4<span class=\"_ _b2\"> </span>1,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>4<span class=\"_ _399\"> </span></span></span></span></span>Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _2ab\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _0\"></span>9<span class=\"_ _f8\"> </span>11<span class=\"_ _0\"></span>9<span class=\"_ _f8\"> </span>11<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span>Other non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current assets<span class=\"_ _2d6\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _99\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _2d\"> </span><span class=\"ls154 ws13f\">40<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span>Current assets<span class=\"_ _399\"> </span>Cash and cash equivalents<span class=\"_ _2d7\"> </span><span class=\"ff4d lsf9 ws29\">385<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span><span class=\"lsb4 ws87\">150<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _82\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span></span></span>561<span class=\"_ _399\"> </span></span></span></span>Other current assets<span class=\"_ _1d6\"> </span><span class=\"ff4d lsf8 wse1\">275<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _15\"> </span></span>5<span class=\"_ _78\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">326<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal<span class=\"_ _6\"></span> assets<span class=\"_ _2a3\"> </span><span class=\"ls91 ws85\">837<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _a0\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _0\"></span>6<span class=\"_ _a0\"> </span></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">2,803<span class=\"_ _399\"> </span></span></span></span></span>Current liabilities<span class=\"_ _399\"> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _37\"> </span><span class=\"ff4d ls8c ws8d\">(8<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span></span>(37)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span></span>(37)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(12<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _169\"> </span><span class=\"ff4d ls8c ws8d\">(<span class=\"_ _0\"></span>57<span class=\"_ _0\"></span>9)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span>(12<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span>(1<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls20 ws88\">(715)<span class=\"_ _399\"> </span></span></span></span></span>Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _399\"> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _66\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _109\"> </span><span class=\"ls20 ws88\">(8<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>5)<span class=\"_ _aa\"> </span><span class=\"lsaa ws140\">(50<span class=\"_ _0\"></span>2)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Othe<span class=\"_ _0\"></span>r non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>urrent liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _37\"> </span><span class=\"ff4d lsa3 ws124\">(80)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>0)<span class=\"_ _99\"> </span><span class=\"ls20 ws88\">(5)<span class=\"_ _119\"> </span></span>(18<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal liabilities<span class=\"_ _2d1\"> </span><span class=\"ls1e ws30\">(<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>8)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b4\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>)<span class=\"_ _119\"> </span><span class=\"lsfa ws127\">(<span class=\"_ _0\"></span>519<span class=\"_ _0\"></span>)<span class=\"_ _10f\"> </span></span>(1,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _ab\"> </span><span class=\"lsc0 ws1a9\">(2,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span></span></span>Net<span class=\"_ _6\"></span> assets<span class=\"_ _105\"> </span><span class=\"ls1b9 ws1ae\">89<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"lsaa ws140\">2<span class=\"_ _0\"></span>21<span class=\"_ _77\"> </span><span class=\"lsbd ws97\">310<span class=\"_ _399\"> </span></span></span></span></span></span></span>Rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>y ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive investm<span class=\"_ _0\"></span>ent to provi<span class=\"_ _0\"></span>sions (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 26<span class=\"_ _0\"></span>)<span class=\"_ _161\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _399\"> </span></span></span>Lo<span class=\"_ _0\"></span>ans to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _a4\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span>106<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _17\"></span>otal inv<span class=\"_ _6\"></span>estment in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _2d8\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _82\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">3<span class=\"_ _0\"></span>27<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">426<span class=\"_ _399\"> </span></span></span></span></span></span></span>^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s inves<span class=\"_ _0\"></span>tment i<span class=\"_ _0\"></span>n milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g joint vent<span class=\"_ _0\"></span>ures\u2019 and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates\u2019 pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts is rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d at its rem<span class=\"_ _0\"></span>ainin<span class=\"_ _0\"></span>g equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y invest<span class=\"_ _0\"></span>ment pl<span class=\"_ _0\"></span>us the value of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s accru<span class=\"_ _0\"></span>ed retur<span class=\"_ _0\"></span>ns from th<span class=\"_ _0\"></span>e unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ts. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s have total n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse net bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2,<span class=\"_ _6\"></span>126m). Note 41<span class=\"_ _6\"></span>(e) det<span class=\"_ _0\"></span>ails th<span class=\"_ _0\"></span>e Group\u2019s milit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>cts<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>On ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Investme<span class=\"_ _0\"></span>nts co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ere net fair v<span class=\"_ _0\"></span>alue reval<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>ons of P<span class=\"_ _0\"></span>PP fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges resul<span class=\"_ _0\"></span>ted in the Gro<span class=\"_ _0\"></span>up\u2019s carr<span class=\"_ _1\"></span>ying va<span class=\"_ _0\"></span>lue of the<span class=\"_ _0\"></span>se invest<span class=\"_ _0\"></span>ments b<span class=\"_ _0\"></span>eing n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ative, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses b<span class=\"_ _0\"></span>eyond t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>lue of it<span class=\"_ _0\"></span>s investm<span class=\"_ _0\"></span>ents. T<span class=\"_ _0\"></span>his is b<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s not co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted to prov<span class=\"_ _0\"></span>ide a<span class=\"_ _0\"></span>ny fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r fund<span class=\"_ _0\"></span>ing to the<span class=\"_ _0\"></span>se investm<span class=\"_ _0\"></span>ents a<span class=\"_ _0\"></span>nd the b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin these c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sions a<span class=\"_ _0\"></span>re non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>recou<span class=\"_ _0\"></span>rse to the G<span class=\"_ _0\"></span>roup. At 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e unrec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised c<span class=\"_ _0\"></span>umula<span class=\"_ _0\"></span>tive net fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>rges to othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unted to \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>021: \u00a321<span class=\"_ _6\"></span>m).<span class=\"_ _399\"> </span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19.<span class=\"_ _0\"></span>2 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d n<span class=\"_ _0\"></span>et a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span>Infrastructure Inv<span class=\"_ _6\"></span>estments<span class=\"_ _399\"> </span>Income sta<span class=\"_ _0\"></span>tement Constructio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>UK<span class=\"fs4 ls3 ws0\"> </span>^<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>th<span class=\"_ _399\"> </span>Americ<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Rev<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ue <span class=\"_ _299\"> </span><span class=\"ff4e ls73 ws6d\">826<span class=\"_ _99\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>3<span class=\"_ _207\"> </span>11<span class=\"_ _1\"></span>9<span class=\"_ _82\"> </span><span class=\"lsf9 ws29\">232<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _399\"> </span></span></span></span></span></span>Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing profi<span class=\"_ _0\"></span>t excludi<span class=\"_ _0\"></span>ng ga<span class=\"_ _0\"></span>in on dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sals of i<span class=\"_ _0\"></span>nterests <span class=\"_ _399\">in in</span><span class=\"_ _6\"></span>vestments<span class=\"_ _80\"> </span><span class=\"ls87 ws7e\">37<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _2e\"> </span>19<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></span>Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>als of intere<span class=\"_ _0\"></span>sts in inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s<span class=\"_ _2cf\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>9<span class=\"_ _89\"> </span>9<span class=\"_ _3f\"> </span>9<span class=\"_ _399\"> </span>Operating profit<span class=\"_ _2d0\"> </span><span class=\"ff4e ls87 ws7e\">37<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _99\"> </span>28<span class=\"_ _99\"> </span><span class=\"ls141 ws129\">66<span class=\"_ _399\"> </span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2d1\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls34 ws33\">76<span class=\"_ _78\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _99\"> </span><span class=\"ls26a ws11b\">88<span class=\"_ _95\"> </span><span class=\"ls38 ws37\">89<span class=\"_ _399\"> </span></span></span></span></span></span>Finance costs<span class=\"_ _db\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lse0 ws92\">(73<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _9a\"> </span><span class=\"lsa2 ws2a\">(9<span class=\"_ _0\"></span>0)<span class=\"_ _82\"> </span></span></span></span></span>(<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _2d2\"> </span><span class=\"ff4e ls87 ws7e\">37<span class=\"_ _3f\"> </span></span><span class=\"ff4e\">1<span class=\"_ _3f\"> </span>3<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _99\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _95\"> </span><span class=\"ls30 ws2e\">64<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>a<span class=\"_ _0\"></span>xation<span class=\"_ _215\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _95\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span></span></span></span>Pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n <span class=\"_ _13f\"> </span><span class=\"ff4e lsb0 ws9b\">32<span class=\"_ _3f\"> </span></span><span class=\"ff4e\">1<span class=\"_ _89\"> </span>1<span class=\"_ _99\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _99\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span></span>Balance sheet<span class=\"_ _13d\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> </span>Non-current assets<span class=\"_ _18e\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Inta<span class=\"_ _0\"></span>ngib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets \u2013 go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will<span class=\"_ _2d9\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30</span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 Infrastructure In<span class=\"_ _6\"></span>vestments intangible<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _78\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _2e\"> </span>41</span></span> <span class=\"_ _16c\"> </span> <span class=\"_ _f0\"> </span>\u2013 other<span class=\"_ _1fe\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _78\"> </span>13<span class=\"_ _399\"> </span></span></span>Proper<span class=\"_ _0\"></span>ty,<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>lant and<span class=\"_ _6\"></span> equipment<span class=\"_ _2d4\"> </span><span class=\"ls28 ws24\">31<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _99\"> </span></span>31<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> prop<span class=\"_ _0\"></span>erties<span class=\"_ _2d5\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls73 ws6d\">265<span class=\"_ _9a\"> </span>26<span class=\"_ _0\"></span>5<span class=\"_ _9a\"> </span>26<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span>Investments<span class=\"_ _6\"></span> in joint ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _298\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span>Mo<span class=\"_ _0\"></span>ney mar<span class=\"_ _0\"></span>ket funds<span class=\"_ _2a9\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls9b wse4\">81<span class=\"_ _2d\"> </span>81<span class=\"_ _99\"> </span>81<span class=\"_ _399\"> </span></span>PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _79\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _30\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _f8\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _0\"></span>2<span class=\"_ _a3\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _b2\"> </span>1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span></span>Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y housin<span class=\"_ _0\"></span>g proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _2ab\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>6<span class=\"_ _82\"> </span>10<span class=\"_ _0\"></span>6<span class=\"_ _82\"> </span>10<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span>Other non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>current assets<span class=\"_ _2ba\"> </span><span class=\"ls29 ws25\">70<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _89\"> </span></span>7<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">22<span class=\"_ _95\"> </span><span class=\"ls1a3 ws193\">92<span class=\"_ _399\"> </span></span></span></span></span>Current assets<span class=\"_ _80\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Cash and cash equivalents<span class=\"_ _37\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _0\"></span>8<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>3<span class=\"_ _2d\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _82\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span><span class=\"lsaa ws140\">475<span class=\"_ _399\"> </span></span></span></span></span></span></span>Other current assets<span class=\"_ _1d6\"> </span><span class=\"lsf9 ws29\">223<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">56<span class=\"_ _245\"> </span></span>2<span class=\"_ _99\"> </span><span class=\"ls155 ws141\">58<span class=\"_ _9a\"> </span><span class=\"ls9b wse4\">281<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _17\"></span>otal<span class=\"_ _6\"></span> assets<span class=\"_ _2da\"> </span><span class=\"ff4e ls13f ws126\">665<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>1<span class=\"_ _82\"> </span><span class=\"ls2e ws2c\">657<span class=\"_ _a1\"> </span><span class=\"ls157 ws144\">2,<span class=\"_ _17\"></span>048<span class=\"_ _a3\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>713<span class=\"_ _399\"> </span></span></span></span></span></span></span>Current liabilities<span class=\"_ _2db\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _2d9\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>51)<span class=\"_ _7a\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _207\"> </span><span class=\"lsae ws99\">(36<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _207\"> </span><span class=\"lsae ws99\">(3<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span><span class=\"ls40 ws26\">(87<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _169\"> </span><span class=\"ls71 ws6b\">(467<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">(<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _0\"></span>13<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls35 ws34\">(5<span class=\"_ _0\"></span>97)<span class=\"_ _399\"> </span></span></span></span></span></span></span>Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _2dc\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _66\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"lsb0 ws9b\">(9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9)<span class=\"_ _30\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _10f\"> </span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Othe<span class=\"_ _0\"></span>r non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>urrent liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _9d\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _1\"></span>213<span class=\"_ _0\"></span>)<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _aa\"> </span><span class=\"lsa2 ws2a\">(220)<span class=\"_ _119\"> </span><span class=\"ls131 ws12a\">(<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span>T<span class=\"_ _17\"></span>otal liabilities<span class=\"_ _2d1\"> </span><span class=\"ff4e lsf8 wse1\">(572)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c0\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls71 ws6b\">(46<span class=\"_ _0\"></span>7)<span class=\"_ _e\"> </span></span>(1,<span class=\"_ _0\"></span>74<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>Net<span class=\"_ _6\"></span> assets<span class=\"_ _105\"> </span><span class=\"ff4e ls13f ws126\">93<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>3<span class=\"_ _77\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span></span></span></span>303<span class=\"_ _fd\"> </span><span class=\"ls39 ws38\">396<span class=\"_ _399\"> </span></span></span>Lo<span class=\"_ _0\"></span>ans to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes<span class=\"_ _a4\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _0\"></span>7<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">107<span class=\"_ _77\"> </span>107<span class=\"_ _399\"> </span></span>T<span class=\"_ _17\"></span>otal inv<span class=\"_ _6\"></span>estment in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _2d8\"> </span><span class=\"ff4e ls13f ws126\">93<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">220<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>0<span class=\"_ _77\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">503<span class=\"_ _399\"> </span></span></span></span></span></span></span>^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _6\"></span> 19.3 Ag<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>te i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Joint v<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>ntures<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Associates<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _223\"> </span><span class=\"ff4d ls1b9 ws1ae\">89<span class=\"_ _99\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span></span></span></span>Ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e Group\u2019s interest<span class=\"_ _dd\"> </span><span class=\"ff4d lsa9 ws23\">300<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _0\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls71 ws6b\">426<span class=\"_ _399\"> </span></span></span></span>Joint vent<span class=\"_ _0\"></span>ures<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Associates<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _223\"> </span><span class=\"ls157 ws144\">4<span class=\"_ _6\"></span>8<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">57<span class=\"_ _399\"> </span></span></span></span>Ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate car<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e Group\u2019s interest<span class=\"_ _24b\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _0\"></span>0<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">113<span class=\"_ _82\"> </span><span class=\"ls1b ws18\">503<span class=\"_ _399\"> </span></span></span></span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19.4 De<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ch<span class=\"_ _0\"></span>ina L<span class=\"_ _0\"></span>td<span class=\"_ _15\"> </span>C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>nec<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>lus (<span class=\"_ _0\"></span>M2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n of t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s own<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>p in<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t in t<span class=\"_ _0\"></span>he j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _1e0\"> </span><span class=\"ls35 ws34\">50%<span class=\"_ _ae\"> </span></span><span class=\"ff4e\">5<span class=\"_ _0\"></span>0%<span class=\"_ _1f9\"> </span> <span class=\"_ _86\"> </span></span><span class=\"lsb4 ws87\">15%<span class=\"_ _118\"> </span><span class=\"ff4e lsfb ws13a\">15%<span class=\"_ _399\"> </span></span></span>Income sta<span class=\"_ _0\"></span>tement<span class=\"_ _399\"> </span>Revenue<span class=\"_ _250\"> </span><span class=\"ff4d ls127 ws95\">2<span class=\"_ _1\"></span>,1<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _30\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ff4d ls2c ws9d\">270<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span>Underlying<span class=\"_ _6\"></span> operating profit<span class=\"_ _2dd\"> </span><span class=\"ls73 ws6d\">72<span class=\"_ _99\"> </span><span class=\"ff4e lsf8 wse1\">72<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1b\"> </span><span class=\"ff4d\">9<span class=\"_ _78\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span></span></span></span>Investment<span class=\"_ _6\"></span> inc<span class=\"_ _0\"></span>ome<span class=\"_ _2de\"> </span><span class=\"ff4d ls3 ws0\">6<span class=\"_ _3f\"> </span><span class=\"ff4e\">2<span class=\"_ _1f9\"> </span> <span class=\"_ _12c\"> </span></span><span class=\"ls4e ws3\">14<span class=\"_ _1\"></span>0<span class=\"_ _82\"> </span></span></span><span class=\"ls142 ws12b\">13<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span>Finance costs<span class=\"_ _2df\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _ae\"> </span><span class=\"ff4d ls1ad ws1a1\">(1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>1)<span class=\"_ _119\"> </span></span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Inc<span class=\"_ _0\"></span>ome t<span class=\"_ _0\"></span>ax c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>e<span class=\"_ _106\"> </span><span class=\"ff4d ls1b4 ws110\">(12<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span></span><span class=\"ls142 ws12b\">(13<span class=\"_ _0\"></span>)<span class=\"_ _1cd\"> </span></span> <span class=\"_ _99\"> </span><span class=\"ff4d ls8c ws8d\">(9)<span class=\"_ _9c\"> </span></span><span class=\"lsa4 ws86\">(16<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Prof<span class=\"_ _0\"></span>it<span class=\"_ _2e0\"> </span><span class=\"ff4d ls36 ws35\">63<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ff4d lsaf ws9a\">39<span class=\"_ _99\"> </span></span><span class=\"lsf9 ws29\">29<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _17\"></span>otal other compre<span class=\"_ _6\"></span>hensive income/(loss) <span class=\"_ _252\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _78\"> </span></span><span class=\"ls142 ws12b\">13<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _86\"> </span><span class=\"ff4d ls1e ws30\">(2<span class=\"_ _0\"></span>74<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span></span><span class=\"lsa9 ws23\">(8<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me/(los<span class=\"_ _0\"></span>s) (1<span class=\"_ _6\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>%)<span class=\"_ _2d5\"> </span><span class=\"ls252 ws3b\">65<span class=\"_ _95\"> </span><span class=\"ff4e lsf8 wse1\">72<span class=\"_ _1f9\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _119\"> </span></span><span class=\"ls20 ws88\">(2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5)<span class=\"_ _1da\"> </span><span class=\"ff4e lsae ws99\">(5<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span>Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re o<span class=\"_ _0\"></span>f to<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ive i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e/(los<span class=\"_ _0\"></span>s)<span class=\"_ _2e1\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _95\"> </span><span class=\"ff4e ls39 ws38\">36<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _9c\"> </span></span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>5)<span class=\"_ _95\"> </span><span class=\"ff4e ls1b7 ws13b\">(8)<span class=\"_ _399\"> </span></span></span>Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ng t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _2d9\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _99\"> </span><span class=\"ff4e lsb0 ws9b\">32<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span></span>6<span class=\"_ _3f\"> </span><span class=\"ff4e\">5<span class=\"_ _399\"> </span></span>Balance sheet<span class=\"_ _399\"> </span>Non-current assets<span class=\"_ _23f\"> </span><span class=\"ls2e ws2c\">289<span class=\"_ _82\"> </span><span class=\"ff4e ls3b ws12f\">210<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c0\"> </span></span></span>1<span class=\"_ _6\"></span>,667<span class=\"_ _a0\"> </span><span class=\"ff4e lsaa ws140\">2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>47<span class=\"_ _399\"> </span></span></span>Current assets<span class=\"_ _14c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _c3\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> </span></span>Cash and cash equivalents<span class=\"_ _154\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _1\"></span>3<span class=\"_ _fd\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ff4d ls9a ws8b\">13<span class=\"_ _0\"></span>3<span class=\"_ _82\"> </span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></span>Other current assets<span class=\"_ _272\"> </span><span class=\"ff4d lscc ws94\">5<span class=\"_ _1\"></span>41<span class=\"_ _77\"> </span></span><span class=\"ls63 wsa1\">416<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _c4\"> </span><span class=\"ff4d ls252 ws3b\">65<span class=\"_ _95\"> </span></span><span class=\"ls38 ws37\">60<span class=\"_ _399\"> </span></span></span></span>1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _12\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _72\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span></span></span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>8<span class=\"_ _9a\"> </span><span class=\"ff4e ls71 ws6b\">20<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span>Current liabilities<span class=\"_ _26e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4e\"> <span class=\"_ _c3\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _104\"> </span><span class=\"ff4d ls4e ws3\">(914<span class=\"_ _0\"></span>)<span class=\"_ _12\"> </span></span><span class=\"lsaf ws9a\">(6<span class=\"_ _0\"></span>99)<span class=\"_ _4\"> </span></span> <span class=\"_ _9a\"> </span><span class=\"ff4d\">(56)<span class=\"_ _fd\"> </span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span>Provisions<span class=\"_ _28c\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>8)<span class=\"_ _1da\"> </span></span><span class=\"lsae ws99\">(5<span class=\"_ _0\"></span>0)<span class=\"_ _33\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _fb\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span></span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _82\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _82\"> </span></span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Othe<span class=\"_ _0\"></span>r current liabiliti<span class=\"_ _0\"></span>es<span class=\"_ _2e2\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span></span><span class=\"lsfb ws13a\">(14<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _99\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _2d\"> </span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>(1,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _30\"> </span><span class=\"ff4e lsf8 wse1\">(<span class=\"_ _0\"></span>99<span class=\"_ _0\"></span>4)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _9a\"> </span></span></span><span class=\"lsa3 ws124\">(8<span class=\"_ _0\"></span>0)<span class=\"_ _1da\"> </span><span class=\"ff4e lsb5 ws9f\">(77)<span class=\"_ _399\"> </span></span></span>Non-c<span class=\"_ _0\"></span>urrent liabilities<span class=\"_ _22d\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> <span class=\"_ _180\"> </span> <span class=\"_ _1b\"> </span></span> <span class=\"_ _f4\"> </span><span class=\"ff4e\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _2e3\"> </span><span class=\"ff4d ls9c ws91\">(9<span class=\"_ _0\"></span>4)<span class=\"_ _1da\"> </span></span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _33\"> </span></span> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span>Provisions<span class=\"_ _28c\"> </span><span class=\"ff4d ls7a ws1ad\">(28)<span class=\"_ _fd\"> </span></span><span class=\"ls3c ws3a\">(25)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _2e4\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _1f9\"> </span> <span class=\"_ _ce\"> </span></span><span class=\"ls127 ws95\">(<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _ce\"> </span></span></span><span class=\"ls156 ws143\">(<span class=\"_ _1\"></span>1,1<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>3<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Other non-<span class=\"_ _1\"></span>curren<span class=\"_ _6\"></span>t liabilities<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>including s<span class=\"_ _6\"></span>hareholder loans)<span class=\"_ _da\"> </span><span class=\"ff4d ls8c ws8d\">(3<span class=\"_ _0\"></span>7)<span class=\"_ _1da\"> </span></span><span class=\"lsf9 ws29\">(29)<span class=\"_ _33\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _86\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span></span><span class=\"lsae ws99\">(506)<span class=\"_ _399\"> </span></span></span></span>(1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ff4e ls3b ws12f\">(<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _4\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _b1\"> </span></span></span>(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span><span class=\"ff4e lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>9<span class=\"_ _3b\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Net<span class=\"_ _6\"></span> assets (<span class=\"_ _17\"></span>1<span class=\"_ _6\"></span>00%<span class=\"_ _6\"></span>)<span class=\"_ _23b\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _f8\"> </span><span class=\"ff4e ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _218\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _12c\"> </span></span></span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span><span class=\"ff4e lsaa ws140\">471<span class=\"_ _399\"> </span></span></span></span>Re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>bove s<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>mma<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al i<span class=\"_ _0\"></span>nf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n to t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he i<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e a<span class=\"_ _0\"></span>bove j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t ven<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e consolidate<span class=\"_ _0\"></span>d financial statements:<span class=\"_ _399\"> </span>Net as<span class=\"_ _0\"></span>sets of jo<span class=\"_ _0\"></span>int venture (100%)<span class=\"_ _2e5\"> </span><span class=\"ff4d lsbd ws97\">131<span class=\"_ _f8\"> </span></span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>7<span class=\"_ _218\"> </span></span> <span class=\"_ _12c\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span></span><span class=\"lsaa ws140\">471<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of net as<span class=\"_ _0\"></span>sets<span class=\"_ _2e6\"> </span><span class=\"ff4d lsdf wsc8\">66<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">59<span class=\"_ _24\"> </span></span> <span class=\"_ _c4\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _2d\"> </span></span><span class=\"lsaa ws140\">71<span class=\"_ _399\"> </span></span>Ad<span class=\"_ _0\"></span>d: Group\u2019s interest in sh<span class=\"_ _0\"></span>arehol<span class=\"_ _0\"></span>der l<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ns<span class=\"_ _133\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _24\"> </span> <span class=\"_ _c4\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _99\"> </span></span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span>Goo<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ill<span class=\"_ _22e\"> </span><span class=\"ff4d lsf9 ws29\">33<span class=\"_ _95\"> </span></span><span class=\"ls13f ws126\">30<span class=\"_ _24\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _76\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _399\"> </span></span></span>Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>p\u2019s in<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t in t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _c9\"> </span><span class=\"lsdf wsc8\">99<span class=\"_ _99\"> </span><span class=\"ff4e ls38 ws37\">89<span class=\"_ _4e\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _75\"> </span></span><span class=\"ls2c ws9d\">57<span class=\"_ _99\"> </span><span class=\"ff4e ls1b1 ws1a6\">98<span class=\"_ _399\"> </span></span></span>1<span class=\"_ _6\"></span>9 Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments in jo<span class=\"_ _6\"></span>int ventures<span class=\"_ _6\"></span> and associates<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>19<span class=\"_ _6\"></span>.5 Cash flo<span class=\"_ _6\"></span>w from/<span class=\"_ _17\"></span>(to<span class=\"_ _6\"></span>) joint<span class=\"_ _6\"></span> ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>es<span class=\"_ _0\"></span>tments<span class=\"_ _187\"> </span><span class=\"ff4e ls3d wsae\">Infrastructure<span class=\"_ _6\"></span> Investments<span class=\"_ _399\"> </span></span>Cash flows<span class=\"_ _6\"></span> from inv<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>sting activities<span class=\"_ _399\"> </span>UK ^<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>North<span class=\"_ _399\"> </span>America<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>UK ^<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>th<span class=\"_ _399\"> </span>Americ<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ends f<span class=\"_ _0\"></span>rom joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d associates<span class=\"_ _ca\"> </span><span class=\"ff4d ls143 ws12c\">11<span class=\"_ _12c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>3 </span></span>x<span class=\"_ _399\"> </span>34<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span> <span class=\"_ _4\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _7b\"> </span>5<span class=\"_ _dc\"> </span><span class=\"ls3c ws3a\">25</span><span class=\"ff4d\"> <span class=\"_ _a\"></span><span class=\"ff4e\">+<span class=\"_ _99\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _95\"> </span><span class=\"ls38 ws37\">68<span class=\"_ _399\"> </span></span></span></span></span></span></span>Sub<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>nated d<span class=\"_ _0\"></span>ebt interes<span class=\"_ _0\"></span>t receiv<span class=\"_ _6\"></span>ed<span class=\"_ _a4\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _2d\"> </span></span>10<span class=\"_ _72\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _7b\"> </span>8<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>8<span class=\"_ _399\"> </span></span>Investm<span class=\"_ _0\"></span>ents in a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>ans to joi<span class=\"_ _0\"></span>nt ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _2e7\"> </span><span class=\"ff4d ls7a ws1ad\">(7)<span class=\"_ _1da\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"ls8c ws8d\">(2<span class=\"_ _0\"></span>9)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1b\"> </span>2<span class=\"_ _c4\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Equit<span class=\"_ _0\"></span>y<span class=\"_ _1a1\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _dc\"> </span><span class=\"lsaa ws140\">(2<span class=\"_ _0\"></span>2)<span class=\"_ _7b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _77\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _c4\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span>Subordinat<span class=\"_ _6\"></span>ed debt repaid<span class=\"_ _1a\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _89\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _7b\"> </span>3<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></span>Retur<span class=\"_ _0\"></span>n of equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y from jo<span class=\"_ _0\"></span>int ventur<span class=\"_ _6\"></span>es and associ<span class=\"_ _0\"></span>ates<span class=\"_ _186\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _40\"> </span>34 </span>x<span class=\"_ _399\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _24\"> </span></span><span class=\"ff4e\"> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _29\"> </span>4</span> <span class=\"_ _a\"></span><span class=\"ff4e\">+<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>4<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of invest<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n joint venture<span class=\"_ _0\"></span>s<span class=\"_ _204\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _1f9\"> </span><span class=\"ff4e\"> <span class=\"_ _c4\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _95\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _3f\"> </span></span></span>1<span class=\"_ _78\"> </span><span class=\"ls140 ws128\">51<span class=\"_ _399\"> </span></span></span></span>Ne<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ow f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ventures<span class=\"_ _6\"></span> and associates<span class=\"_ _1d3\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _77\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _1\"></span>5<span class=\"_ _2d\"> </span><span class=\"lsb5 ws9f\">35<span class=\"_ _9c\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _0\"></span>4<span class=\"_ _72\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _40\"> </span><span class=\"ls39 ws38\">45<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _95\"> </span></span>39<span class=\"_ _77\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span></span></span></span></span>^ <span class=\"_ _2c\"> </span>Including Ireland.<span class=\"_ _399\"> </span>x <span class=\"_ _1cd\"> </span>In 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d retur<span class=\"_ _0\"></span>n of e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d \u00a35<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y of pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of In<span class=\"_ _0\"></span>fra<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Inv<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, of w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h \u00a312m, \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>, \u00a34<span class=\"_ _0\"></span>m, \u00a3<span class=\"_ _0\"></span>13m an<span class=\"_ _0\"></span>d \u00a314<span class=\"_ _0\"></span>m res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>ly of p<span class=\"_ _0\"></span>roc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>rom t<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>f Reg<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d at M<span class=\"_ _0\"></span>ed C<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>r, Asp<span class=\"_ _0\"></span>ire a<span class=\"_ _0\"></span>t Di<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Pre<span class=\"_ _0\"></span>ser<span class=\"_ _1\"></span>ve at S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>hwi<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>, Preserve at Bartlet<span class=\"_ _0\"></span>t and Wat<span class=\"_ _6\"></span>erchase A<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>tments.<span class=\"_ _399\"> </span>+ <span class=\"_ _33\"> </span>In 2<span class=\"_ _0\"></span>021, di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>etur<span class=\"_ _0\"></span>n of e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y fro<span class=\"_ _0\"></span>m jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed \u00a3<span class=\"_ _1\"></span>8m an<span class=\"_ _0\"></span>d \u00a34<span class=\"_ _0\"></span>m re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>ely o<span class=\"_ _0\"></span>f pro<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of Inf<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>re Inve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s,<span class=\"_ _0\"></span> of wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h \u00a3<span class=\"_ _0\"></span>8m a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>4m re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y of pr<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ted fr<span class=\"_ _0\"></span>om th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of R<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rch<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g and Z<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>hyr R<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>19.6 Sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f re<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>Accumul<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span>(los<span class=\"_ _0\"></span>s)/prof<span class=\"_ _0\"></span>it<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Hedging<span class=\"_ _399\"> </span>reserve<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>PPP financial<span class=\"_ _399\"> </span>assets<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>translation<span class=\"_ _399\"> </span>reserve<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> (<span class=\"_ _0\"></span>N<span class=\"_ _1\"></span>o<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span> 3<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>.1)<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2bf\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1)<span class=\"_ _9c\"> </span><span class=\"lsa9 ws23\">(55)<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>2<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _95\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _399\"> </span></span></span></span></span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2ad\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _76\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2e\"> </span>(1)<span class=\"_ _399\"> </span></span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _103\"> </span><span class=\"ls2e ws2c\">5<span class=\"_ _6\"></span>7<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>57<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets<span class=\"_ _17d\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es<span class=\"_ _2e8\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _399\"> </span></span>Actuarial movements on re<span class=\"_ _6\"></span>tirement benefit assets/<span class=\"_ _0\"></span>liabilities <span class=\"_ _21\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>7<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _5b\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _1b\"> </span></span>6<span class=\"_ _58\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _16f\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span>Dividends<span class=\"_ _2e9\"> </span><span class=\"lsaf ws9a\">(68)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _207\"> </span></span>(6<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span>Reser<span class=\"_ _0\"></span>ve transf<span class=\"_ _6\"></span>ers relating to joint<span class=\"_ _6\"></span> ventures and associates<span class=\"_ _2ea\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span></span>34<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _f3\"> </span>\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _58\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _107\"> </span>8<span class=\"_ _207\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _40\"> </span><span class=\"ls141 ws129\">80<span class=\"_ _c\"> </span><span class=\"ls37 ws36\">38<span class=\"_ _99\"> </span></span></span>72<span class=\"_ _399\"> </span></span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _2ad\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsaf ws9a\">23<span class=\"_ _99\"> </span>23<span class=\"_ _399\"> </span></span></span>Inc<span class=\"_ _0\"></span>ome rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d <span class=\"_ _21f\"> </span><span class=\"ff4d lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _139\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of PP<span class=\"_ _0\"></span>P fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets<span class=\"_ _17d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>4)<span class=\"_ _399\"> </span></span></span>Fair v<span class=\"_ _0\"></span>alue revalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>sh flow h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>es<span class=\"_ _2e8\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span>Actuarial movements on re<span class=\"_ _6\"></span>tirement benefit assets/<span class=\"_ _0\"></span>liabilities <span class=\"_ _21\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ax o<span class=\"_ _0\"></span>n items t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _179\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _139\"> </span></span></span>\u2013<span class=\"_ _99\"> </span><span class=\"lsb5 ws9f\">25<span class=\"_ _399\"> </span></span></span>Dividends<span class=\"_ _224\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _b0\"> </span></span>(14<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Rec<span class=\"_ _0\"></span>yclin<span class=\"_ _0\"></span>g of revaluat<span class=\"_ _0\"></span>ion res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al<span class=\"_ _f3\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _58\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _95\"> </span>(3)<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _9\"> </span><span class=\"ls9c ws91\">(34)<span class=\"_ _fd\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _9c\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span><span class=\"lsae ws99\">58<span class=\"_ _f9\"> </span><span class=\"ls28 ws24\">(20)<span class=\"_ _399\"> </span></span></span></span></span></span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>22<span class=\"_ _399\"> </span>In ac<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th Se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>9 of t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anies A<span class=\"_ _0\"></span>ct 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6 a full list of subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries<span class=\"_ _0\"></span>, par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ners<span class=\"_ _0\"></span>hips<span class=\"_ _0\"></span>, asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates and j<span class=\"_ _0\"></span>oint venture<span class=\"_ _0\"></span>s, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipal a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e cou<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y of in<span class=\"_ _0\"></span>cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on and t<span class=\"_ _0\"></span>he ef<span class=\"_ _0\"></span>fect<span class=\"_ _0\"></span>ive perc<span class=\"_ _0\"></span>enta<span class=\"_ _0\"></span>ge of eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y ow<span class=\"_ _0\"></span>ned a<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 is d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d bel<span class=\"_ _0\"></span>ow. Unless othe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>wis<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>ted, al<span class=\"_ _0\"></span>l interests a<span class=\"_ _0\"></span>re in the ord<span class=\"_ _0\"></span>inar<span class=\"_ _1\"></span>y share ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al or sh<span class=\"_ _0\"></span>ares of co<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n stock i<span class=\"_ _0\"></span>n the enti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and are h<span class=\"_ _0\"></span>eld in<span class=\"_ _0\"></span>direc<span class=\"_ _0\"></span>tly by the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany, and all entit<span class=\"_ _0\"></span>ies op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>te prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>ally i<span class=\"_ _0\"></span>n their c<span class=\"_ _0\"></span>ountr<span class=\"_ _1\"></span>y of inc<span class=\"_ _0\"></span>orp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. Al<span class=\"_ _0\"></span>l subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>ries h<span class=\"_ _0\"></span>ad a rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d end<span class=\"_ _0\"></span>ed 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d are who<span class=\"_ _0\"></span>lly ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d and co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated into the Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s resu<span class=\"_ _0\"></span>lts<span class=\"_ _0\"></span>, except wh<span class=\"_ _0\"></span>ere indi<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d. Subsidiary under<span class=\"_ _0\"></span>takings incorporated i<span class=\"_ _6\"></span>n the United<span class=\"_ _6\"></span> K<span class=\"_ _0\"></span>ingdom Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le u<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e N<span class=\"_ _0\"></span>E12 8<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>U<span class=\"_ _399\"> </span>Ab<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>yst<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>th Student Accommo<span class=\"_ _0\"></span>dation Ltd<span class=\"_ _3\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Investments<span class=\"_ _6\"></span><span class=\"_ _399\"> Ltd</span> (i) Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Partners Mem<span class=\"_ _0\"></span>ber Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Investments<span class=\"_ _6\"></span> Ltd<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents Ltd <span class=\"_ _58\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y OF<span class=\"_ _1\"></span>TO Hol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>orate  Ser<span class=\"_ _0\"></span>vices Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Work<span class=\"_ _0\"></span>Sm<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t Ltd<span class=\"_ _2b\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>BBI Holdings Austral<span class=\"_ _6\"></span>ia Ltd<span class=\"_ _1c3\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>BBPF<span class=\"_ _6\"></span> LLP (iii)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _113\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ltd <span class=\"_ _360\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e C<span class=\"_ _0\"></span>oncession<span class=\"_ _399\"> </span></span>Connect Roads Infrastructu<span class=\"_ _6\"></span>re <span class=\"ls3 ws0\"> </span>Investments<span class=\"_ _6\"></span> Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Consor<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>althcare Infrastructure Investments<span class=\"_ _6\"></span> Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any East Slope Residenc<span class=\"_ _0\"></span>ies Facilities Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t Slo<span class=\"_ _0\"></span>pe Re<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>enci<span class=\"_ _0\"></span>es Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd <span class=\"_ _1c7\"> </span><span class=\"ls10 wse\">Investment Holding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any East Slope Residenc<span class=\"_ _0\"></span>ies Partner Ltd <span class=\"_ _113\"> </span><span class=\"ls35 ws34\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></span>East Slope Residenc<span class=\"_ _0\"></span>ies plc (ii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>East Slope Residenc<span class=\"_ _0\"></span>ies Student Accomm<span class=\"_ _0\"></span>odation L<span class=\"_ _0\"></span>LP (ii) (iii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Education Investments Holdings Ltd<span class=\"_ _b4\"> </span>Investmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Initi<span class=\"_ _0\"></span>al GP<span class=\"_ _0\"></span>1 Ltd <span class=\"_ _38f\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Manchester Residences (New Cross) Ltd<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span>South C<span class=\"_ _0\"></span>ambridgeshire Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>West Stratford Dev<span class=\"_ _6\"></span>elo<span class=\"_ _0\"></span>pments Ltd (iv)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any 5 Ch<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>l Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y W<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n E14 5HU<span class=\"_ _399\"> </span>Avata<span class=\"_ _0\"></span>r Ltd <span class=\"_ _a5\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>d Ltd <span class=\"_ _111\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>ding Ltd <span class=\"_ _1e\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CE Ltd<span class=\"_ _13\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _1f9\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring Ltd <span class=\"_ _c0\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>ils Ltd <span class=\"_ _49\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nst Ltd <span class=\"_ _1d3\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _b9\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction International Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hern Ltd <span class=\"_ _24\"> </span>Age<span class=\"_ _0\"></span>nt of Balfo<span class=\"_ _0\"></span>ur Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>Y<span class=\"_ _1\"></span>) Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Empl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent Ltd <span class=\"_ _52\"> </span>Employe<span class=\"_ _0\"></span>r For U<span class=\"_ _0\"></span>K Workforce<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _390\"> </span><span class=\"ls35 ws34\">Construction &amp; Support </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>mes Ltd<span class=\"_ _f3\"> </span>Ag<span class=\"_ _0\"></span>ent of M<span class=\"_ _0\"></span>anrin<span class=\"_ _0\"></span>g Ho<span class=\"_ _0\"></span>mes Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal Ltd <span class=\"_ _16f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ent Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd (i)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd <span class=\"_ _346\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y No<span class=\"_ _0\"></span>minee<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1db\"> </span><span class=\"ls35 ws34\">Nominee Company<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Overseas Investments Lt<span class=\"_ _6\"></span>d<span class=\"_ _71\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ove<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>as Ltd<span class=\"_ _31c\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd (i)<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y plc<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>ture S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Ltd <span class=\"_ _1a\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Ltd <span class=\"_ _58\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Technol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>es Ltd <span class=\"_ _b1\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Track System<span class=\"_ _0\"></span>s Ltd <span class=\"_ _53\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Refur<span class=\"_ _0\"></span>bishm<span class=\"_ _0\"></span>ent Ltd<span class=\"_ _9c\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Reg<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Util<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons Ltd <span class=\"_ _30\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck Ltd <span class=\"_ _22\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant </span>BB In<span class=\"_ _0\"></span>done<span class=\"_ _0\"></span>sia Ltd<span class=\"_ _35f\"> </span><span class=\"ls10 wse\">Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>vac Ltd <span class=\"_ _19f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bic<span class=\"_ _0\"></span>al C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd <span class=\"_ _1e4\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bign<span class=\"_ _0\"></span>ell &amp; A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates Ltd<span class=\"_ _2d8\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Birs<span class=\"_ _0\"></span>e Group Ltd <span class=\"_ _21\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Birs<span class=\"_ _0\"></span>e Met<span class=\"_ _0\"></span>ro Ltd<span class=\"_ _357\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>Bno<span class=\"_ _0\"></span>ms Ltd (i)<span class=\"_ _399\"> </span>Nominee Company<span class=\"_ _399\"> </span>Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>BP<span class=\"_ _0\"></span>H Equip<span class=\"_ _0\"></span>ment Ltd <span class=\"_ _2a\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Cow<span class=\"_ _0\"></span>lin Gro<span class=\"_ _0\"></span>up Ltd <span class=\"_ _1e0\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant T<span class=\"_ _0\"></span>hree Li<span class=\"_ _0\"></span>mited<span class=\"_ _4\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Guinea Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Ltd<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Haden Building Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es Ltd<span class=\"_ _31c\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ha<span class=\"_ _0\"></span>den Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung Ltd (i)<span class=\"_ _399\"> </span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Wes<span class=\"_ _0\"></span>tern Ltd <span class=\"_ _338\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>L<span class=\"_ _0\"></span>aser R<span class=\"_ _0\"></span>ail Ltd <span class=\"_ _174\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Loun<span class=\"_ _0\"></span>sda<span class=\"_ _0\"></span>le Ele<span class=\"_ _0\"></span>ctr<span class=\"_ _0\"></span>ic Ltd <span class=\"_ _387\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ma<span class=\"_ _0\"></span>nring H<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>es Ltd (i)<span class=\"_ _399\"> </span>Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span>Mult<span class=\"_ _0\"></span>ibui<span class=\"_ _0\"></span>ld (C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on &amp; Interi<span class=\"_ _0\"></span>ors) Ltd <span class=\"_ _19d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Of<span class=\"_ _0\"></span>fice Projects (Interiors) Ltd<span class=\"_ _1d8\"> </span><span class=\"ls3 ws0\">Agent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Omnicom Enginee<span class=\"_ _6\"></span>ring Ltd <span class=\"_ _1d0\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Ray<span class=\"_ _0\"></span>neswa<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _373\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Strata Construction L<span class=\"_ _6\"></span>td <span class=\"_ _17e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>He<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd S<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l Wor<span class=\"_ _0\"></span>ks<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd H<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>4 9SW<span class=\"_ _399\"> </span>Painter B<span class=\"_ _0\"></span>rother<span class=\"_ _0\"></span>s Ltd <span class=\"_ _26d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>s Dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>, Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>t, M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>eys<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4 1PJ<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pensi<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>ru<span class=\"_ _0\"></span>st Ltd (i)<span class=\"_ _399\"> </span>Pension Fund T<span class=\"_ _17\"></span>rustee<span class=\"_ _399\"> </span>C/O Mc Gr<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, 12\u201316 Bri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>BT1 1LS<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Ir<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn Irel<span class=\"_ _0\"></span>and Ltd <span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>e Cu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g, A<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>is B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>k, H<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ne Way, La<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>Berkshire SL3 8AG<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Groun<span class=\"_ _0\"></span>d Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing Ltd <span class=\"_ _b6\"> </span>Ag<span class=\"_ _0\"></span>ent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1cd\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Li<span class=\"_ _0\"></span>ving P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ces Ltd <span class=\"_ _95\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Sunderland Streetlighting Ltd <span class=\"_ _369\"> </span><span class=\"ls3 ws0\">A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>esti<span class=\"_ _0\"></span>ng and A<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>alys<span class=\"_ _0\"></span>is Ltd <span class=\"_ _f2\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _78\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sh &amp;<span class=\"_ _399\"> </span>So<span class=\"_ _0\"></span>uthe<span class=\"_ _0\"></span>rn Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y K<span class=\"_ _0\"></span>ilpa<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>k Lim<span class=\"_ _0\"></span>ited <span class=\"_ _75\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail R<span class=\"_ _0\"></span>esid<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y Ltd <span class=\"_ _9a\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Regional Civil<span class=\"_ _6\"></span> Engineering<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>BBPFS LP (iii)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street) LL<span class=\"_ _0\"></span>P (iii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Glasgow Residences (Kennedy Street) SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Ltd <span class=\"_ _391\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Initi<span class=\"_ _0\"></span>al Fo<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er Par<span class=\"_ _1\"></span>tner G<span class=\"_ _0\"></span>P1 Ltd <span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Mi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ll B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>u<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s Way, Kin<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e, Ab<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>AB51<span class=\"_ _6\"></span> 0TG<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engineeri<span class=\"_ _6\"></span>ng<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices (C<span class=\"_ _0\"></span>L) Ltd<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r B<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>t Ka<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne\u2019s Way, Lon<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>E1W 1<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>D<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Power C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd<span class=\"_ _50\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Birse Construction<span class=\"_ _6\"></span> Ltd <span class=\"_ _1be\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Liquidation<span class=\"_ _399\"> </span>Edg<span class=\"_ _0\"></span>ar A<span class=\"_ _0\"></span>llen En<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span>erin<span class=\"_ _0\"></span>g Ltd <span class=\"_ _31c\"> </span>Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span>Mansell Maintenance Limited <span class=\"_ _2b\"> </span><span class=\"ls3 ws0\">Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span></span>Ma<span class=\"_ _0\"></span>nsell p<span class=\"_ _0\"></span>lc <span class=\"_ _392\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>Wes<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, R<span class=\"_ _0\"></span>ayn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>ay<span class=\"_ _6\"></span>, D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rby D<span class=\"_ _0\"></span>E21 7B<span class=\"_ _0\"></span>G<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pla<span class=\"_ _0\"></span>nt &amp; Fleet S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _17\"></span>, 10<span class=\"_ _0\"></span>0 Qu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Gl<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sg<span class=\"_ _0\"></span>ow G1 3DN S<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (L<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Lumina<span class=\"_ _6\"></span> Building, 40 Ainslie<span class=\"_ _6\"></span> Road, Hillington<span class=\"_ _6\"></span> Park, Glasgow<span class=\"_ _6\"></span> G5<span class=\"_ _0\"></span><span class=\"_ _399\">2 4</span><span class=\"_ _0\"></span>RU<span class=\"_ _399\"> </span>Shaw<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Petrie L<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ted <span class=\"_ _1ab\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>4<span class=\"_ _0\"></span>2-<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4 C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Wat<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d, H<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>re W<span class=\"_ _0\"></span>D17 1<span class=\"_ _6\"></span>D<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>Bar<span class=\"_ _0\"></span>low &amp; Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung<span class=\"_ _0\"></span>, Limi<span class=\"_ _0\"></span>ted <span class=\"_ _13b\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Ha<span class=\"_ _0\"></span>den Inter<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l Ltd<span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Fo<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>th Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>or, 1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 W<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n SW1V 1LQ<span class=\"_ _399\"> </span>0<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> L<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>d<span class=\"_ _9e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>0<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>8<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>d<span class=\"_ _393\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>BIC<span class=\"_ _0\"></span>C D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _374\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _1a7\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Th<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>d F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or D<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>ay<span class=\"_ _1\"></span>fa<span class=\"_ _0\"></span>ir P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n W1X 5FH<span class=\"_ _399\"> </span>BICC Ther<span class=\"_ _0\"></span>moheat Limited<span class=\"_ _1c3\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>80% owned.<span class=\"_ _399\"> </span>(iii) <span class=\"_ _59\"></span>Partnership interests<span class=\"_ _6\"></span> held<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _59\"></span>3<span class=\"_ _0\"></span>1 Ma<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>Australia<span class=\"_ _285\"> </span><span class=\"ls3 ws0\"> </span>Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s P<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y Lim<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, 101 Co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span>Stree<span class=\"_ _0\"></span>t, Melbourne, Victoria, 3000<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Australian Limited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tnership<span class=\"_ _399\"> </span>(ii)<span class=\"_ _399\"> </span>Holding company<span class=\"_ _399\"> </span>Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 5, D<span class=\"_ _0\"></span>eu<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>, 126<span class=\"_ _0\"></span>-1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 Ph<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>p S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t NSW<span class=\"_ _399\"> </span>2000, A<span class=\"_ _6\"></span>us<span class=\"_ _0\"></span>tralia<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Aust<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd <span class=\"_ _58\"> </span><span class=\"ls35 ws34\">Construction &amp; Support<span class=\"_ _399\"> </span></span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bahamas<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span>Th<span class=\"_ _0\"></span>e Al<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, O<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e Mi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>t, P<span class=\"_ _17\"></span>.O. Box N<span class=\"_ _0\"></span>-7<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>17<span class=\"_ _17\"></span>, N<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Bah<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1d5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Canada<span class=\"_ _206\"> </span><span class=\"ls3 ws0\"> </span>Bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r G<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vai<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, 2<span class=\"_ _0\"></span>2 Ade<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>te 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>oronto, ON,<span class=\"_ _6\"></span> M<span class=\"_ _0\"></span>5H 4E3<span class=\"_ _399\"> </span>BB Gro<span class=\"_ _0\"></span>up C<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>da In<span class=\"_ _0\"></span>c<span class=\"_ _22\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span>R3C 4K5<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities GP<span class=\"_ _59\"></span>, Inc<span class=\"_ _a1\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LP (ii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>P (ii)<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc<span class=\"_ _12\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc <span class=\"_ _b2\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Investments, LP (ii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BB NI<span class=\"_ _0\"></span>H GP<span class=\"_ _17\"></span>, I<span class=\"_ _0\"></span>nc<span class=\"_ _179\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>Germany<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span>Ga<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 35, 8137<span class=\"_ _0\"></span>3 Mu<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _bf\"> </span> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail G<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>H<span class=\"_ _13b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es,<span class=\"_ _399\"> </span></span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>BICC Holdings GmbH<span class=\"_ _13\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Comp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>, Dormant<span class=\"_ _399\"> </span>Schreck<span class=\"_ _6\"></span>-<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>iev<span class=\"_ _6\"></span>es GmbH<span class=\"_ _1a\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Hong K<span class=\"_ _6\"></span>ong<span class=\"_ _1f5\"> </span><span class=\"ls3 ws0\"> </span>5/F<span class=\"_ _17\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>e Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 Kwun Tong Ro<span class=\"_ _0\"></span>ad Kow<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>n Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Hong Kong<span class=\"_ _6\"></span> Ltd<span class=\"_ _1db\"> </span>Construction &amp; Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>India<span class=\"_ _149\"> </span><span class=\"ls3 ws0\"> </span>6<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or, N-1 Bal<span class=\"_ _0\"></span>sa B<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>anya<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a Em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sy B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Nagav<span class=\"_ _6\"></span>ara, Rachenahalli Villag<span class=\"_ _6\"></span>e, Bangalore<span class=\"_ _6\"></span> \u2013 56004<span class=\"_ _0\"></span>5,<span class=\"_ _6\"></span> I<span class=\"_ _0\"></span>ndia<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Indi<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. Ltd<span class=\"_ _399\"> </span>Engineerin<span class=\"_ _0\"></span>g Design<span class=\"_ _399\"> </span>Consultan<span class=\"_ _0\"></span>cy<span class=\"_ _399\"> </span>Ireland<span class=\"_ _a4\"> </span><span class=\"ls3 ws0\"> </span>Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Bu<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Cr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d,<span class=\"_ _399\"> </span>Dublin 1<span class=\"_ _17\"></span>7<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Irela<span class=\"_ _0\"></span>nd Ltd<span class=\"_ _2d3\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _1f5\"> </span> T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h Pr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, Do<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>s I<span class=\"_ _0\"></span>M1 2L<span class=\"_ _0\"></span>Z<span class=\"_ _0\"></span>, Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f Ma<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Delphian Insurance C<span class=\"_ _0\"></span>ompany Ltd (i)<span class=\"_ _399\"> </span>Insurance Comp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Jer<span class=\"_ _0\"></span>sey<span class=\"_ _a2\"> </span><span class=\"ls3 ws0\"> </span>12 Ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. He<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r, Jer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ey<span class=\"_ _b1\"> </span> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Empl<span class=\"_ _0\"></span>oyees T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ustee<span class=\"_ _0\"></span>s Ltd (i)<span class=\"_ _399\"> </span>Employee T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ust<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span>12t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r, Men<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a sy<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ony, No 5, Ja<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f. K<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>o Kay K<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Seksyen 1<span class=\"_ _6\"></span>3, 46200 Petaling Jaya,<span class=\"_ _6\"></span> Sel<span class=\"_ _0\"></span>angor<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail D<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn Inter<span class=\"_ _0\"></span>natio<span class=\"_ _0\"></span>nal<span class=\"_ _399\"> </span>Sd<span class=\"_ _0\"></span>n Bhd<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Netherlan<span class=\"_ _0\"></span>ds<span class=\"_ _393\"> </span><span class=\"ls3 ws0\"> </span>Ra<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>at 177<span class=\"_ _6\"></span>/B<span class=\"_ _0\"></span>, 101<span class=\"_ _17\"></span>1 V<span class=\"_ _0\"></span>M Am<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>am<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Netherl<span class=\"_ _0\"></span>ands B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>.<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Romania<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span>23 G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l E<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t Br<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, 1s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Distric<span class=\"_ _0\"></span>t, 01<span class=\"_ _6\"></span>0527<span class=\"_ _17\"></span>, Bucharest<span class=\"_ _399\"> </span>S.C<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ra<span class=\"_ _0\"></span>il S.<span class=\"_ _0\"></span>R.<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>.<span class=\"_ _11\"> </span>D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant - In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Sri Lanka<span class=\"_ _c6\"> </span><span class=\"ls3 ws0\"> </span>Pha<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 3 In<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on Z<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e, K<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ke, C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>o,<span class=\"_ _399\"> </span>Western<span class=\"_ _6\"></span> Province<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Cey<span class=\"_ _0\"></span>lon (<span class=\"_ _0\"></span>Pr<span class=\"_ _0\"></span>ivate) Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Thailand<span class=\"_ _343\"> </span><span class=\"ls3 ws0\"> </span>9 So<span class=\"_ _0\"></span>i Sa<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Si<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Hu<span class=\"_ _0\"></span>ay Kwan<span class=\"_ _0\"></span>g, Ba<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>kok<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>ia T<span class=\"_ _6\"></span>ra<span class=\"_ _0\"></span>de D<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand) C<span class=\"_ _0\"></span>o<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs (<span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>ailan<span class=\"_ _0\"></span>d) C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _1f9\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Th<span class=\"_ _0\"></span>ai Ltd <span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Linwo<span class=\"_ _0\"></span>od C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _21\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> </span>101<span class=\"_ _17\"></span>1 C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e 310, Wi<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on D<span class=\"_ _0\"></span>E 198<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs In<span class=\"_ _0\"></span>c<span class=\"_ _18b\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y LLC <span class=\"_ _19b\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>30<span class=\"_ _0\"></span>0 Ga<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia Pa<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>way, Sui<span class=\"_ _0\"></span>te 20<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0, At<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>, GA 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span>National Enginee<span class=\"_ _6\"></span>ring &amp; Contracting<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re, Inc <span class=\"_ _f9\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _17\"></span>127 B<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ay St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>et N<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _399\"> </span>310, Sale<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>R 97<span class=\"_ _0\"></span>301<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Roc<span class=\"_ _0\"></span>k Sp<span class=\"_ _0\"></span>ring<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>LC<span class=\"_ _207\"> </span><span class=\"ls10 wse\">Constru<span class=\"_ _0\"></span>ction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _6\"></span>70<span class=\"_ _0\"></span>3 L<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>l S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Co<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>a, SC 2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>201<span class=\"_ _399\"> </span>National C<span class=\"_ _0\"></span>asualt<span class=\"_ _0\"></span>y and Assuranc<span class=\"_ _0\"></span>e, Inc <span class=\"_ _d2\"> </span>Insurance Company<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons, L<span class=\"_ _0\"></span>LC<span class=\"_ _53\"> </span><span class=\"lsf wsd\">Infra<span class=\"_ _6\"></span>structure Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LLC<span class=\"_ _77\"> </span><span class=\"ls10 wse\">Infrastructure<span class=\"_ _6\"></span> Investment<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion D.C<span class=\"_ _0\"></span>., LLC<span class=\"_ _ba\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>LC<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Constr<span class=\"_ _0\"></span>uction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _89\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstructio<span class=\"_ _0\"></span>n Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, Inc <span class=\"_ _2e\"> </span><span class=\"ls10 wse\">Investment Company<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement I<span class=\"_ _0\"></span>nc <span class=\"_ _99\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>Be<span class=\"_ _0\"></span>nham Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC (v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>HELP<span class=\"_ _0\"></span>S<span class=\"ls3 ws0\"> </span>Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC (iv)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Investments<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Managem<span class=\"_ _0\"></span>ent LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y \u2013 Wor<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _fd\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>BBC A<span class=\"_ _0\"></span>F H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n LLC<span class=\"_ _af\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC AF Management/<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>eve<span class=\"_ _6\"></span>lo<span class=\"_ _0\"></span>pment<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _16c\"> </span><span class=\"ls10 wse\">Infrastructure Investmen<span class=\"_ _6\"></span>t<span class=\"_ _399\"> </span></span>BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er I, I<span class=\"_ _0\"></span>nc <span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er II<span class=\"_ _0\"></span>, Inc<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 AC<span class=\"_ _0\"></span>C Grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _199\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _6\"></span> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC G<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(iii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC L<span class=\"_ _0\"></span>imited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(iii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Gen<span class=\"_ _0\"></span>eral<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Lim<span class=\"_ _0\"></span>ited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span>Picatinny General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span>Pic<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>ny Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 FD<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>R LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>on LLC<span class=\"_ _d\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Go<span class=\"_ _0\"></span>rdon L<span class=\"_ _0\"></span>LC<span class=\"_ _bd\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ha<span class=\"_ _0\"></span>milton L<span class=\"_ _0\"></span>LC<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>n LLC<span class=\"_ _c3\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 H<span class=\"_ _0\"></span>ampton R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 L<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>kla<span class=\"_ _0\"></span>nd L<span class=\"_ _0\"></span>LC<span class=\"_ _cf\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Le<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>rd Woo<span class=\"_ _0\"></span>d LLC<span class=\"_ _3b\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>east<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>heas<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"ff4e ls276 ws27b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn G<span class=\"_ _0\"></span>roup,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Stewar<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>unter<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span>Gen<span class=\"_ _0\"></span>eral P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span>Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 West P<span class=\"_ _0\"></span>oint L<span class=\"_ _0\"></span>LC<span class=\"_ _b6\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Li<span class=\"_ _0\"></span>mited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC Multif<span class=\"_ _6\"></span>amily Holdings, LLC<span class=\"_ _7f\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC<span class=\"_ _0\"></span>S \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hsid<span class=\"_ _0\"></span>e Ca<span class=\"_ _0\"></span>mpu<span class=\"_ _0\"></span>s LLC<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBCS Developmen<span class=\"_ _6\"></span>t, LLC<span class=\"_ _161\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>frastru<span class=\"_ _0\"></span>cture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BICC Cables Cor<span class=\"_ _0\"></span>poration<span class=\"_ _f2\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 30<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s Way SW, Sui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>30<span class=\"_ _0\"></span>4, Tumwat<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r WA 98<span class=\"_ _0\"></span>501<span class=\"_ _399\"> </span>Howa<span class=\"_ _0\"></span>rd S. W<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>ht Co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on C<span class=\"_ _0\"></span>o<span class=\"_ _109\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>HS<span class=\"_ _0\"></span>W, Inc <span class=\"_ _145\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>CS<span class=\"_ _0\"></span>C \u2013 N<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, C/O CS<span class=\"_ _0\"></span>C Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f Ne<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>., 50<span class=\"_ _0\"></span>2 Ea<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Neva<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>a 8<span class=\"_ _0\"></span>970<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>olden C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>ompany<span class=\"_ _6\"></span>, Inc<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup, In<span class=\"_ _0\"></span>c <span class=\"_ _16b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>8<span class=\"_ _1\"></span>0% inte<span class=\"_ _0\"></span>rest h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(v) 9<span class=\"_ _0\"></span>0% interest<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le U<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>yne, England,<span class=\"_ _6\"></span> England, NE<span class=\"_ _6\"></span>12 8BU<span class=\"_ _399\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _399\"> </span>3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect A3<span class=\"_ _0\"></span>0/A<span class=\"_ _0\"></span>35 Holdings Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>/A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5 Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect CNDR Holdings Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Interm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iate Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect M<span class=\"_ _6\"></span>1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Holdings Lt<span class=\"_ _6\"></span>d (i) (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Ltd<span class=\"_ _399\"> </span>(iv) <span class=\"_ _18b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Connect M77/GSO Holdings<span class=\"_ _6\"></span> Ltd (ii) (iv)<span class=\"_ _399\"> </span>85<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M7<span class=\"_ _0\"></span>7/GS<span class=\"_ _0\"></span>O pl<span class=\"_ _0\"></span>c (ii) (iv)<span class=\"_ _399\"> </span>85<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e Ltd<span class=\"_ _be\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Inter<span class=\"_ _0\"></span>med<span class=\"_ _0\"></span>iate<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ltd<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads N<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>thamp<span class=\"_ _0\"></span>tonshire Ltd <span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de Ltd<span class=\"_ _d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Connect Roads Sunderland<span class=\"_ _6\"></span> Holdings<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>and Ltd<span class=\"_ _a1\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 1) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 2<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 3<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 4<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 7A) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 7<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce<span class=\"_ _399\"> </span>(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(Fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd (ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span>(ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO p<span class=\"_ _0\"></span>lc (ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate<span class=\"_ _399\"> </span>Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>South Cambridgeshir<span class=\"_ _6\"></span>e Projects LLP (v)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>co Ltd (<span class=\"_ _0\"></span>iv)<span class=\"_ _f8\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate Ltd (i<span class=\"_ _0\"></span>v)<span class=\"_ _51\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Bl<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, B<span class=\"_ _0\"></span>ly<span class=\"_ _1\"></span>th<span class=\"_ _0\"></span>e Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>oke o<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Staffordshire S<span class=\"_ _6\"></span>T1<span class=\"_ _17\"></span>1 9RD<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>yse<span class=\"_ _0\"></span>ley Bio P<span class=\"_ _0\"></span>ower Ltd <span class=\"_ _374\"> </span><span class=\"ls1b8 ws1ac\">3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>s Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, S<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>lb<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ns R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Mi<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>s,<span class=\"_ _399\"> </span>Hert<span class=\"_ _0\"></span>fordshire<span class=\"_ _6\"></span> EN6 3NP<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span>(iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>ssue<span class=\"_ _0\"></span>r plc (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) Ltd (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span>Holyrood Holdings Lt<span class=\"_ _6\"></span>d <span class=\"_ _18f\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Holyrood Student Accommodation plc<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r Ho<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Way<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>swo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h We<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span>Fareham,<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>ampshire PO<span class=\"_ _6\"></span>15 5SS<span class=\"_ _399\"> </span>Pevense<span class=\"_ _6\"></span>y C<span class=\"_ _0\"></span>oastal<span class=\"ls3 ws0\"> </span>Defenc<span class=\"_ _0\"></span>e Ltd<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>C/O Pari<span class=\"_ _0\"></span>o Lt<span class=\"_ _0\"></span>d, 18 Ri<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sway B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s V<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Way,<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ton P<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>2 2YP<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span>Funding plc<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am) Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>9 Am<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e Woo<span class=\"_ _0\"></span>d La<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l Es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Hemel Hempstead,<span class=\"_ _6\"></span> Her<span class=\"_ _0\"></span>tfordshire, Eng<span class=\"_ _6\"></span>land HP2 4<span class=\"_ _6\"></span>TP<span class=\"_ _399\"> </span>Peb<span class=\"_ _0\"></span>bleh<span class=\"_ _0\"></span>all Bi<span class=\"_ _0\"></span>o Power Ltd <span class=\"_ _f4\"> </span><span class=\"lsf wsd\">2<span class=\"_ _0\"></span>9.2<span class=\"_ _53\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Wellan<span class=\"_ _0\"></span>d Bio Po<span class=\"_ _0\"></span>wer Ltd <span class=\"_ _18\"> </span><span class=\"lsf wsd\">29.2<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Due to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d as a jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>re.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d a 3<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>5% par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st in B<span class=\"_ _0\"></span>BD<span class=\"_ _0\"></span>E O<span class=\"_ _0\"></span>rb<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs L<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P at 31<span class=\"_ _399\"> </span>De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct P<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Lt<span class=\"_ _0\"></span>d and i<span class=\"_ _0\"></span>ts s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s are 4<span class=\"_ _0\"></span>0% o<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span>by BB<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>E Or<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>31 M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(v) Par<span class=\"_ _0\"></span>tnership interests<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Bermuda<span class=\"_ _38f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>Co<span class=\"_ _0\"></span>nye<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Di<span class=\"_ _0\"></span>ll &amp; Pe<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>on H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 2 C<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _399\"> </span>St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n H<span class=\"_ _0\"></span>M 1<span class=\"_ _6\"></span>1<span class=\"_ _399\"> </span>CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y A LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y B LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>British Virgin Islands<span class=\"_ _374\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>Vi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te S<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s Cay I<span class=\"_ _0\"></span>I R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span>To<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> V<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon A<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a Ltd <span class=\"_ _163\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Man<span class=\"_ _0\"></span>agement<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gammon Construction<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Canada<span class=\"_ _a6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span>R3C 4K5<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Fac<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es Managem<span class=\"_ _0\"></span>ent,LP (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H FM GP I<span class=\"_ _0\"></span>nc<span class=\"_ _170\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Desi<span class=\"_ _0\"></span>gn \u2013 Bui<span class=\"_ _0\"></span>ld GP (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>China<span class=\"_ _399\"> </span>Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng Ave<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>da d<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ia G<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>, n\u00b042<span class=\"_ _0\"></span>9, 25<span class=\"_ _0\"></span>\u00b0 an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ar D, em<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>au<span class=\"_ _399\"> </span>BBE<span class=\"_ _0\"></span>&amp;<span class=\"_ _0\"></span>M (M<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>au) Ltd<span class=\"_ _2d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Ele<span class=\"_ _0\"></span>ctrical and<span class=\"_ _399\"> </span></span></span>Mechanic<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span>Contracting<span class=\"_ _399\"> </span>Gammon Building C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span>(Maca<span class=\"_ _6\"></span>u) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span>No. 4<span class=\"_ _0\"></span>57<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, G<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g Aven<span class=\"_ _0\"></span>ue, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span>Dongguan City,<span class=\"_ _6\"></span> Guangdong Province<span class=\"_ _399\"> </span>Don<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>uan P<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ine M<span class=\"_ _0\"></span>etal Wo<span class=\"_ _0\"></span>rks Ltd<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">M<span class=\"_ _0\"></span>anufacturing<span class=\"_ _6\"></span> </span></span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>25<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, J<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 1 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span>Sanfield<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Gammon C<span class=\"_ _0\"></span>onstruction J<span class=\"_ _0\"></span>V<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>22<span class=\"_ _0\"></span>/F<span class=\"_ _6\"></span>, T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er 1, Th<span class=\"_ _0\"></span>e Q<span class=\"_ _0\"></span>uay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, 7<span class=\"_ _0\"></span>7 Ho<span class=\"_ _0\"></span>i Bu<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, Kwu<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>on<span class=\"_ _0\"></span>g,<span class=\"_ _399\"> </span>Kowloon,<span class=\"_ _6\"></span> Hong Kong<span class=\"_ _399\"> </span>AsiaBuil<span class=\"_ _0\"></span>d Ltd<span class=\"_ _182\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y E&amp;<span class=\"_ _0\"></span>M Ltd<span class=\"_ _7e\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G Ltd<span class=\"_ _35f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>T<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span>Innovation<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Entasis Ltd<span class=\"_ _17b\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">General Contractor<span class=\"_ _399\"> </span></span></span>Gammon Building C<span class=\"_ _0\"></span>onstruction Ltd<span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span></span>Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ltd<span class=\"_ _1d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt Ltd <span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>hina Ltd <span class=\"_ _4a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gammon Con<span class=\"_ _0\"></span>cret<span class=\"_ _6\"></span>e S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _b1\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Gammon Construction (China<span class=\"_ _6\"></span>) Ltd<span class=\"_ _52\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span></span></span>Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Vietnam)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">C<span class=\"_ _0\"></span>onstruc<span class=\"_ _0\"></span>tion and<span class=\"_ _399\"> </span></span>Project Manag<span class=\"_ _0\"></span>ement<span class=\"_ _399\"> </span>Gammon C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>onsultants<span class=\"_ _399\"> </span>(Shenzhen) Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Gammon Construction Lt<span class=\"_ _6\"></span>d (iii)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span>Construction<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon E&amp;<span class=\"_ _1\"></span>M Ltd<span class=\"_ _1fa\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Engineering Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span></span>Gammon Engineeri<span class=\"_ _6\"></span>ng &amp; Construction<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span>Construction<span class=\"_ _399\"> </span>Gammon Engineeri<span class=\"_ _6\"></span>ng Ltd<span class=\"_ _f4\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce Ltd <span class=\"_ _1d0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Finance and<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Gam<span class=\"_ _0\"></span>mon I<span class=\"_ _0\"></span>nterior<span class=\"_ _0\"></span>s Ltd <span class=\"_ _31\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Gammon Mana<span class=\"_ _0\"></span>gement Ser<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _c3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">Construction<span class=\"_ _399\"> </span></span></span>Managem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _0\"></span>lant Ltd<span class=\"_ _16\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Plant and E<span class=\"_ _6\"></span>quipment<span class=\"_ _399\"> </span></span></span>Hire and M<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ntenanc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Gold T<span class=\"_ _6\"></span>actic<span class=\"_ _0\"></span>s Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent Lt<span class=\"_ _6\"></span>d<span class=\"_ _c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Into G Ltd<span class=\"_ _38f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>I<span class=\"_ _0\"></span>nterior F<span class=\"_ _0\"></span>it-<span class=\"_ _1\"></span>Ou<span class=\"_ _0\"></span>t and<span class=\"_ _399\"> </span>Contracting<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Ltd <span class=\"_ _10\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent and<span class=\"_ _399\"> </span>Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>istine M<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>l Works Ltd <span class=\"_ _117\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Ireland<span class=\"_ _177\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>3 Dublin<span class=\"_ _6\"></span> Land<span class=\"_ _0\"></span>ings, No<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>th Wall<span class=\"_ _6\"></span> Quay<span class=\"_ _6\"></span>, Dublin<span class=\"_ _6\"></span> 1,<span class=\"_ _6\"></span> D01 C4E0<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CLG Ltd <span class=\"_ _1d5\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></span>C/O Pari<span class=\"_ _0\"></span>o SP<span class=\"_ _0\"></span>V Ma<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 54<span class=\"_ _0\"></span>, Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>Ch<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, 32 N<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>, D<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>in 2<span class=\"_ _0\"></span>, D0<span class=\"_ _0\"></span>2 A<span class=\"_ _0\"></span>P2<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span>Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP Ltd <span class=\"_ _f9\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _96\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>c/L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, M<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a 1MK<span class=\"_ _0\"></span>. Ko<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>s 1 Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 1 Ja<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n K<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 50<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 Kua<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Lu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ur<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd (ii)<span class=\"_ _399\"> </span>70<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>\u2013 In Liquidation<span class=\"_ _399\"> </span>Uni<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>-7<span class=\"_ _17\"></span>, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 9, C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l 2<span class=\"_ _0\"></span>, Oa<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re, N<span class=\"_ _0\"></span>o.<span class=\"_ _0\"></span>2 J<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an PJU<span class=\"_ _399\"> </span>1A/<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>A<span class=\"_ _0\"></span>, A<span class=\"_ _0\"></span>ra D<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>a, 473<span class=\"_ _0\"></span>01 Pe<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Jaya<span class=\"_ _0\"></span>, Se<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon S<span class=\"_ _0\"></span>dn Bh<span class=\"_ _0\"></span>d <span class=\"_ _27\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Pesaka Gammon<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>onstruction Sdn<span class=\"_ _399\"> </span>Bhd<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Philippines<span class=\"_ _394\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>G/F M<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i S<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>k E<span class=\"_ _0\"></span>xc<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e, Ayal<span class=\"_ _0\"></span>a Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>aka<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Me<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ro<span class=\"_ _399\"> </span>Manila, P<span class=\"_ _6\"></span>hilippine<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Gammo<span class=\"_ _0\"></span>n Philipp<span class=\"_ _0\"></span>ines, Inc<span class=\"_ _0\"></span>.<span class=\"_ _7d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">G<span class=\"_ _0\"></span>eneral Construction<span class=\"_ _399\"> </span></span></span>MG Construction V<span class=\"_ _6\"></span>entures<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings,<span class=\"_ _399\"> </span>Inc.<span class=\"_ _399\"> </span>16<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _cb\"> </span><span class=\"ls10 wse\">Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Singapore<span class=\"_ _1fb\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>239 Ale<span class=\"_ _6\"></span>xandra Ro<span class=\"_ _6\"></span>ad, 15<span class=\"_ _6\"></span>9<span class=\"_ _0\"></span>930<span class=\"_ _332\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G (Sin<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>re) P<span class=\"_ _0\"></span>te. Ltd<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Equipment Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></span>Gammon C<span class=\"_ _0\"></span>onstruction and<span class=\"_ _399\"> </span>Engineering<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>te. Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Gammon Construction<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings (S)<span class=\"_ _399\"> </span>P<span class=\"_ _0\"></span>te. L<span class=\"_ _0\"></span>td<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _1\"></span>te. Ltd<span class=\"_ _2f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span></span>Construction<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Desi<span class=\"_ _0\"></span>gn &amp;<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsult<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls3 ws0\">M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Thailand <span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>21<span class=\"_ _6\"></span>st Floor<span class=\"_ _6\"></span>, Times Square Build<span class=\"_ _0\"></span>ing, 246 Sukhum<span class=\"_ _6\"></span>vi<span class=\"_ _0\"></span>t Road, Klongtoey<span class=\"_ _399\"> </span>Sub-<span class=\"_ _0\"></span>Distric<span class=\"_ _0\"></span>t, Klongtoey<span class=\"_ _6\"></span> Dis<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>t, Bangk<span class=\"_ _6\"></span>ok 1<span class=\"_ _6\"></span>01<span class=\"_ _17\"></span>10<span class=\"_ _6\"></span>, Thailand<span class=\"_ _399\"> </span>Gammon (<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>hailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls2c ws9d\">24.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>23<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, T<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng,<span class=\"_ _399\"> </span>246 Sukhumvit Road, Klongtoey<span class=\"_ _6\"></span> Sub-Di<span class=\"_ _0\"></span>stric<span class=\"_ _0\"></span>t, Klongtoe<span class=\"_ _6\"></span>y Distric<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span>Bangkok<span class=\"_ _6\"></span> 10<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>0, Thailand<span class=\"_ _399\"> </span>Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _72\"> </span><span class=\"ls2c ws9d\">24.<span class=\"_ _0\"></span>5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Th<span class=\"_ _0\"></span>ai Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ltd<span class=\"_ _146\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any 1201 H<span class=\"_ _0\"></span>ays S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>al<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e FL<span class=\"_ _399\"> </span>32<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span>C-<span class=\"_ _1\"></span>BB Managemen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>, LLC<span class=\"_ _373\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>C-<span class=\"_ _1\"></span>BBC Dev<span class=\"_ _6\"></span>elopment, LLC<span class=\"_ _139\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, d/b/a CSC<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>aw<span class=\"_ _1\"></span>yer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Se<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>ce C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, 21<span class=\"_ _17\"></span>1 E<span class=\"_ _0\"></span>. 7<span class=\"_ _0\"></span>th S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te 6<span class=\"_ _0\"></span>20,<span class=\"_ _399\"> </span>Aus<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n T<span class=\"_ _0\"></span>X 78<span class=\"_ _0\"></span>701-3<span class=\"_ _0\"></span>218<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>P (iv)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 2,L<span class=\"_ _0\"></span>P (iv)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 3, L<span class=\"_ _0\"></span>P(i)(iv)<span class=\"_ _399\"> </span>70<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 4, L<span class=\"_ _0\"></span>P(i)(iv)<span class=\"_ _399\"> </span>65<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>thside C<span class=\"_ _0\"></span>ampus General Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>DE1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span>BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove, L<span class=\"_ _0\"></span>LC<span class=\"_ _bf\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Che<span class=\"_ _0\"></span>nal Po<span class=\"_ _0\"></span>inte, LLC<span class=\"_ _f6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> 4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.009376526px; bottom:841.7745px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:180.82794px; bottom:851.5245px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:180.82794px; bottom:841.7745px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:826.4448px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake, L<span class=\"_ _0\"></span>LC<span class=\"_ _c0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:813.4448px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:799.4154px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ings<span class=\"_ _0\"></span>, LLC<span class=\"_ _354\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:786.4154px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:772.3858px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Lexin<span class=\"_ _0\"></span>gton<span class=\"_ _0\"></span>, LLC<span class=\"_ _10f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:759.3858px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:745.3562px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Mo<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>i, LLC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:732.3562px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:718.3266px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok<span class=\"_ _0\"></span>, LLC<span class=\"_ _b6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:705.3266px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:691.297px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Retrea<span class=\"_ _0\"></span>t, L<span class=\"_ _0\"></span>LC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:678.297px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:664.2674px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Rive<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:651.2674px;\">L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.82794px; bottom:664.2674px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:651.2674px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:637.2378px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o, LLC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:624.2378px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:610.2082px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e So<span class=\"_ _0\"></span>uthwi<span class=\"_ _0\"></span>nd, L<span class=\"_ _0\"></span>LC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:597.2082px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:583.1786px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Waterch<span class=\"_ _0\"></span>ase, L<span class=\"_ _0\"></span>LC<span class=\"_ _50\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:570.1786px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:556.149px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Wolfc<span class=\"_ _0\"></span>hase, L<span class=\"_ _0\"></span>LC<span class=\"_ _ac\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:543.149px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:529.1194px;\">BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>, LLC<span class=\"_ _199\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:516.1194px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:502.08978px;\">BBC A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my Integr<span class=\"_ _0\"></span>ated, L<span class=\"_ _0\"></span>LC<span class=\"_ _15\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls3b ws12f\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:489.08978px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:475.06018px;\">C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove (<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>ilmin<span class=\"_ _0\"></span>gton) O<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>er,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:462.06018px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.82794px; bottom:475.06018px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:462.06018px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:448.0307px;\">Chen<span class=\"_ _0\"></span>al Poi<span class=\"_ _0\"></span>nte (Li<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le Ro<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:435.0307px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.82794px; bottom:448.0307px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:435.0307px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:421.0011px;\">Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake (H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ton) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _c8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:408.0011px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:393.9715px;\">L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X I<span class=\"_ _0\"></span>ntegra<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ress S<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ions<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:380.9715px;\">Holdco, LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:180.82794px; bottom:393.9715px;\">27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:380.9715px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.009376526px; bottom:366.9419px;\">L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X Int<span class=\"_ _6\"></span>egrated Express Solutions,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:353.9419px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:180.82794px; bottom:366.9419px;\">27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:353.9419px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:339.91232px;\">L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ngs (<span class=\"_ _0\"></span>Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>nville) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:326.91232px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:312.88272px;\">Lexin<span class=\"_ _0\"></span>gton (<span class=\"_ _0\"></span>Rid<span class=\"_ _0\"></span>gel<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _1a6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:299.88272px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:285.85312px;\">Mo<span class=\"_ _0\"></span>retti (<span class=\"_ _0\"></span>Ho<span class=\"_ _0\"></span>mewo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:272.85312px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:258.82352px;\">No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Li<span class=\"_ _0\"></span>mited P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:245.82352px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3b ws12f\" style=\"left:180.82794px; bottom:258.82352px;\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:245.82352px;\">Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:231.79391px;\">Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok (C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>a) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:218.79391px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.009376526px; bottom:204.76431px;\">Retreat at Schilling<span class=\"_ _0\"></span>er (M<span class=\"_ _0\"></span>obile) O<span class=\"_ _0\"></span>wner,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:191.76431px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:180.82794px; bottom:204.76431px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:191.76431px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:177.73471px;\">Riverc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ng (H<span class=\"_ _0\"></span>oove<span class=\"_ _0\"></span>r) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:0.009376526px; bottom:164.73471px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b8 ws1ac\" style=\"left:180.82794px; bottom:177.73471px;\">7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:164.73471px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:150.70511px;\">Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o (K<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>mmee) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _71\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:137.70511px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:123.67551px;\">So<span class=\"_ _0\"></span>uthwin<span class=\"_ _0\"></span>d (M<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>his) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _19e\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:110.67551px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:96.64604px;\">Southwind<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>Memphis)<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings, LLC<span class=\"_ _72\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:83.64604px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:69.61644px;\">Swif<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>sure Ho<span class=\"_ _0\"></span>using P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _bb\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"lsf9 ws29\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:224.88284px; bottom:56.61644px;\">Concession<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.009376526px; bottom:42.586838px;\">T-BBA Riverchas<span class=\"_ _6\"></span>e Holdings, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b8 ws1ac\">7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b8 ws1ac\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:29.586838px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:15.557236px;\">V<span class=\"_ _0\"></span>iew SA H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny LP<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:145.0648px; bottom:19.020432px;\">(i)(iv)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls40 ws26\" style=\"left:180.82794px; bottom:15.557236px;\">87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:224.88284px; bottom:2.5572357px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:343.57272px; bottom:841.7746px;\">Entity<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:523.5979px; bottom:851.5246px;\">% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:523.5979px; bottom:841.7746px;\">the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:826.445px;\">V<span class=\"_ _0\"></span>iew SA L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:407.46524px; bottom:829.9082px;\">(i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls40 ws26\" style=\"left:523.5979px; bottom:826.445px;\">87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:813.445px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:799.4154px;\">Waterch<span class=\"_ _0\"></span>ase (L<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rgo) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _ab\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:786.4154px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:772.3858px;\">Wolfch<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>Bar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>t) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:759.3858px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:745.3562px;\">Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge (<span class=\"_ _1\"></span>Zephy<span class=\"_ _0\"></span>rhill<span class=\"_ _0\"></span>s) Ow<span class=\"_ _0\"></span>ner,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7a ws1ad\" style=\"left:343.57272px; bottom:732.3562px;\">LLC<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:523.5979px; bottom:745.3562px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:732.3562px;\">Investment<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:718.3266px;\">Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Age<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t So<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. 9 E L<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:705.3266px;\">31<span class=\"_ _17\"></span>1 D<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>r DE 19<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:691.297px;\">United C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>mpus P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _109\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:678.297px;\">Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:343.57272px; bottom:664.2675px;\">Vietnam<span class=\"_ _9e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:650.2379px;\">5t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>t T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er, 2B<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>\u2013<span class=\"_ _1\"></span>6 L<span class=\"_ _0\"></span>e Th<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>h T<span class=\"_ _6\"></span>on S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:637.2379px;\">Ng<span class=\"_ _0\"></span>he Wa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>, Di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t 1, Ho C<span class=\"_ _0\"></span>hi M<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nh C<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Vie<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:623.2083px;\">Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on V<span class=\"_ _0\"></span>ietna<span class=\"_ _0\"></span>m Co<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:343.57272px; bottom:610.2083px;\">Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1b ws18\" style=\"left:523.5979px; bottom:623.2083px;\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:567.2649px; bottom:610.2083px;\">and M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:567.2649px; bottom:597.2083px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:343.57272px; bottom:573.8083px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:559.0732px;\">(i<span class=\"_ _0\"></span>)  D<span class=\"_ _0\"></span>ue to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:548.0232px;\">req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:536.9732px;\">and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:525.9232px;\">co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:511.18823px;\">(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ds a 70<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y R<span class=\"_ _0\"></span>ail S<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>n Bhd<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h ho<span class=\"_ _0\"></span>lds a 6<span class=\"_ _1\"></span>0%<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:500.13824px;\">inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y A<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>do S<span class=\"_ _0\"></span>yste<span class=\"_ _0\"></span>ms J<span class=\"_ _0\"></span>V S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd<span class=\"_ _0\"></span>. Du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs\u2019<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:489.0882px;\">ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>her s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:478.0382px;\">ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>s<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:466.98822px;\">of th<span class=\"_ _0\"></span>ese c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>at t<span class=\"_ _0\"></span>he Gr<span class=\"_ _0\"></span>oup d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l the<span class=\"_ _0\"></span>se<span class=\"_ _399\"> </span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:354.4125px; bottom:455.93823px;\">co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ey ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r as jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:343.57272px; bottom:441.20312px;\">(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span> P<span class=\"_ _0\"></span>refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>/or d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:343.57272px; bottom:426.46814px;\">(iv) <span class=\"_ _3d\"></span> Partner<span class=\"_ _0\"></span>ship int<span class=\"_ _6\"></span>erest held.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:882.72455px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:866.47455px;\">Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>United Kingdom<span class=\"_ _146\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>As<span class=\"_ _0\"></span>hf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>d H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, Gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er E<span class=\"_ _0\"></span>X1 3LH<span class=\"_ _399\"> </span>UBB W<span class=\"_ _0\"></span>aste (E<span class=\"_ _0\"></span>ssex<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>) Ltd<span class=\"_ _1ce\"> </span><span class=\"lsf wsd\">49.5<span class=\"_ _53\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve,<span class=\"_ _399\"> </span>Wi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>08<span class=\"_ _399\"> </span>ACC G<span class=\"_ _0\"></span>roup H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng, L<span class=\"_ _0\"></span>LC(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>AE<span class=\"_ _1\"></span>TC Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(i)(ii)<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Concession<span class=\"_ _399\"> </span>A<span class=\"_ _0\"></span>MC We<span class=\"_ _0\"></span>st Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(i)(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>Walsh Housing, LLC<span class=\"_ _1bc\"> </span><span class=\"lsf9 ws29\">67<span class=\"_ _b5\"> </span></span>I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span>Concession<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>arlisl<span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>Pic<span class=\"_ _0\"></span>atinny F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>FDWR Pare<span class=\"_ _6\"></span>nt LLC<span class=\"_ _26\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>te San<span class=\"_ _0\"></span>ds M<span class=\"_ _0\"></span>issil<span class=\"_ _0\"></span>e Ran<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span>Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LLC<span class=\"_ _c8\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t D<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>ck<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>Walter R<span class=\"_ _0\"></span>eed A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my<span class=\"_ _399\"> </span>Medic<span class=\"_ _0\"></span>al Center Housing LLC<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Stor<span class=\"_ _1\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _32\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Gordon Housing<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _f4\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ami<span class=\"_ _0\"></span>lton H<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g LLC<span class=\"_ _58\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Jackson Housi<span class=\"_ _6\"></span>ng LLC<span class=\"_ _89\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g, L<span class=\"_ _0\"></span>LC(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Leo<span class=\"_ _0\"></span>nard Wo<span class=\"_ _0\"></span>od F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>theast Housing LLC<span class=\"_ _18\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span>n Grou<span class=\"_ _0\"></span>p Ho<span class=\"_ _0\"></span>using<span class=\"_ _0\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Southeast Housing L<span class=\"_ _0\"></span>LC<span class=\"_ _395\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Stewar<span class=\"_ _0\"></span>t Hu<span class=\"_ _0\"></span>nter Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>LIQUIDA<span class=\"_ _6\"></span>TED<span class=\"_ _399\"> </span>Vanden<span class=\"_ _0\"></span>berg H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ing L<span class=\"_ _0\"></span>P(i)(ii)<span class=\"_ _399\"> </span>90<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Wester<span class=\"_ _0\"></span>n Group H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span>, LP(i)(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>West Po<span class=\"_ _0\"></span>int Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _ef\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ev<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d ea<span class=\"_ _0\"></span>ch of i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e mil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts to d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ine i<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span>the a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ies s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t was n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>lim<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d to, id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t an en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c<span class=\"_ _399\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he ri<span class=\"_ _0\"></span>sks a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _399\"> </span>the<span class=\"_ _0\"></span>se en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s. D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>owe<span class=\"_ _0\"></span>r ove<span class=\"_ _0\"></span>r key fa<span class=\"_ _0\"></span>cet<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts we<span class=\"_ _0\"></span>re eva<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span>wh<span class=\"_ _0\"></span>en de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s had c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l over t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>ost<span class=\"_ _399\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t a pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cs<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>is rev<span class=\"_ _0\"></span>iew, th<span class=\"_ _0\"></span>e Dir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not h<span class=\"_ _0\"></span>ave th<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>wer to d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l or<span class=\"_ _399\"> </span>joi<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>em a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es h<span class=\"_ _0\"></span>ave b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ted<span class=\"_ _399\"> </span>undertakings.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>As<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Uni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInAssociatesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-584": {
   "value": "20 Investments 20.1 Group Corporate bonds \u00a3m Investments in mutual funds \u00a3m Other \u00a3m Total \u00a3m At 1 January 2021 5 21 \u2013 26 Currency translation differences  \u2013 1 \u2013 1 Fair value gains \u2013 3 9 12 Interest accrued  \u2013 1 \u2013 1 Maturities (3) \u2013 \u2013 (3) Benefits paid \u2013 (2) \u2013 (2) At 31 December 2021 2 24 9 35 Currency translation differences  \u2013 2 \u2013 2 Additions  \u2013 \u2013 7 7 Fair value (losses)/gains \u2013 (5) 6 1 Interest accrued  \u2013 1 \u2013 1 Benefits paid \u2013 (2) \u2013 (2) Dividends  \u2013 \u2013 (4) (4) At 31 December 2022 2 20 18 40 The corporate bonds are held by the Group\u2019s captive insurance company, Delphian Insurance Company Ltd, and comprise fixed rate bonds or treasury stock with an average yield to maturity of 2.88% (2021: 2.60%) and weighted average life of 0.53 years (2021: 1.3 years). The fair value of the bonds is \u00a32m (2021: \u00a32m), determined by the market price of the bonds at the reporting date. The maximum exposure to credit risk at 31 December 2022 is the carrying amount. These bonds have been pledged as security for letters of credit issued in respect of Delphian Insurance Company Ltd. The investments in mutual funds comprise holdings in a number of funds, based on employees\u2019 investment elections, in respect of the deferred compensation obligations of the Group as disclosed in Note 30.2. The fair value of these investments is \u00a320m (2021: \u00a324m), determined by the market price of the funds at the reporting date. Other investments relate to the Group\u2019s interest in two Limited Partnerships (LPs) incorporated in Bermuda. The principal activity of the two LPs is to receive carry interest from a fund. Carry interest refers to a performance fee payable once the performance of the fund exceeds agreed hurdles. During the year, the Group recognised a fair value gain in relation to its carry interest of \u00a36m (2021: \u00a39m). The fund has a maturity date of 2023 with an option to extend by two years. All gains will be realised by the final maturity date. Dividends of \u00a34m (2021: \u00a3nil) were received in the year. Included in other investments is also \u00a37m (2021: \u00a3nil) of cash held in term deposits that have a maturity date of more than three months. 20.2 Company 2022 \u00a3m 2021 \u00a3m Investment in subsidiaries 1,759 1,752 Provisions (26) (26)  1,733 1,726 The increase of investment in subsidiaries of \u00a37m relates to new capital injected into the Company\u2019s existing subsidiaries. Including provisions recognised to date, the Directors have assessed the Company\u2019s investment in subsidiaries to be fully recoverable. ",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfInvestments",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-585": {
   "value": "21 PPP fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Economic<span class=\"_ _399\"> </span>infrastructure<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>So<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al infrastructure<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _2ef\"> </span><span class=\"ls73 ws6d\">26<span class=\"_ _82\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>9<span class=\"_ _82\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>5<span class=\"_ _399\"> </span></span></span></span>Income recognised in<span class=\"_ _6\"></span> the income statement:<span class=\"_ _265\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span>\u2013 interest in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e (N<span class=\"_ _0\"></span>ote 8)<span class=\"_ _2f0\"> </span>1<span class=\"_ _3f\"> </span>4<span class=\"_ _3f\"> </span>5<span class=\"_ _399\"> </span>Los<span class=\"_ _0\"></span>ses rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the st<span class=\"_ _0\"></span>atement of c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e:<span class=\"_ _63\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> \u2013 fair val<span class=\"_ _0\"></span>ue movem<span class=\"_ _0\"></span>ents<span class=\"_ _10d\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _78\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span>Other movements:<span class=\"_ _1ef\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>\u2013 ca<span class=\"_ _0\"></span>sh expe<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ure<span class=\"_ _2f1\"> </span>2<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span>\u2013 ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>ved<span class=\"_ _2f2\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _95\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of Wo<span class=\"_ _0\"></span>odl<span class=\"_ _0\"></span>and V<span class=\"_ _0\"></span>iew H<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.4 an<span class=\"_ _0\"></span>d 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.7)<span class=\"_ _2f3\"> </span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span>(5<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span>Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp; Re<span class=\"_ _0\"></span>scue (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 and 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.7)<span class=\"_ _2f4\"> </span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsa9 ws23\">(6<span class=\"_ _0\"></span>5)<span class=\"_ _fd\"> </span>(6<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2c2\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _3f\"> </span></span>7<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _399\"> </span></span>Income recognised in<span class=\"_ _6\"></span> the income statement:<span class=\"_ _265\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span>\u2013 interest in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e (N<span class=\"_ _0\"></span>ote 8)<span class=\"_ _2f0\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span>Los<span class=\"_ _0\"></span>ses rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n the st<span class=\"_ _0\"></span>atement of c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e:<span class=\"_ _63\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>\u2013 fair val<span class=\"_ _0\"></span>ue movem<span class=\"_ _0\"></span>ents<span class=\"_ _10d\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _16f\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _399\"> </span></span></span>Other movements:<span class=\"_ _1ef\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span>\u2013 ca<span class=\"_ _0\"></span>sh expe<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ure<span class=\"_ _2f1\"> </span><span class=\"ff4d\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>2<span class=\"_ _399\"> </span></span>\u2013 ca<span class=\"_ _0\"></span>sh recei<span class=\"_ _0\"></span>ved<span class=\"_ _2f2\"> </span><span class=\"ff4d lsc0 ws1a9\">(3)<span class=\"_ _c\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2)<span class=\"_ _c\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2f5\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _3f\"> </span></span>5<span class=\"_ _2d\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _399\"> </span></span>As<span class=\"_ _0\"></span>sets c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ted by P<span class=\"_ _0\"></span>PP su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y conc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>anies a<span class=\"_ _0\"></span>re cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ied as f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s meas<span class=\"_ _0\"></span>ured at fai<span class=\"_ _0\"></span>r value t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I and are den<span class=\"_ _0\"></span>omina<span class=\"_ _0\"></span>ted in ster<span class=\"_ _0\"></span>ling<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e max<span class=\"_ _0\"></span>imum ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re to credi<span class=\"_ _0\"></span>t risk at th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date is th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the P<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>P finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>ere were no im<span class=\"_ _0\"></span>pair<span class=\"_ _0\"></span>ment p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 or 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfPPPFinancialAssets",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-586": {
   "value": "22 Inventories 2022 \u00a3m 2021 \u00a3m Raw materials and consumables 81 74 Development and housing land and work in progress 32 29 Finished goods and goods for resale 1 1  114 104 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-587": {
   "value": "23 Contract balances The timing of revenue recognition, billings and cash collection results in trade receivables (billed amounts), contract assets (unbilled amounts) and customer advances and deposits (contract liabilities) on the Group\u2019s balance sheet. For services in which revenue is earned over time, amounts are billed in accordance with contractual terms, either at periodic intervals or upon achievement of contractual milestones. The timing of revenue recognition is measured in accordance with the progress of delivery on a contract which could either be in advance or in arrears of billing, resulting in either a contract asset or a contract liability. 23.1 Contract assets  \u00a3m At 1 January 2021 288 Transfers from contract assets recognised at the beginning of the year to receivables  (257) Increase related to services provided in the year 200 Reclassified from contract provisions (Note 26)  (7) Impairments on contract assets recognised at the beginning of the year (10) At 31 December 2021 214 Currency translation differences 6 Transfers from contract assets recognised at the beginning of the year to receivables  (196) Increase related to services provided in the year  304 Reclassified from contract provisions (Note 26)  (1) Reclassified from contract liabilities (Note 23.2) (21) Impairments on contract assets recognised at the beginning of the year (6) At 31 December 2022 300 23.2 Contract liabilities  \u00a3m At 1 January 2021 (526) Currency translation differences  (4) Revenue recognised against contract liabilities at the beginning of the year 477 Increase due to cash received, excluding amounts recognised as revenue during the year  (625) At 31 December 2021 (678) Currency translation differences  (39) Revenue recognised against contract liabilities at the beginning of the year 578 Increase due to cash received, excluding amounts recognised as revenue during the year  (547) Reclassified to contract assets (Note 23.1) 21 At 31 December 2022 (665) The amount of revenue recognised in the year from performance obligations satisfied (or partially satisfied) in previous periods amounted to \u00a312m (2021: \u00a348m). ",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfContractBalances",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-588": {
   "value": "24 Trade and other receivables Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 \u00a3m Current         Trade receivables 526 518 \u2013 \u2013 Less: provision for impairment of trade receivables  (3) (3) \u2013 \u2013  523 515 \u2013 \u2013 Due from subsidiaries  \u2013 \u2013 1,560 1,421 Due from joint ventures and associates  16 15 \u2013 \u2013 Due from joint operation partners 6 12 \u2013 \u2013 Contract fulfilment assets 13 12 \u2013 \u2013 Contract retentions receivable 194 215 \u2013 \u2013 Accrued income 15 13 \u2013 \u2013 Prepayments  56 42 \u2013 \u2013 Due on disposals  \u2013 1 \u2013 \u2013 Other receivables 58 40 \u2013 1  881 865 1,560 1,422 Non-current        Due from joint ventures and associates 86 73 1 1 Contract fulfilment assets 31 32 \u2013 \u2013 Contract retentions receivable 166 142 \u2013 \u2013 Other receivables 3 2 1 1  286 249 2 2 Total trade and other receivables  1,167 1,114 1,562 1,424 Comprising        Financial assets (Note 40)  1,111 1,072 1,562 1,424 Non-financial assets \u2013 prepayments  56 42 \u2013 \u2013  1,167 1,114 1,562 1,424 Based on prior experience, an assessment of the current economic environment and a review of the financial circumstances of individual customers, the Directors believe no further credit risk provision is required in respect of trade receivables. The Directors consider that the carrying values of current and non-current trade and other receivables approximate their fair values. Maturity profile of impaired trade receivables and trade receivables past due but not impaired Impaired  Past due but not impaired Group 2022 \u00a3m Group 2021 \u00a3m Group 2022 \u00a3m Group 2021 \u00a3m Up to three months  \u2013 \u2013   37 20 Three to six months  \u2013 \u2013   8 19 Six to nine months  1 \u2013   4 6 Nine to 12 months  \u2013 \u2013   3 3 More than 12 months  2 3   29 41  3 3   81 89 At 31 December 2022, trade receivables of \u00a381m (2021: \u00a389m) were past due but not impaired. These relate to a number of individual customers where there is no reason to believe that the receivable is not recoverable. The Company had no provision for impairment of trade receivables and no trade receivables that were past due but not impaired in either year. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-589": {
   "value": "25 Trade and other payables Group 2022 \u00a3m Group 2021 \u00a3m Company 2022 \u00a3m Company 2021 \u00a3m Current        Trade and other payables +# 605 546 \u2013 \u2013 Accruals 741 611 6  5 Contract retentions payable # 175 202 \u2013 \u2013 VAT, payroll taxes and social security 74 96 \u2013 \u2013 Due to subsidiaries  \u2013 \u2013 2,046 1,953 Due on acquisitions \u2013 3 \u2013 \u2013  1,595 1,458 2,052 1,958 Non-current        Trade and other payables # \u2013 5 \u2013 \u2013 Accruals 10 10 \u2013 \u2013 Contract retentions payable # 122 92 \u2013 \u2013 Due to joint ventures and associates 9 10 3 3  141 117 3 3 Total trade and other payables 1,736  1,575 2,055 1,961 Comprising        Financial liabilities (Note 40) 1,638 1,463 2,055 1,961 Non-financial liabilities:        \u2013 accruals not at amortised cost 24 16 \u2013 \u2013 \u2013 VAT, payroll taxes and social security 74 96 \u2013 \u2013  1,736 1,575 2,055 1,961 +  2021 figure includes the cost of settlement relating to the DoJ resolution. This was settled in full in January 2022. Refer to Note 10.2.3. #  Re-presented to show contract retentions payable separately from trade and other payables. Maturity profile of the Group\u2019s non-current financial liabilities at 31 December Accruals 2022 \u00a3m Due to joint ventures and associates 2022 \u00a3m Contract retentions payable 2022 \u00a3m Total 2022 \u00a3m Due within one to two years  4 1 70 75 Due within two to five years  6 4 52 62 Due after more than five years  \u2013 4 \u2013 4  10 9 122 141 Trade and other payables 2021 \u00a3m Accruals 2021 \u00a3m Due to joint ventures and associates 2021 \u00a3m Contract retentions payable 2021 \u00a3m Total 2021 \u00a3m Due within one to two years  5 5 \u2013 41 51 Due within two to five years  \u2013 5 4 51 60 Due after more than five years  \u2013 \u2013 6 \u2013 6 5 10 10 92 117 The Directors consider that the carrying values of current and non-current trade and other payables and contract retentions payable approximate their fair values. The fair value of non-current trade and other payables and contract retentions payable has been determined by discounting future cash flows using yield curves and exchange rates prevailing at the reporting date. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-590": {
   "value": "26 Provisions Contract provisions \u00a3m Employee provisions \u00a3m Other provisions \u00a3m Total \u00a3m At 1 January 2021 279 46 25 350 Currency translation differences (1) \u2013 \u2013 (1) Reclassified from accruals  3 \u2013 \u2013 3 Charged/(credited) to the income statement:        \u2013 additional provisions  158 11 4 173 \u2013 unused amounts reversed  (35) (8) (4) (47) Utilised during the year (76) (13) (3) (92) Reclassified to contract assets (Note 23) (7) \u2013 \u2013 (7) At 31 December 2021 321 36 22 379 Currency translation differences 9 \u2013 1 10 Reclassified from accruals  \u2013 \u2013 1 1 Charged/(credited) to the income statement:        \u2013 additional provisions  134 6 2 142 \u2013 unused amounts reversed  (48) (2) \u2013 (50) Utilised during the year (80) (7) (3) (90) Reclassified to contract assets (Note 23) (1) \u2013 \u2013 (1) Reclassified negative investment in Group\u2019s investments in joint ventures and associates (Note 19.2) \u2013 \u2013 10 10 At 31 December 2022 335 33 33 401 Contract provisions 2022 \u00a3m Employee provisions 2022 \u00a3m Other provisions 2022 \u00a3m Total 2022 \u00a3m Contract provisions 2021 \u00a3m Employee provisions 2021 \u00a3m Other provisions 2021 \u00a3m Total 2021 \u00a3m Due within one year  174 7 23 204 160 7 7 174 Due within one to two years  77 7 3 87 76 12 7 95 Due within two to five years  53 10 4 67 64 8 4 76 Due after more than five years  31 9 3 43 21 9 4 34  335 33 33 401 321 36 22 379 Contract provisions include construction insurance liabilities, principally in the Group\u2019s self-insurance arrangements, loss provisions, and defect and warranty provisions on contracts, primarily construction contracts, that have reached practical completion. There is a latent defect period for which the provision is held, but where there are known identified issues then the provision may be required to cover rectification work over a more extended period. Employee provisions are principally liabilities relating to employers\u2019 liability insurance retained in the Group\u2019s self-insurance arrangements. Other provisions principally comprise: motor and other insurance liabilities in the Group\u2019s self-insurance arrangements; legal claims and costs, where provision is made for the Directors\u2019 best estimate of known legal claims, investigations and legal actions in progress; and environmental provisions. The Group takes actuarial advice when establishing the level of provisions in the Group\u2019s self-insurance arrangements and certain other categories of provision. Insurance-related provisions within these categories were \u00a364m (2021: \u00a356m) as follows: Contract provisions \u00a344m (2021: \u00a334m); Employee provisions \u00a316m (2021: \u00a318m); and Other, mainly motor, provisions \u00a34m (2021: \u00a34m). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfProvisionsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-591": {
   "value": "27 Cash and cash equivalents and borrowings 27.1 Group Current 2022 \u00a3m Non-current 2022 \u00a3m Total 2022 \u00a3m Current 2021 \u00a3m Non-current 2021 \u00a3m Total 2021 \u00a3m Unsecured borrowings at amortised cost            \u2013 Bank overdrafts \u2013 \u2013 \u2013 (34) \u2013 (34) \u2013 US private placement (Note 27.2)  (173) (172) (345) \u2013 (192) (192)  (173) (172) (345) (34) (192) (226) Cash and deposits at amortised cost  828 \u2013 828 766 \u2013 766 Term deposits at amortised cost  332 \u2013 332 250 \u2013 250 Cash and cash equivalents (excluding infrastructure concessions)  1,160 \u2013 1,160 1,016 \u2013 1,016  987 (172) 815 982 (192) 790 Non-recourse infrastructure concessions project finance loans at amortised cost with final maturity between 2023 and 2072 (30) (231) (261) (5) (255) (260) Infrastructure concessions cash and cash equivalents  19 \u2013 19 17 \u2013 17  (11) (231) (242) 12 (255) (243) Net cash/(borrowings)  976 (403) 573 994 (447) 547 Bank overdrafts arise due to timings of the Group\u2019s BACS payment in the UK. In line with the Group\u2019s accounting policy, payments are recorded against cash and cash equivalents when BACS payments are initiated, rather than when they are settled which is typically two working days later. In the intervening period between initiation and settlement, as part of the Group\u2019s cash management strategy, cash would be placed in overnight money market deposits and would later be released to be utilised against these BACS payments when settlement occurs. As there is no legal right of offset between funds held with different counterparties, the overdrafts arising as a result of the initiation of the BACS payment are shown within borrowings on the Group\u2019s balance sheet. The loans relating to project finance arise under non-recourse facilities taken out by project-specific subsidiary companies. The loans of each company are secured by a combination of fixed and floating charges over that company\u2019s interests in its project\u2019s assets and revenues and the shares in the company held by its immediate parent company. A significant part of these loans has been swapped into fixed rate debt by the use of interest rate swaps. Term deposits are held on a short-term basis and are readily accessible to the Group at any time with insignificant break costs. Included in cash and cash equivalents is restricted cash of \u00a33m (2021: \u00a310m) held by the Group\u2019s self-insurance company, Delphian Insurance Company Ltd, which is subject to Isle of Man insurance solvency regulations. Cash and cash equivalents also include: \u00a3194m (2021: \u00a3249m) within construction project bank accounts which is used for project specific expenditure; \u00a3253m (2021: \u00a3261m) in relation to the Group\u2019s share of cash held by joint operations which is used for expenditure within the joint operation projects; and \u00a319m (2021: \u00a317m) relating to maintenance and other reserve accounts in the Infrastructure Investments subsidiaries. Maturity profile of the Group\u2019s borrowings at 31 December Non-recourse project finance 2022 \u00a3m Other borrowings 2022 \u00a3m Total 2022 \u00a3m Non-recourse project finance 2021 \u00a3m Other borrowings 2021 \u00a3m Total 2021 \u00a3m Due on demand or within one year  (30) (173) (203) (5) (34) (39) Due within one to two years  (8) \u2013 (8) (32) (155) (187) Due within two to five years  (25) (70) (95) (23) (37) (60) Due after more than five years  (198) (102) (300) (200) \u2013 (200)  (261) (345) (606) (260) (226) (486) The carrying values of the Group\u2019s borrowings are equal to the fair values at the reporting date. The fair values are determined by discounting future cash flows using yield curves and exchange rates prevailing at the reporting date. Undrawn Group committed borrowing facilities at 31 December in respect of which all conditions precedent were satisfied Non-recourse project finance 2022 \u00a3m Other borrowings 2022 \u00a3m Total 2022 \u00a3m Non-recourse project finance 2021 \u00a3m Other borrowings 2021 \u00a3m Total 2021 \u00a3m Expiring in one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Expiring in more than one year but not more than two years \u2013 405 405 \u2013 \u2013 \u2013 Expiring in more than two years \u2013 \u2013 \u2013 \u2013 375 375  \u2013 405 405 \u2013 375 37 5 27 Cash and cash equivalents and borrowings continued 27.1 Group continued In October 2021, the Group agreed to the conversion of its \u00a3375m revolving credit facility to a sustainability linked loan (SLL), extending the maturity to October 2024. Under the terms of the loan, the Group is incentivised to deliver annual measurable performance improvement in three key areas: carbon emissions, social value generation, and an independent Environmental, Social and Governance (ESG) rating score. This facility was undrawn at 31 December 2022. In December 2022 the Group entered into a new \u00a330m bilateral revolving credit facility on terms similar to the Group\u2019s core \u00a3375m SLL.  This new facility expires in December 2024 with an extension option for a further three years subject to certain specific provisions.  This new facility was also undrawn at 31 December 2022. 27.2 US private placement In March 2013, the Group raised US$350m (\u00a3231m) of borrowings through a US private placement (USPP) of a series of notes with an average coupon of 4.94% per annum and an average maturity of 9.3 years. On 7 March 2018, the Group repaid the first tranche of these notes amounting to US$45m (\u00a332.5m). On 5 March 2020, the Group repaid the second tranche of these notes amounting to US$46m (\u00a336m). At 31 December 2022, US$259m (\u00a3215m) remain with an average coupon of 5.2% and a remaining average maturity of 0.6 years. In June 2022 the Group raised US$158m (\u00a3130m) of debt in the form of new USPP notes on terms and conditions materially the same as the existing USPP notes. The new debt comprises US$35m of notes maturing in June 2027 at a fixed coupon of 6.31%, US$80m of notes maturing in June 2029 at a fixed coupon of 6.39% and US$43m of notes maturing in June 2032 at a fixed coupon of 6.45% with an average coupon of 6.4% per annum and an average maturity of 7.4 years. Following the year end, the new funding was used towards the repayment of the US$209m of USPP notes which matured in March 2023. 27.3 Company Current 2022 \u00a3m Non-current 2022 \u00a3m Total 2022 \u00a3m Current 2021 \u00a3m Non-current 2021 \u00a3m Total 2021 \u00a3m Cash  95 \u2013 95 96 \u2013 96 Term deposits 329 \u2013 329 249 \u2013 249 Bank overdrafts  (45) \u2013 (45) (17) \u2013 (17) US private placement (Note 27.2)  (173) (172) (345) \u2013 (192) (192) Net cash/(borrowings)  206 (172) 34 328 (192) 136 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-618": {
   "value": "27 Cash and cash equivalents and borrowings 27.1 Group Current 2022 \u00a3m Non-current 2022 \u00a3m Total 2022 \u00a3m Current 2021 \u00a3m Non-current 2021 \u00a3m Total 2021 \u00a3m Unsecured borrowings at amortised cost            \u2013 Bank overdrafts \u2013 \u2013 \u2013 (34) \u2013 (34) \u2013 US private placement (Note 27.2)  (173) (172) (345) \u2013 (192) (192)  (173) (172) (345) (34) (192) (226) Cash and deposits at amortised cost  828 \u2013 828 766 \u2013 766 Term deposits at amortised cost  332 \u2013 332 250 \u2013 250 Cash and cash equivalents (excluding infrastructure concessions)  1,160 \u2013 1,160 1,016 \u2013 1,016  987 (172) 815 982 (192) 790 Non-recourse infrastructure concessions project finance loans at amortised cost with final maturity between 2023 and 2072 (30) (231) (261) (5) (255) (260) Infrastructure concessions cash and cash equivalents  19 \u2013 19 17 \u2013 17  (11) (231) (242) 12 (255) (243) Net cash/(borrowings)  976 (403) 573 994 (447) 547 Bank overdrafts arise due to timings of the Group\u2019s BACS payment in the UK. In line with the Group\u2019s accounting policy, payments are recorded against cash and cash equivalents when BACS payments are initiated, rather than when they are settled which is typically two working days later. In the intervening period between initiation and settlement, as part of the Group\u2019s cash management strategy, cash would be placed in overnight money market deposits and would later be released to be utilised against these BACS payments when settlement occurs. As there is no legal right of offset between funds held with different counterparties, the overdrafts arising as a result of the initiation of the BACS payment are shown within borrowings on the Group\u2019s balance sheet. The loans relating to project finance arise under non-recourse facilities taken out by project-specific subsidiary companies. The loans of each company are secured by a combination of fixed and floating charges over that company\u2019s interests in its project\u2019s assets and revenues and the shares in the company held by its immediate parent company. A significant part of these loans has been swapped into fixed rate debt by the use of interest rate swaps. Term deposits are held on a short-term basis and are readily accessible to the Group at any time with insignificant break costs. Included in cash and cash equivalents is restricted cash of \u00a33m (2021: \u00a310m) held by the Group\u2019s self-insurance company, Delphian Insurance Company Ltd, which is subject to Isle of Man insurance solvency regulations. Cash and cash equivalents also include: \u00a3194m (2021: \u00a3249m) within construction project bank accounts which is used for project specific expenditure; \u00a3253m (2021: \u00a3261m) in relation to the Group\u2019s share of cash held by joint operations which is used for expenditure within the joint operation projects; and \u00a319m (2021: \u00a317m) relating to maintenance and other reserve accounts in the Infrastructure Investments subsidiaries. Maturity profile of the Group\u2019s borrowings at 31 December Non-recourse project finance 2022 \u00a3m Other borrowings 2022 \u00a3m Total 2022 \u00a3m Non-recourse project finance 2021 \u00a3m Other borrowings 2021 \u00a3m Total 2021 \u00a3m Due on demand or within one year  (30) (173) (203) (5) (34) (39) Due within one to two years  (8) \u2013 (8) (32) (155) (187) Due within two to five years  (25) (70) (95) (23) (37) (60) Due after more than five years  (198) (102) (300) (200) \u2013 (200)  (261) (345) (606) (260) (226) (486) The carrying values of the Group\u2019s borrowings are equal to the fair values at the reporting date. The fair values are determined by discounting future cash flows using yield curves and exchange rates prevailing at the reporting date. Undrawn Group committed borrowing facilities at 31 December in respect of which all conditions precedent were satisfied Non-recourse project finance 2022 \u00a3m Other borrowings 2022 \u00a3m Total 2022 \u00a3m Non-recourse project finance 2021 \u00a3m Other borrowings 2021 \u00a3m Total 2021 \u00a3m Expiring in one year or less \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Expiring in more than one year but not more than two years \u2013 405 405 \u2013 \u2013 \u2013 Expiring in more than two years \u2013 \u2013 \u2013 \u2013 375 375  \u2013 405 405 \u2013 375 37 27 Cash and cash equivalents and borrowings continued 27.1 Group continued In October 2021, the Group agreed to the conversion of its \u00a3375m revolving credit facility to a sustainability linked loan (SLL), extending the maturity to October 2024. Under the terms of the loan, the Group is incentivised to deliver annual measurable performance improvement in three key areas: carbon emissions, social value generation, and an independent Environmental, Social and Governance (ESG) rating score. This facility was undrawn at 31 December 2022. In December 2022 the Group entered into a new \u00a330m bilateral revolving credit facility on terms similar to the Group\u2019s core \u00a3375m SLL.  This new facility expires in December 2024 with an extension option for a further three years subject to certain specific provisions.  This new facility was also undrawn at 31 December 2022. 27.2 US private placement In March 2013, the Group raised US$350m (\u00a3231m) of borrowings through a US private placement (USPP) of a series of notes with an average coupon of 4.94% per annum and an average maturity of 9.3 years. On 7 March 2018, the Group repaid the first tranche of these notes amounting to US$45m (\u00a332.5m). On 5 March 2020, the Group repaid the second tranche of these notes amounting to US$46m (\u00a336m). At 31 December 2022, US$259m (\u00a3215m) remain with an average coupon of 5.2% and a remaining average maturity of 0.6 years. In June 2022 the Group raised US$158m (\u00a3130m) of debt in the form of new USPP notes on terms and conditions materially the same as the existing USPP notes. The new debt comprises US$35m of notes maturing in June 2027 at a fixed coupon of 6.31%, US$80m of notes maturing in June 2029 at a fixed coupon of 6.39% and US$43m of notes maturing in June 2032 at a fixed coupon of 6.45% with an average coupon of 6.4% per annum and an average maturity of 7.4 years. Following the year end, the new funding was used towards the repayment of the US$209m of USPP notes which matured in March 2023. 27.3 Company Current 2022 \u00a3m Non-current 2022 \u00a3m Total 2022 \u00a3m Current 2021 \u00a3m Non-current 2021 \u00a3m Total 2021 \u00a3m Cash  95 \u2013 95 96 \u2013 96 Term deposits 329 \u2013 329 249 \u2013 249 Bank overdrafts  (45) \u2013 (45) (17) \u2013 (17) US private placement (Note 27.2)  (173) (172) (345) \u2013 (192) (192) Net cash/(borrowings)  206 (172) 34 328 (192) 136 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-592": {
   "value": "28 Lease liabilities 28.1 Movements Land and buildings \u00a3m Plant and equipment \u00a3m Motor vehicles \u00a3m Total \u00a3m At 1 January 2021 58 22 45 125 Additions  16 18 27 61 Payments made for lease liabilities + (20) (15) (24) (59) Disposals (2) (1) (1) (4) Interest on lease liabilities  3 1 2 6 At 31 December 2021 55 25 49 129 Currency translation differences  4 \u2013 \u2013 4 Additions  17 13 24 54 Payments made for lease liabilities + (19) (12) (27) (58) Disposals (2) \u2013 (1) (3) Interest on lease liabilities  3 1 2 6 At 31 December 2022 58 27 47 132 +  Payments made for lease liabilities include an interest element of \u00a36m (2021: \u00a36m). 28.2 Maturity analysis \u2013 contractual undiscounted cash flows Land and buildings 2022 \u00a3m Plant and equipment 2022 \u00a3m Motor vehicles 2022 \u00a3m Total 2022 \u00a3m Land and buildings 2021 \u00a3m Plant and equipment 2021 \u00a3m Motor vehicles 2021 \u00a3m Total 2021 \u00a3m Due within one year 16 9 24 49 14 9 21 44 Due within one to two years 11 7 14 32 11 6 16 33 Due within two to five years 20 10 11 41 20 10 14 44 Due after more than five years 13 4 \u2013 17 19 3 \u2013 22 Total undiscounted cash flows  60 30 49 139 64 28 51 143 28.3 Amounts recognised in the income statement 2022 \u00a3m 2021 \u00a3m Interest on lease liabilities 6 6 Expenses relating to short-term leases  121 120 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-593": {
   "value": "<div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:770.6906px;\">29 De<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.0066986084px; bottom:754.4406px;\">29.<span class=\"_ _59\"></span>1 Group<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:741.4406px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s are off<span class=\"_ _0\"></span>set whe<span class=\"_ _0\"></span>n they rel<span class=\"_ _0\"></span>ate to inco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y and the G<span class=\"_ _0\"></span>roup inten<span class=\"_ _0\"></span>ds to set<span class=\"_ _0\"></span>tle </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:728.4406px;\">its cu<span class=\"_ _0\"></span>rrent t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies on a net b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:705.6906px;\">Ne<span class=\"_ _0\"></span>t d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n at 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:578.1985px; bottom:691.3906px;\">Group</div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:582.20483px; bottom:681.6406px;\"> 20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:671.8906px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:643.35223px; bottom:691.3906px;\">Gro<span class=\"_ _0\"></span>up </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:681.6406px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:671.8906px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:656.56104px;\">Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset<span class=\"_ _0\"></span>s<span class=\"_ _325\"> </span><span class=\"ff4d ls98 ws5a\">176<span class=\"_ _77\"> </span></span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls34 ws33\" style=\"left:0.0066986084px; bottom:642.53143px;\">Deferred ta<span class=\"_ _0\"></span>x liabilities<span class=\"_ _295\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span></span><span class=\"ls158 ws146\">(<span class=\"_ _0\"></span>11<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>)</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:628.50183px;\"> <span class=\"_ _326\"> </span><span class=\"ff4d ls71 ws6b\">24<span class=\"_ _3f\"> </span></span>5<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:599.90186px;\">Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t for t<span class=\"_ _0\"></span>he y<span class=\"_ _0\"></span>ear i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>t de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:643.35223px; bottom:585.60187px;\">Gro<span class=\"_ _0\"></span>up </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:575.85187px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:560.5222px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _327\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:546.4926px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _328\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:532.463px;\">Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted to<span class=\"_ _0\"></span> inc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _329\"> </span><span class=\"lse0 ws92\">52<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:518.4336px;\">Char<span class=\"_ _0\"></span>ged to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _292\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:504.404px;\">Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>its<span class=\"_ _32a\"> </span>1<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:490.3744px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp; Re<span class=\"_ _0\"></span>scue (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 and 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.7)<span class=\"_ _297\"> </span>1<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:476.3448px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _157\"> </span>5<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:462.3152px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _32b\"> </span><span class=\"ff4d ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsb4 ws87\" style=\"left:0.0066986084px; bottom:448.28558px;\">Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ted to<span class=\"_ _0\"></span> inc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt<span class=\"_ _32c\"> </span><span class=\"ff4d ls98 ws5a\">17<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:434.25598px;\">Cred<span class=\"_ _0\"></span>ited to othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _159\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.0066986084px; bottom:420.22638px;\">Credit<span class=\"_ _6\"></span>ed to<span class=\"_ _6\"></span> equit<span class=\"_ _0\"></span>y<span class=\"_ _32d\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:406.19678px;\">Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x cred<span class=\"_ _0\"></span>its<span class=\"_ _32e\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:392.16718px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _32f\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.0066986084px; bottom:366.8172px;\">Th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow sh<span class=\"_ _0\"></span>ows the d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties b<span class=\"_ _0\"></span>efore bein<span class=\"_ _0\"></span>g of<span class=\"_ _0\"></span>fset wh<span class=\"_ _0\"></span>ere they rel<span class=\"_ _0\"></span>ate to inco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:344.0672px;\">Ne<span class=\"_ _0\"></span>t d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:162.77126px; bottom:329.76715px;\">Depreciation<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:175.07861px; bottom:320.01715px;\">in exce<span class=\"_ _0\"></span>ss </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:175.07861px; bottom:310.26715px;\">of c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:168.96626px; bottom:300.51715px;\">allowances<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:197.04732px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:219.96332px; bottom:310.26715px;\">Retirement<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:230.56793px; bottom:300.51715px;\">benefits<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:248.61987px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:272.73877px; bottom:320.01715px;\">Unrelieved<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:287.1056px; bottom:310.26715px;\">trading<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:288.41052px; bottom:300.51715px;\">losses<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:299.2129px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:318.1787px; bottom:310.26715px;\">Share<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ased<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:327.59473px; bottom:300.51715px;\">paym<span class=\"_ _0\"></span>ents<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:352.0502px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9d ws1e\" style=\"left:377.4998px; bottom:300.51715px;\">Provisions<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:432.98782px; bottom:310.26715px;\">Fair value<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:421.0901px; bottom:300.51715px;\">adjustments<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:455.06805px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:478.0913px; bottom:300.51715px;\">Derivatives<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:505.49908px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:524.7773px; bottom:310.26715px;\">Other GA<span class=\"_ _1\"></span>AP<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:529.5878px; bottom:300.51715px;\">differences<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:557.46344px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:586.54004px; bottom:329.76715px;\">Research<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:608.9504px; bottom:320.01715px;\">and<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls184 ws173\" style=\"left:575.7854px; bottom:310.26715px;\">develo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls24e ws24f\" style=\"left:597.0681px; bottom:300.51715px;\">cred<span class=\"_ _0\"></span>its<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:608.9504px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:300.51715px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:290.76715px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:275.43756px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _330\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _b2\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _b2\"> </span><span class=\"ls2d ws2b\">96<span class=\"_ _82\"> </span></span></span></span>4<span class=\"_ _86\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>1)<span class=\"_ _dc\"> </span></span></span>7<span class=\"_ _b2\"> </span><span class=\"lsa2 ws2a\">(80)<span class=\"_ _12c\"> </span></span>4<span class=\"_ _ab\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:261.40796px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _58\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>1<span class=\"_ _1d\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span></span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.0066986084px; bottom:247.37839px;\">Credit<span class=\"_ _6\"></span>ed<span class=\"_ _0\"></span>/(char<span class=\"_ _6\"></span>ged<span class=\"_ _0\"></span>) t<span class=\"_ _6\"></span>o income </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:234.37839px;\">statement<span class=\"_ _331\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _12\"> </span><span class=\"ls142 ws12b\">(<span class=\"_ _0\"></span>13<span class=\"_ _0\"></span>)<span class=\"_ _332\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _82\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _82\"> </span>9<span class=\"_ _b0\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _b5\"> </span><span class=\"lse0 ws92\">52<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:220.34879px;\">Char<span class=\"_ _0\"></span>ged to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:0.0066986084px; bottom:207.34879px;\">income<span class=\"_ _333\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b2\"> </span><span class=\"lsf9 ws29\">(23)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _fd\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _ab\"> </span><span class=\"ls2c ws9d\">(24<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:193.31918px;\">Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:180.31918px;\">credits<span class=\"_ _13a\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _aa\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.0066986084px; bottom:166.28958px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp;<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.0066986084px; bottom:153.28958px;\">Resc<span class=\"_ _0\"></span>ue (N<span class=\"_ _0\"></span>otes 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>3 a<span class=\"_ _0\"></span>nd 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.7)<span class=\"_ _76\"> </span><span class=\"ls3\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>7<span class=\"_ _b0\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _aa\"> </span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:139.25998px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _16\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">(69)<span class=\"_ _e\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _1\"></span>0<span class=\"_ _77\"> </span></span></span></span>5<span class=\"_ _86\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _a0\"> </span><span class=\"lsa9 ws23\">(8<span class=\"_ _0\"></span>5)<span class=\"_ _1d\"> </span></span></span>1<span class=\"_ _b2\"> </span><span class=\"ls40 ws26\">(87)<span class=\"_ _12c\"> </span></span>5<span class=\"_ _aa\"> </span>5<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:125.2305px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _c\"> </span><span class=\"ff4d ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>6<span class=\"_ _a3\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _30\"> </span><span class=\"ls143 ws12c\">(<span class=\"_ _0\"></span>11)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:111.2009px;\">T<span class=\"_ _17\"></span>ransfers<span class=\"_ _1c5\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _77\"> </span>1<span class=\"_ _77\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.0066986084px; bottom:97.171295px;\">Credit<span class=\"_ _6\"></span>ed<span class=\"_ _0\"></span>/(char<span class=\"_ _6\"></span>ged<span class=\"_ _0\"></span>) t<span class=\"_ _6\"></span>o income </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:84.171295px;\">statement<span class=\"_ _334\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _113\"> </span><span class=\"ls143 ws12c\">(11<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls36 ws35\">48<span class=\"_ _77\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _119\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _1d\"> </span></span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"ls98 ws5a\">17<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.0066986084px; bottom:70.14169px;\">Credit<span class=\"_ _6\"></span>ed<span class=\"_ _0\"></span>/(char<span class=\"_ _6\"></span>ged<span class=\"_ _0\"></span>) t<span class=\"_ _6\"></span>o other<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:57.141693px;\">comprehensiv<span class=\"_ _6\"></span>e income<span class=\"_ _163\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _86\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _25\"> </span><span class=\"ls9c ws91\">19<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsa8 ws96\" style=\"left:0.0066986084px; bottom:43.11209px;\">Credit<span class=\"_ _6\"></span>ed to<span class=\"_ _6\"></span> equit<span class=\"_ _0\"></span>y<span class=\"_ _182\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>2<span class=\"_ _77\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _aa\"> </span>2<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls98 ws0\" style=\"left:0.0066986084px; bottom:29.082504px;\">Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d devel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent ta<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span> </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls8a ws81\" style=\"left:0.0066986084px; bottom:16.082504px;\">credits<span class=\"_ _204\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsaa ws140\">(<span class=\"_ _0\"></span>2)<span class=\"_ _ce\"> </span>(2)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:2.0529022px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _164\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _b2\"> </span><span class=\"lsb4 ws87\">(60)<span class=\"_ _10f\"> </span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>9<span class=\"_ _77\"> </span></span></span></span>7<span class=\"_ _ae\"> </span><span class=\"lsfa ws127\">51<span class=\"_ _e\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1d\"> </span></span></span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls7a ws1ad\">(9<span class=\"_ _0\"></span>8)<span class=\"_ _b0\"> </span></span>3<span class=\"_ _b4\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _399\"> </span></span></div>29 De<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>29.<span class=\"_ _59\"></span>1 Group<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Ne<span class=\"_ _0\"></span>t d<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>At the b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p had un<span class=\"_ _0\"></span>used t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>ax lo<span class=\"_ _0\"></span>sses of \u00a3<span class=\"_ _0\"></span>1,<span class=\"_ _59\"></span>19<span class=\"_ _0\"></span>3m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1,207m) avail<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e for of<span class=\"_ _0\"></span>fset ag<span class=\"_ _0\"></span>ains<span class=\"_ _0\"></span>t future p<span class=\"_ _0\"></span>rofits<span class=\"_ _0\"></span>, of whic<span class=\"_ _0\"></span>h \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>6m) aro<span class=\"_ _0\"></span>se in the U<span class=\"_ _0\"></span>K<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m) in the U<span class=\"_ _0\"></span>S and \u00a3<span class=\"_ _1\"></span>35<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>32m) i<span class=\"_ _0\"></span>n other jur<span class=\"_ _0\"></span>isd<span class=\"_ _0\"></span>icti<span class=\"_ _0\"></span>ons.<span class=\"_ _0\"></span> A deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>615m) of such l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s, of whi<span class=\"_ _0\"></span>ch \u00a3<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m) have b<span class=\"_ _0\"></span>een reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e UK<span class=\"_ _0\"></span>, \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>27m) in the U<span class=\"_ _0\"></span>S, an<span class=\"_ _0\"></span>d \u00a3nil (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il) in oth<span class=\"_ _0\"></span>er juri<span class=\"_ _0\"></span>sdic<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns. In c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e amou<span class=\"_ _0\"></span>nt of deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset to b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed for U<span class=\"_ _0\"></span>K ta<span class=\"_ _0\"></span>x loss<span class=\"_ _0\"></span>es, th<span class=\"_ _0\"></span>e potenti<span class=\"_ _0\"></span>al use of th<span class=\"_ _0\"></span>ose l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e latest c<span class=\"_ _0\"></span>urrent a<span class=\"_ _0\"></span>nd forec<span class=\"_ _0\"></span>ast b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e was as<span class=\"_ _0\"></span>sess<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, and los<span class=\"_ _0\"></span>ses were rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised w<span class=\"_ _0\"></span>here it i<span class=\"_ _0\"></span>s prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le that t<span class=\"_ _0\"></span>hey wil<span class=\"_ _0\"></span>l be ut<span class=\"_ _0\"></span>ilise<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>No d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sset ha<span class=\"_ _0\"></span>s bee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of the l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2m) wh<span class=\"_ _0\"></span>ere it is c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dered t<span class=\"_ _0\"></span>hat it is n<span class=\"_ _0\"></span>ot prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le tha<span class=\"_ _0\"></span>t they wi<span class=\"_ _0\"></span>ll be ut<span class=\"_ _0\"></span>ilise<span class=\"_ _0\"></span>d due to rest<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s in use an<span class=\"_ _0\"></span>d unpre<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bilit<span class=\"_ _1\"></span>y of future profi<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y. Of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s tax los<span class=\"_ _0\"></span>ses, \u00a3<span class=\"_ _1\"></span>3m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>10m) will ex<span class=\"_ _0\"></span>pire wi<span class=\"_ _0\"></span>thin w<span class=\"_ _0\"></span>ithin 2<span class=\"_ _0\"></span>0 year<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter the yea<span class=\"_ _0\"></span>r in whi<span class=\"_ _0\"></span>ch they a<span class=\"_ _0\"></span>rose, usi<span class=\"_ _0\"></span>ng lo<span class=\"_ _0\"></span>sses in<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>red in ea<span class=\"_ _0\"></span>rlie<span class=\"_ _0\"></span>r years b<span class=\"_ _0\"></span>efore tho<span class=\"_ _0\"></span>se inc<span class=\"_ _0\"></span>urred i<span class=\"_ _0\"></span>n later yea<span class=\"_ _0\"></span>rs. O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er los<span class=\"_ _0\"></span>ses w<span class=\"_ _0\"></span>ill be c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ried fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ward in<span class=\"_ _0\"></span>defi<span class=\"_ _0\"></span>nitely. In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s referred to ab<span class=\"_ _0\"></span>ove, at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p had U<span class=\"_ _0\"></span>K c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s availa<span class=\"_ _0\"></span>ble to c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard of \u00a31.4b<span class=\"_ _0\"></span>n (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31.4bn<span class=\"_ _0\"></span>). No defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets have b<span class=\"_ _0\"></span>een rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in resp<span class=\"_ _0\"></span>ect of t<span class=\"_ _0\"></span>hese l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s as the<span class=\"_ _0\"></span>re are no ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al prof<span class=\"_ _0\"></span>its fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t ag<span class=\"_ _0\"></span>ainst w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>hese l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s can be utilised.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also h<span class=\"_ _0\"></span>ad temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>ffere<span class=\"_ _0\"></span>nces re<span class=\"_ _0\"></span>latin<span class=\"_ _0\"></span>g to retirement b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts on w<span class=\"_ _0\"></span>hich a d<span class=\"_ _0\"></span>eferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x asset h<span class=\"_ _0\"></span>as not b<span class=\"_ _0\"></span>een rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised of \u00a3<span class=\"_ _0\"></span>nil (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2m). Deferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies on fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nts of \u00a310<span class=\"_ _0\"></span>4m re<span class=\"_ _0\"></span>late to temp<span class=\"_ _0\"></span>orar<span class=\"_ _1\"></span>y dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es ar<span class=\"_ _0\"></span>ising o<span class=\"_ _0\"></span>n go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>will an<span class=\"_ _0\"></span>d inta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>bles<span class=\"_ _0\"></span>. Defer<span class=\"_ _0\"></span>red ta<span class=\"_ _0\"></span>x liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es on oth<span class=\"_ _0\"></span>er G<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>A<span class=\"_ _0\"></span>P dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>8m rel<span class=\"_ _0\"></span>ate to tempo<span class=\"_ _0\"></span>rar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>es on j<span class=\"_ _0\"></span>oint ventures<span class=\"_ _0\"></span>. At the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te, undis<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>buted res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves of n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>UK sub<span class=\"_ _0\"></span>sidi<span class=\"_ _0\"></span>arie<span class=\"_ _0\"></span>s, jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates for wh<span class=\"_ _0\"></span>ich d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities h<span class=\"_ _0\"></span>ave not bee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed were \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>51<span class=\"_ _6\"></span>3m<span class=\"_ _0\"></span>) in resp<span class=\"_ _0\"></span>ect of su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ies an<span class=\"_ _0\"></span>d \u00a34<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m) in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates. N<span class=\"_ _0\"></span>o liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>ese di<span class=\"_ _0\"></span>ffere<span class=\"_ _0\"></span>nces b<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ause e<span class=\"_ _0\"></span>ithe<span class=\"_ _0\"></span>r no temp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y di<span class=\"_ _0\"></span>fferen<span class=\"_ _0\"></span>ce ar<span class=\"_ _0\"></span>ises o<span class=\"_ _0\"></span>r the tim<span class=\"_ _0\"></span>ing of any di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on is und<span class=\"_ _0\"></span>er the G<span class=\"_ _0\"></span>roup\u2019s control an<span class=\"_ _0\"></span>d no di<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on wh<span class=\"_ _0\"></span>ich gi<span class=\"_ _0\"></span>ves ris<span class=\"_ _0\"></span>e to ta<span class=\"_ _0\"></span>xatio<span class=\"_ _0\"></span>n is co<span class=\"_ _0\"></span>ntempl<span class=\"_ _0\"></span>ated.<span class=\"_ _399\"> </span>29.2<span class=\"_ _6\"></span> Company<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow sh<span class=\"_ _0\"></span>ows the d<span class=\"_ _0\"></span>eferred t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties b<span class=\"_ _0\"></span>efore bein<span class=\"_ _0\"></span>g of<span class=\"_ _0\"></span>fset wh<span class=\"_ _0\"></span>ere they rel<span class=\"_ _0\"></span>ate to inco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>xes levi<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e sam<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x auth<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y (2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3nil).<span class=\"_ _399\"> </span>Unrelieved<span class=\"_ _399\"> </span>trading<span class=\"_ _399\"> </span>losses<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Share<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ased paym<span class=\"_ _0\"></span>ents<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> defe<span class=\"_ _6\"></span>rred tax assets<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _335\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _399\"> </span>Cred<span class=\"_ _0\"></span>ited<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(char<span class=\"_ _0\"></span>ged<span class=\"_ _0\"></span>) to inc<span class=\"_ _0\"></span>ome st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt <span class=\"_ _126\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _336\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _399\"> </span>Cred<span class=\"_ _0\"></span>ited to inc<span class=\"_ _0\"></span>ome s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent <span class=\"_ _290\"> </span><span class=\"ff4d\">1<span class=\"_ _139\"> </span>\u2013<span class=\"_ _245\"> </span>1<span class=\"_ _399\"> </span></span>Credit<span class=\"_ _6\"></span>ed to<span class=\"_ _6\"></span> equit<span class=\"_ _0\"></span>y<span class=\"_ _337\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>1<span class=\"_ _399\"> </span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _2b5\"> </span>1<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _399\"> </span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-594": {
   "value": "30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>30.<span class=\"_ _59\"></span>1 Introduction<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p, throug<span class=\"_ _0\"></span>h tru<span class=\"_ _0\"></span>stees, o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rates a num<span class=\"_ _0\"></span>ber of d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n and d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit pe<span class=\"_ _0\"></span>nsio<span class=\"_ _0\"></span>n sche<span class=\"_ _0\"></span>mes.<span class=\"_ _399\"> </span>Defin<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s are thos<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>re the Grou<span class=\"_ _0\"></span>p\u2019s oblig<span class=\"_ _0\"></span>ation i<span class=\"_ _0\"></span>s limited to t<span class=\"_ _0\"></span>he amo<span class=\"_ _0\"></span>unt that i<span class=\"_ _0\"></span>t cont<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utes to the sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e and th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>me me<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>rs be<span class=\"_ _0\"></span>ar the i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt and ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>rial r<span class=\"_ _0\"></span>isks.<span class=\"_ _399\"> </span>Defin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>enefit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes are sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>es other t<span class=\"_ _0\"></span>han d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n sche<span class=\"_ _0\"></span>mes w<span class=\"_ _0\"></span>here the G<span class=\"_ _0\"></span>roup\u2019s oblig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on is to prov<span class=\"_ _0\"></span>ide s<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit<span class=\"_ _0\"></span>s on ret<span class=\"_ _0\"></span>irem<span class=\"_ _0\"></span>ent.<span class=\"_ _399\"> </span>IA<span class=\"_ _0\"></span>S 19 Empl<span class=\"_ _0\"></span>oyee Ben<span class=\"_ _0\"></span>efits (<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>AS 19) p<span class=\"_ _0\"></span>rescr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es the a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>untin<span class=\"_ _0\"></span>g for defin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>enefit s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>mes in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>. Ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated usi<span class=\"_ _0\"></span>ng the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ted uni<span class=\"_ _0\"></span>t cred<span class=\"_ _0\"></span>it meth<span class=\"_ _0\"></span>od an<span class=\"_ _0\"></span>d disc<span class=\"_ _0\"></span>ounted to a n<span class=\"_ _0\"></span>et present v<span class=\"_ _0\"></span>alue us<span class=\"_ _0\"></span>ing the m<span class=\"_ _0\"></span>arket yie<span class=\"_ _0\"></span>ld on hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te bon<span class=\"_ _0\"></span>ds. Th<span class=\"_ _0\"></span>e pens<span class=\"_ _0\"></span>ion exp<span class=\"_ _0\"></span>ense re<span class=\"_ _0\"></span>latin<span class=\"_ _0\"></span>g to curre<span class=\"_ _0\"></span>nt ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice c<span class=\"_ _0\"></span>ost is c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>r overhe<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e func<span class=\"_ _0\"></span>tion of s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s and is incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in co<span class=\"_ _0\"></span>st of sal<span class=\"_ _0\"></span>es and n<span class=\"_ _0\"></span>et op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ng exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me ar<span class=\"_ _0\"></span>ising f<span class=\"_ _0\"></span>rom the ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted interes<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me on p<span class=\"_ _0\"></span>lan a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd interest c<span class=\"_ _0\"></span>ost on s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s is inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in invest<span class=\"_ _0\"></span>ment inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e. Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial g<span class=\"_ _0\"></span>ains an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses are rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d in the st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>AS 19 ac<span class=\"_ _0\"></span>count<span class=\"_ _0\"></span>ing val<span class=\"_ _0\"></span>uati<span class=\"_ _0\"></span>ons are set o<span class=\"_ _0\"></span>ut in N<span class=\"_ _0\"></span>ote 3<span class=\"_ _0\"></span>0.<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span>A dif<span class=\"_ _0\"></span>ferent c<span class=\"_ _0\"></span>alc<span class=\"_ _0\"></span>ulati<span class=\"_ _0\"></span>on is us<span class=\"_ _0\"></span>ed for th<span class=\"_ _0\"></span>e forma<span class=\"_ _0\"></span>l trie<span class=\"_ _0\"></span>nnial fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aken by the sc<span class=\"_ _0\"></span>heme t<span class=\"_ _0\"></span>ruste<span class=\"_ _0\"></span>es to determ<span class=\"_ _0\"></span>ine the f<span class=\"_ _0\"></span>uture C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n level nec<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>o that ove<span class=\"_ _0\"></span>r time th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme as<span class=\"_ _0\"></span>sets w<span class=\"_ _0\"></span>ill meet t<span class=\"_ _0\"></span>he sch<span class=\"_ _0\"></span>eme o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al dif<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ce bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en the t<span class=\"_ _0\"></span>wo metho<span class=\"_ _0\"></span>ds is t<span class=\"_ _0\"></span>hat un<span class=\"_ _0\"></span>der th<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>ing b<span class=\"_ _0\"></span>asis th<span class=\"_ _0\"></span>e obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions a<span class=\"_ _0\"></span>re disc<span class=\"_ _0\"></span>ounted us<span class=\"_ _0\"></span>ing a ra<span class=\"_ _0\"></span>te of return refle<span class=\"_ _0\"></span>ctin<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>ion of th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s in the sche<span class=\"_ _0\"></span>me, rat<span class=\"_ _0\"></span>her th<span class=\"_ _0\"></span>an the r<span class=\"_ _0\"></span>ate of return on h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>qu<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>y c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>ate bon<span class=\"_ _0\"></span>ds as re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d by IA<span class=\"_ _0\"></span>S 19 for the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nts. D<span class=\"_ _0\"></span>etai<span class=\"_ _0\"></span>ls of the l<span class=\"_ _0\"></span>atest form<span class=\"_ _0\"></span>al trie<span class=\"_ _0\"></span>nnial f<span class=\"_ _0\"></span>undi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns are set ou<span class=\"_ _0\"></span>t in Note 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s of the sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>es do not i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de any d<span class=\"_ _0\"></span>irect h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of the Gro<span class=\"_ _0\"></span>up\u2019s financ<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, nor any p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y oc<span class=\"_ _0\"></span>cup<span class=\"_ _0\"></span>ied by, or other asset<span class=\"_ _0\"></span>s of, the Group.<span class=\"_ _399\"> </span>30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Principal schemes<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al sch<span class=\"_ _0\"></span>emes a<span class=\"_ _0\"></span>re the Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pens<span class=\"_ _0\"></span>ion Fun<span class=\"_ _0\"></span>d (B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>), whic<span class=\"_ _0\"></span>h incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s defin<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on and d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons, and th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Sha<span class=\"_ _0\"></span>red C<span class=\"_ _0\"></span>ost S<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tion of t<span class=\"_ _0\"></span>he Rai<span class=\"_ _0\"></span>lways P<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n Sc<span class=\"_ _0\"></span>heme (<span class=\"_ _0\"></span>RP<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>). The d<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons of b<span class=\"_ _0\"></span>oth sch<span class=\"_ _0\"></span>emes a<span class=\"_ _0\"></span>re fund<span class=\"_ _0\"></span>ed and cl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to new mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s with t<span class=\"_ _0\"></span>he excepti<span class=\"_ _0\"></span>on of em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es wh<span class=\"_ _0\"></span>ere emp<span class=\"_ _0\"></span>loym<span class=\"_ _0\"></span>ent has t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>ferred to th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p unde<span class=\"_ _0\"></span>r cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d arrangements. Pension benefits for de<span class=\"_ _6\"></span>fine<span class=\"_ _0\"></span>d benefit schemes ar<span class=\"_ _6\"></span>e base<span class=\"_ _0\"></span>d on employees\u2019<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>ensionable ser<span class=\"_ _0\"></span>vice and their pensionable salar<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>mes o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ate und<span class=\"_ _0\"></span>er tru<span class=\"_ _0\"></span>st law an<span class=\"_ _0\"></span>d are man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>d and a<span class=\"_ _0\"></span>dmini<span class=\"_ _0\"></span>stered by t<span class=\"_ _0\"></span>rustee<span class=\"_ _0\"></span>s on be<span class=\"_ _0\"></span>hal<span class=\"_ _0\"></span>f of the mem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rs in ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th the ter<span class=\"_ _0\"></span>ms of the tr<span class=\"_ _0\"></span>ust de<span class=\"_ _0\"></span>ed an<span class=\"_ _0\"></span>d rul<span class=\"_ _0\"></span>es and rel<span class=\"_ _0\"></span>evant le<span class=\"_ _0\"></span>gisl<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. Defin<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t contr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are deter<span class=\"_ _0\"></span>mined i<span class=\"_ _0\"></span>n con<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>ation w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he tru<span class=\"_ _0\"></span>stees, a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter tak<span class=\"_ _0\"></span>ing act<span class=\"_ _0\"></span>uari<span class=\"_ _0\"></span>al ad<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce. T<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ustees a<span class=\"_ _0\"></span>re respo<span class=\"_ _0\"></span>nsib<span class=\"_ _0\"></span>le for es<span class=\"_ _0\"></span>tab<span class=\"_ _0\"></span>lishin<span class=\"_ _0\"></span>g the inves<span class=\"_ _0\"></span>tment s<span class=\"_ _0\"></span>trateg<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ensur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>at there a<span class=\"_ _0\"></span>re suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>ent ass<span class=\"_ _0\"></span>ets to meet th<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t of curre<span class=\"_ _0\"></span>nt and fut<span class=\"_ _0\"></span>ure ben<span class=\"_ _0\"></span>efits<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>ese sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s expo<span class=\"_ _0\"></span>se the G<span class=\"_ _0\"></span>roup to inves<span class=\"_ _0\"></span>tment an<span class=\"_ _0\"></span>d ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks wh<span class=\"_ _0\"></span>ere add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ions m<span class=\"_ _0\"></span>ay be re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>d if ass<span class=\"_ _0\"></span>ets are not su<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt to pay fut<span class=\"_ _0\"></span>ure pens<span class=\"_ _0\"></span>ion b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts: <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">investme<span class=\"_ _0\"></span>nt risk<span class=\"_ _0\"></span>: equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y return<span class=\"_ _0\"></span>s are a key determin<span class=\"_ _0\"></span>ant of investm<span class=\"_ _0\"></span>ent retur<span class=\"_ _0\"></span>n but th<span class=\"_ _0\"></span>e investme<span class=\"_ _0\"></span>nt po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio is al<span class=\"_ _0\"></span>so sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to a rang<span class=\"_ _0\"></span>e of other r<span class=\"_ _0\"></span>isks </span>t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al of the inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s held<span class=\"_ _0\"></span>, for exam<span class=\"_ _0\"></span>ple, c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t risk on c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate bo<span class=\"_ _0\"></span>nd ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs; and <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls20\">actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al risk<span class=\"_ _0\"></span>: the u<span class=\"_ _0\"></span>ltim<span class=\"_ _0\"></span>ate cost of p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n ben<span class=\"_ _0\"></span>efits i<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>fected b<span class=\"_ _0\"></span>y inflat<span class=\"_ _0\"></span>ion ra<span class=\"_ _0\"></span>tes and me<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>rs\u2019 life exp<span class=\"_ _0\"></span>ect<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cy. The net pres<span class=\"_ _0\"></span>ent valu<span class=\"_ _0\"></span>e </span>of the ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns is af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>ted by the m<span class=\"_ _0\"></span>arket yie<span class=\"_ _0\"></span>ld on hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>te bond<span class=\"_ _0\"></span>s use<span class=\"_ _0\"></span>d to disc<span class=\"_ _0\"></span>ount th<span class=\"_ _0\"></span>e obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipal a<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>umpti<span class=\"_ _0\"></span>ons b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n mar<span class=\"_ _0\"></span>ket data<span class=\"_ _0\"></span>, such a<span class=\"_ _0\"></span>s inflat<span class=\"_ _0\"></span>ion an<span class=\"_ _0\"></span>d the di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unt rate, and ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e, suc<span class=\"_ _0\"></span>h as life expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>, ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>e the Gro<span class=\"_ _0\"></span>up to fluc<span class=\"_ _0\"></span>tuat<span class=\"_ _0\"></span>ions i<span class=\"_ _0\"></span>n the net I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 liabili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and th<span class=\"_ _0\"></span>e net fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>our B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y Pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ion F<span class=\"_ _0\"></span>und<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e investm<span class=\"_ _0\"></span>ent stra<span class=\"_ _0\"></span>tegy of t<span class=\"_ _0\"></span>he BB<span class=\"_ _0\"></span>PF is to h<span class=\"_ _0\"></span>old as<span class=\"_ _0\"></span>sets of a<span class=\"_ _0\"></span>ppro<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ate liqu<span class=\"_ _0\"></span>idit<span class=\"_ _1\"></span>y and mar<span class=\"_ _0\"></span>ketabi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y to gen<span class=\"_ _0\"></span>erate in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l grow<span class=\"_ _0\"></span>th. T<span class=\"_ _0\"></span>he BBP<span class=\"_ _0\"></span>F invest<span class=\"_ _0\"></span>s par<span class=\"_ _1\"></span>tly in a di<span class=\"_ _0\"></span>versi<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d rang<span class=\"_ _0\"></span>e of ass<span class=\"_ _0\"></span>ets inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng eq<span class=\"_ _0\"></span>uitie<span class=\"_ _0\"></span>s and he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>s in antic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ation t<span class=\"_ _0\"></span>hat<span class=\"_ _0\"></span>, over the l<span class=\"_ _0\"></span>ong<span class=\"_ _0\"></span>er term<span class=\"_ _0\"></span>, they w<span class=\"_ _0\"></span>ill grow in valu<span class=\"_ _0\"></span>e faster th<span class=\"_ _0\"></span>an the o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e equi<span class=\"_ _0\"></span>ties are i<span class=\"_ _0\"></span>n the form of p<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>d fund<span class=\"_ _0\"></span>s and are a c<span class=\"_ _0\"></span>omb<span class=\"_ _0\"></span>inati<span class=\"_ _0\"></span>on of UK<span class=\"_ _1\"></span>, other deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>arket and emerg<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>arket equ<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e remai<span class=\"_ _0\"></span>ning BB<span class=\"_ _0\"></span>PF a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y fixed an<span class=\"_ _0\"></span>d ind<span class=\"_ _0\"></span>ex-<span class=\"_ _0\"></span>linked b<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s, prov<span class=\"_ _0\"></span>idin<span class=\"_ _0\"></span>g protec<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst moveme<span class=\"_ _0\"></span>nts in infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n and interes<span class=\"_ _0\"></span>t rates an<span class=\"_ _0\"></span>d henc<span class=\"_ _0\"></span>e enha<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>ng the res<span class=\"_ _0\"></span>ilien<span class=\"_ _0\"></span>ce of the fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g level of th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>me. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e of the asset<span class=\"_ _0\"></span>s is me<span class=\"_ _0\"></span>asured a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst ma<span class=\"_ _0\"></span>rket indic<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s define<span class=\"_ _0\"></span>d ben<span class=\"_ _0\"></span>efit se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on is exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to a numb<span class=\"_ _0\"></span>er of lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>y re<span class=\"_ _0\"></span>lated r<span class=\"_ _0\"></span>isks, n<span class=\"_ _0\"></span>amel<span class=\"_ _0\"></span>y cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in gil<span class=\"_ _0\"></span>t yiel<span class=\"_ _0\"></span>ds, inf<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on and t<span class=\"_ _0\"></span>he lon<span class=\"_ _0\"></span>gevi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of the scheme\u2019<span class=\"_ _6\"></span>s members.<span class=\"_ _399\"> </span>W<span class=\"_ _0\"></span>ith resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to interest rate an<span class=\"_ _0\"></span>d infla<span class=\"_ _0\"></span>tion r<span class=\"_ _0\"></span>isks, th<span class=\"_ _0\"></span>e trus<span class=\"_ _0\"></span>tee see<span class=\"_ _0\"></span>ks to mitig<span class=\"_ _0\"></span>ate the m<span class=\"_ _0\"></span>ajor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>ese ris<span class=\"_ _0\"></span>ks throu<span class=\"_ _0\"></span>gh its l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s is a seg<span class=\"_ _0\"></span>rega<span class=\"_ _0\"></span>ted po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>folio of he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>ing as<span class=\"_ _0\"></span>sets w<span class=\"_ _0\"></span>hich in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>des p<span class=\"_ _0\"></span>hysic<span class=\"_ _0\"></span>al gil<span class=\"_ _0\"></span>ts, g<span class=\"_ _0\"></span>ilt rep<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se ag<span class=\"_ _0\"></span>reeme<span class=\"_ _0\"></span>nts and intere<span class=\"_ _0\"></span>st rate an<span class=\"_ _0\"></span>d inflat<span class=\"_ _0\"></span>ion swa<span class=\"_ _0\"></span>ps. Th<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>rent obje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive of the p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o is to hed<span class=\"_ _0\"></span>ge aro<span class=\"_ _0\"></span>und 9<span class=\"_ _0\"></span>0% of t<span class=\"_ _0\"></span>he imp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t that c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in i<span class=\"_ _0\"></span>nterest rates a<span class=\"_ _0\"></span>nd infl<span class=\"_ _0\"></span>ation c<span class=\"_ _0\"></span>an h<span class=\"_ _0\"></span>ave on the fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g position.<span class=\"_ _399\"> </span>Dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e gilt y<span class=\"_ _0\"></span>ield c<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>s, the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s Fiduci<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>r was cl<span class=\"_ _0\"></span>osel<span class=\"_ _0\"></span>y mon<span class=\"_ _0\"></span>itorin<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>olla<span class=\"_ _0\"></span>teral b<span class=\"_ _0\"></span>eing he<span class=\"_ _0\"></span>ld wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o. As g<span class=\"_ _0\"></span>ilt y<span class=\"_ _0\"></span>ield<span class=\"_ _0\"></span>s rose, ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n was pro<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tivel<span class=\"_ _0\"></span>y ta<span class=\"_ _0\"></span>ken to ensure that t<span class=\"_ _0\"></span>hroug<span class=\"_ _0\"></span>hout t<span class=\"_ _0\"></span>he cr<span class=\"_ _0\"></span>isis, t<span class=\"_ _0\"></span>he sch<span class=\"_ _0\"></span>eme he<span class=\"_ _0\"></span>ld suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt coll<span class=\"_ _0\"></span>ateral to su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t it<span class=\"_ _0\"></span>s liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y hedging programme<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s Investme<span class=\"_ _0\"></span>nt Co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>tee wa<span class=\"_ _0\"></span>s clo<span class=\"_ _0\"></span>sely i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>d in overse<span class=\"_ _0\"></span>eing t<span class=\"_ _0\"></span>he ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s bein<span class=\"_ _0\"></span>g taken to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e the he<span class=\"_ _0\"></span>dgi<span class=\"_ _0\"></span>ng str<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. I<span class=\"_ _0\"></span>t agree<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>s a prec<span class=\"_ _0\"></span>auti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>asure, to slig<span class=\"_ _0\"></span>htly re<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>e the t<span class=\"_ _0\"></span>arget leve<span class=\"_ _0\"></span>l of hed<span class=\"_ _0\"></span>ging i<span class=\"_ _0\"></span>n orde<span class=\"_ _0\"></span>r to improve th<span class=\"_ _0\"></span>e sche<span class=\"_ _0\"></span>me\u2019s r<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>silie<span class=\"_ _0\"></span>nce in c<span class=\"_ _0\"></span>ase of a f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r mater<span class=\"_ _0\"></span>ial incre<span class=\"_ _0\"></span>ase in y<span class=\"_ _0\"></span>ield<span class=\"_ _0\"></span>s. In res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nse to the in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>sed vo<span class=\"_ _0\"></span>latili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y in gil<span class=\"_ _0\"></span>t yiel<span class=\"_ _0\"></span>ds in A<span class=\"_ _0\"></span>utumn 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any ag<span class=\"_ _0\"></span>reed a sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>term li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y fa<span class=\"_ _0\"></span>cilit<span class=\"_ _1\"></span>y with the BB<span class=\"_ _0\"></span>PF of \u00a3<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>0m w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h expire<span class=\"_ _0\"></span>d undr<span class=\"_ _0\"></span>awn in D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ope<span class=\"_ _0\"></span>rates a S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>h Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>ship (<span class=\"_ _0\"></span>SL<span class=\"_ _0\"></span>P) s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cture w<span class=\"_ _0\"></span>hich h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>s the G<span class=\"_ _0\"></span>roup\u2019s 40% intere<span class=\"_ _0\"></span>st in the B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am Ho<span class=\"_ _0\"></span>spit<span class=\"_ _0\"></span>al P<span class=\"_ _0\"></span>FI investm<span class=\"_ _0\"></span>ent and th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s 15% share of the C<span class=\"_ _0\"></span>onne<span class=\"_ _0\"></span>ct P<span class=\"_ _0\"></span>lus (M<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>) asset<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F is a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r in the S<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P and is ent<span class=\"_ _0\"></span>itle<span class=\"_ _0\"></span>d to a share of th<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome of th<span class=\"_ _0\"></span>e SL<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>. In ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th IF<span class=\"_ _0\"></span>RS 10 Con<span class=\"_ _0\"></span>soli<span class=\"_ _0\"></span>date<span class=\"_ _0\"></span>d Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al Sta<span class=\"_ _0\"></span>tements<span class=\"_ _0\"></span>, the S<span class=\"_ _0\"></span>LP i<span class=\"_ _0\"></span>s deem<span class=\"_ _0\"></span>ed to be c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>lled b<span class=\"_ _0\"></span>y the Gro<span class=\"_ _0\"></span>up, wh<span class=\"_ _0\"></span>ich retains t<span class=\"_ _0\"></span>he ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y to sub<span class=\"_ _0\"></span>stitu<span class=\"_ _0\"></span>te the invest<span class=\"_ _0\"></span>ment in th<span class=\"_ _0\"></span>e Bir<span class=\"_ _0\"></span>mingh<span class=\"_ _0\"></span>am H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ital P<span class=\"_ _0\"></span>FI inves<span class=\"_ _0\"></span>tment a<span class=\"_ _0\"></span>nd the C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>nec<span class=\"_ _0\"></span>t Plus (<span class=\"_ _0\"></span>M2<span class=\"_ _0\"></span>5) as<span class=\"_ _0\"></span>set for othe<span class=\"_ _0\"></span>r investm<span class=\"_ _0\"></span>ents from t<span class=\"_ _0\"></span>ime to tim<span class=\"_ _0\"></span>e. Und<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>AS 19, the i<span class=\"_ _0\"></span>nvestme<span class=\"_ _0\"></span>nt held b<span class=\"_ _0\"></span>y the BB<span class=\"_ _0\"></span>PF in t<span class=\"_ _0\"></span>he SL<span class=\"_ _0\"></span>P d<span class=\"_ _0\"></span>oes n<span class=\"_ _0\"></span>ot cons<span class=\"_ _0\"></span>titu<span class=\"_ _0\"></span>te a plan a<span class=\"_ _0\"></span>sset an<span class=\"_ _0\"></span>d therefore the p<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>on sur<span class=\"_ _0\"></span>plu<span class=\"_ _0\"></span>s presente<span class=\"_ _0\"></span>d in thes<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not reflec<span class=\"_ _0\"></span>t the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s interest in the S<span class=\"_ _0\"></span>LP<span class=\"_ _17\"></span>. D<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ions f<span class=\"_ _0\"></span>rom the S<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P to the BB<span class=\"_ _0\"></span>PF w<span class=\"_ _0\"></span>ill be refl<span class=\"_ _0\"></span>ecte<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements a<span class=\"_ _0\"></span>s pen<span class=\"_ _0\"></span>sion c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>n a ca<span class=\"_ _0\"></span>sh bas<span class=\"_ _0\"></span>is. In 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the BB<span class=\"_ _0\"></span>PF re<span class=\"_ _0\"></span>ceive<span class=\"_ _0\"></span>d dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns of \u00a3<span class=\"_ _0\"></span>2m from t<span class=\"_ _0\"></span>he S<span class=\"_ _0\"></span>LP (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>2m). Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and th<span class=\"_ _0\"></span>e trus<span class=\"_ _0\"></span>tees of the B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Pensio<span class=\"_ _0\"></span>n Fund (<span class=\"_ _0\"></span>BBP<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>) have re<span class=\"_ _0\"></span>confi<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>d thei<span class=\"_ _0\"></span>r comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt to a jour<span class=\"_ _0\"></span>ney pl<span class=\"_ _0\"></span>an ap<span class=\"_ _0\"></span>proa<span class=\"_ _0\"></span>ch to man<span class=\"_ _0\"></span>agin<span class=\"_ _0\"></span>g the BB<span class=\"_ _0\"></span>PF w<span class=\"_ _0\"></span>here<span class=\"_ _0\"></span>by the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F is aimin<span class=\"_ _0\"></span>g to reach s<span class=\"_ _0\"></span>elf-<span class=\"_ _1\"></span>suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>y by 20<span class=\"_ _0\"></span>27<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d the tr<span class=\"_ _0\"></span>ustees h<span class=\"_ _0\"></span>ave agre<span class=\"_ _0\"></span>ed the p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>les of the 31 M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 for<span class=\"_ _0\"></span>mal v<span class=\"_ _0\"></span>aluat<span class=\"_ _0\"></span>ion. U<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r these p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>les, B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>ill p<span class=\"_ _0\"></span>ay defi<span class=\"_ _0\"></span>cit c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons to th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F of \u00a3<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3, \u00a3<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>m in 20<span class=\"_ _0\"></span>24 an<span class=\"_ _0\"></span>d \u00a36<span class=\"_ _0\"></span>m in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny and the t<span class=\"_ _0\"></span>rus<span class=\"_ _0\"></span>tees exp<span class=\"_ _0\"></span>ect to t<span class=\"_ _0\"></span>ake fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r steps over t<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ming m<span class=\"_ _0\"></span>onths to red<span class=\"_ _0\"></span>uce t<span class=\"_ _0\"></span>he investm<span class=\"_ _0\"></span>ent risk i<span class=\"_ _0\"></span>n the sc<span class=\"_ _0\"></span>heme a<span class=\"_ _0\"></span>nd the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny has ag<span class=\"_ _0\"></span>reed th<span class=\"_ _0\"></span>at ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l amou<span class=\"_ _0\"></span>nts wi<span class=\"_ _0\"></span>ll bec<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e paya<span class=\"_ _0\"></span>ble at \u00a3<span class=\"_ _1\"></span>2m per mo<span class=\"_ _0\"></span>nth from M<span class=\"_ _0\"></span>arch 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>25 if th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>ally d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferent from t<span class=\"_ _0\"></span>hat exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted. T<span class=\"_ _0\"></span>he nex<span class=\"_ _0\"></span>t for<span class=\"_ _0\"></span>mal tr<span class=\"_ _0\"></span>ienni<span class=\"_ _0\"></span>al fun<span class=\"_ _0\"></span>ding v<span class=\"_ _0\"></span>aluat<span class=\"_ _0\"></span>ion is d<span class=\"_ _0\"></span>ue wit<span class=\"_ _0\"></span>h ef<span class=\"_ _0\"></span>fect fro<span class=\"_ _0\"></span>m 31 Marc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>As a re<span class=\"_ _0\"></span>sult of an a<span class=\"_ _0\"></span>cce<span class=\"_ _0\"></span>lera<span class=\"_ _0\"></span>tion m<span class=\"_ _0\"></span>ech<span class=\"_ _0\"></span>anism a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d previo<span class=\"_ _0\"></span>usly b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p and t<span class=\"_ _0\"></span>he tru<span class=\"_ _0\"></span>stees, t<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up ma<span class=\"_ _0\"></span>de def<span class=\"_ _0\"></span>icit c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s to the BBP<span class=\"_ _0\"></span>F of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span>Thi<span class=\"_ _0\"></span>s agree<span class=\"_ _0\"></span>ment c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>itutes a mi<span class=\"_ _0\"></span>nimum fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g requi<span class=\"_ _0\"></span>rement (<span class=\"_ _0\"></span>MF<span class=\"_ _0\"></span>R) un<span class=\"_ _0\"></span>der I<span class=\"_ _0\"></span>FRI<span class=\"_ _0\"></span>C 14 IA<span class=\"_ _0\"></span>S 19: The L<span class=\"_ _0\"></span>imit o<span class=\"_ _0\"></span>n a Defi<span class=\"_ _0\"></span>ned B<span class=\"_ _0\"></span>enefit A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>set, M<span class=\"_ _0\"></span>inimum Fund<span class=\"_ _0\"></span>ing Re<span class=\"_ _0\"></span>quirem<span class=\"_ _0\"></span>ents an<span class=\"_ _0\"></span>d thei<span class=\"_ _0\"></span>r Interac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>ot reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed any li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>ities i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to this M<span class=\"_ _0\"></span>FR as a<span class=\"_ _0\"></span>ny surp<span class=\"_ _0\"></span>lus of def<span class=\"_ _0\"></span>icit cont<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns to the BB<span class=\"_ _0\"></span>PF wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le by way of a refun<span class=\"_ _0\"></span>d and th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has th<span class=\"_ _0\"></span>e unc<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal ri<span class=\"_ _0\"></span>ght to the su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lus and c<span class=\"_ _0\"></span>ontro<span class=\"_ _0\"></span>ls the run<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>of<span class=\"_ _0\"></span>f of the b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>ll other o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons of th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F have b<span class=\"_ _0\"></span>een set<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>30.<span class=\"_ _59\"></span>1 Introduction<span class=\"_ _6\"></span><span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Railways Pension Sc<span class=\"_ _0\"></span>heme<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S is a sh<span class=\"_ _0\"></span>ared c<span class=\"_ _0\"></span>ost sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e. Th<span class=\"_ _0\"></span>e leg<span class=\"_ _0\"></span>al resp<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ibili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of the G<span class=\"_ _0\"></span>roup in th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S is a<span class=\"_ _0\"></span>pprox<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y 6<span class=\"_ _0\"></span>0% of the s<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>me\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span> bas<span class=\"_ _0\"></span>ed on th<span class=\"_ _0\"></span>e relevant p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>ons of the t<span class=\"_ _0\"></span>rust d<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>d and ru<span class=\"_ _0\"></span>les an<span class=\"_ _0\"></span>d trus<span class=\"_ _0\"></span>tee gui<span class=\"_ _0\"></span>delin<span class=\"_ _0\"></span>es reg<span class=\"_ _0\"></span>ardin<span class=\"_ _0\"></span>g futu<span class=\"_ _0\"></span>re surp<span class=\"_ _0\"></span>lus ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>ments a<span class=\"_ _0\"></span>nd def<span class=\"_ _0\"></span>icit f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cing<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e assum<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>ost of prov<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ng futu<span class=\"_ _0\"></span>re ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>ts is sp<span class=\"_ _0\"></span>lit b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ween the G<span class=\"_ _0\"></span>roup a<span class=\"_ _0\"></span>nd the m<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>ers in t<span class=\"_ _0\"></span>he rat<span class=\"_ _0\"></span>io 6<span class=\"_ _0\"></span>0:4<span class=\"_ _1\"></span>0. Bec<span class=\"_ _0\"></span>aus<span class=\"_ _0\"></span>e of a dec<span class=\"_ _0\"></span>lining p<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ulat<span class=\"_ _0\"></span>ion of a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve memb<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, it ha<span class=\"_ _0\"></span>s bec<span class=\"_ _0\"></span>ome l<span class=\"_ _0\"></span>ess likel<span class=\"_ _0\"></span>y that t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s costs of me<span class=\"_ _0\"></span>eting any d<span class=\"_ _0\"></span>efic<span class=\"_ _0\"></span>its wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ed in line w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s str<span class=\"_ _0\"></span>ict l<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>l obl<span class=\"_ _0\"></span>iga<span class=\"_ _0\"></span>tion of 6<span class=\"_ _1\"></span>0% as memb<span class=\"_ _0\"></span>ers m<span class=\"_ _0\"></span>ight on<span class=\"_ _0\"></span>ly be a<span class=\"_ _0\"></span>ble to af<span class=\"_ _0\"></span>ford to fu<span class=\"_ _0\"></span>nd a sm<span class=\"_ _0\"></span>all pro<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme def<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>t. It ha<span class=\"_ _0\"></span>s therefore b<span class=\"_ _0\"></span>een as<span class=\"_ _0\"></span>sume<span class=\"_ _0\"></span>d that t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p will b<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>ble for 10<span class=\"_ _0\"></span>0% of any d<span class=\"_ _0\"></span>efici<span class=\"_ _0\"></span>t and th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e sheet as<span class=\"_ _0\"></span>sets a<span class=\"_ _0\"></span>nd ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s disc<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ed, therefore, are e<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>l to 1<span class=\"_ _6\"></span>0<span class=\"_ _1\"></span>0% of the tota<span class=\"_ _0\"></span>l sche<span class=\"_ _0\"></span>me as<span class=\"_ _0\"></span>sets an<span class=\"_ _0\"></span>d obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S invest<span class=\"_ _0\"></span>s in a ran<span class=\"_ _0\"></span>ge of p<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>led inves<span class=\"_ _0\"></span>tment fu<span class=\"_ _0\"></span>nds inten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to gene<span class=\"_ _0\"></span>rate a co<span class=\"_ _0\"></span>mbin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al grow<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h and in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and<span class=\"_ _0\"></span>, as deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d by the tr<span class=\"_ _0\"></span>ustee, t<span class=\"_ _0\"></span>aki<span class=\"_ _0\"></span>ng ac<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt of the ch<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>cteri<span class=\"_ _0\"></span>stic<span class=\"_ _0\"></span>s of the o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons an<span class=\"_ _0\"></span>d the tr<span class=\"_ _0\"></span>ustee\u2019s attit<span class=\"_ _0\"></span>ude to ri<span class=\"_ _0\"></span>sk. T<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ajor<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of the R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s that are intend<span class=\"_ _0\"></span>ed to gen<span class=\"_ _0\"></span>erate ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al return<span class=\"_ _0\"></span>s, over the r<span class=\"_ _0\"></span>ate at whi<span class=\"_ _0\"></span>ch the o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions are ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to grow, are invested in a si<span class=\"_ _0\"></span>ngle p<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>d grow<span class=\"_ _0\"></span>th fund<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s fund is i<span class=\"_ _0\"></span>nvested in a w<span class=\"_ _0\"></span>ide r<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e of asset c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>ses and t<span class=\"_ _0\"></span>he fun<span class=\"_ _0\"></span>d man<span class=\"_ _0\"></span>ager R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>MI ha<span class=\"_ _0\"></span>s the di<span class=\"_ _0\"></span>screti<span class=\"_ _0\"></span>on to var<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et allo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>tion to refle<span class=\"_ _0\"></span>ct its v<span class=\"_ _0\"></span>iews on t<span class=\"_ _0\"></span>he relat<span class=\"_ _0\"></span>ive at<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>venes<span class=\"_ _0\"></span>s of dif<span class=\"_ _0\"></span>ferent a<span class=\"_ _0\"></span>sset cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>es at any tim<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he remai<span class=\"_ _0\"></span>ning as<span class=\"_ _0\"></span>sets in t<span class=\"_ _0\"></span>he RP<span class=\"_ _0\"></span>S are p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ally f<span class=\"_ _0\"></span>ixed an<span class=\"_ _0\"></span>d index-<span class=\"_ _0\"></span>linked bonds.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e form<span class=\"_ _0\"></span>al trie<span class=\"_ _0\"></span>nnial f<span class=\"_ _0\"></span>undi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>019 was com<span class=\"_ _0\"></span>pleted i<span class=\"_ _0\"></span>n Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021, with the G<span class=\"_ _0\"></span>roup a<span class=\"_ _0\"></span>greein<span class=\"_ _0\"></span>g to cont<span class=\"_ _0\"></span>inue to make fixe<span class=\"_ _0\"></span>d defic<span class=\"_ _0\"></span>it co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons of \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m per a<span class=\"_ _0\"></span>nnum w<span class=\"_ _0\"></span>hich sh<span class=\"_ _0\"></span>ould re<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>e the d<span class=\"_ _0\"></span>efici<span class=\"_ _0\"></span>t to zero by 20<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is agre<span class=\"_ _0\"></span>ement c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>itutes a MF<span class=\"_ _0\"></span>R unde<span class=\"_ _0\"></span>r IFR<span class=\"_ _0\"></span>IC 14 IA<span class=\"_ _0\"></span>S 19: T<span class=\"_ _0\"></span>he Li<span class=\"_ _0\"></span>mit on a D<span class=\"_ _0\"></span>efine<span class=\"_ _0\"></span>d Ben<span class=\"_ _0\"></span>efit A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>, Mini<span class=\"_ _0\"></span>mum Fun<span class=\"_ _0\"></span>ding R<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>irement<span class=\"_ _0\"></span>s and th<span class=\"_ _0\"></span>eir Intera<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as not reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed any li<span class=\"_ _0\"></span>abili<span class=\"_ _0\"></span>ties in re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on to this M<span class=\"_ _0\"></span>FR as any su<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>lus of def<span class=\"_ _0\"></span>icit c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tions to th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e recover<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e by way of a refun<span class=\"_ _0\"></span>d and the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s the un<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>onal r<span class=\"_ _0\"></span>ight to th<span class=\"_ _0\"></span>e surp<span class=\"_ _0\"></span>lus an<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>rols th<span class=\"_ _0\"></span>e run<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>of<span class=\"_ _0\"></span>f of the b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ions o<span class=\"_ _0\"></span>nce a<span class=\"_ _0\"></span>ll other o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons of th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S have be<span class=\"_ _0\"></span>en set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d. Other sche<span class=\"_ _0\"></span>mes<span class=\"_ _399\"> </span>Ot<span class=\"_ _0\"></span>her sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se unfun<span class=\"_ _0\"></span>ded p<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>retirem<span class=\"_ _0\"></span>ent ben<span class=\"_ _0\"></span>efit o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in Europ<span class=\"_ _0\"></span>e, the m<span class=\"_ _0\"></span>ajo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>re clos<span class=\"_ _0\"></span>ed to new entr<span class=\"_ _0\"></span>ants<span class=\"_ _0\"></span>, and defer<span class=\"_ _0\"></span>red com<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on sc<span class=\"_ _0\"></span>heme<span class=\"_ _0\"></span>s in No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th A<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a, wh<span class=\"_ _0\"></span>ere an el<span class=\"_ _0\"></span>ement of em<span class=\"_ _0\"></span>plo<span class=\"_ _0\"></span>yees\u2019 co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>nsat<span class=\"_ _0\"></span>ion is d<span class=\"_ _0\"></span>eferred a<span class=\"_ _0\"></span>nd investe<span class=\"_ _0\"></span>d in investm<span class=\"_ _0\"></span>ents in mu<span class=\"_ _0\"></span>tual<span class=\"_ _0\"></span> fund<span class=\"_ _0\"></span>s (as dis<span class=\"_ _0\"></span>clo<span class=\"_ _0\"></span>sed in N<span class=\"_ _0\"></span>ote 20<span class=\"_ _0\"></span>.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>) i<span class=\"_ _0\"></span>n a trus<span class=\"_ _0\"></span>t, th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s of whic<span class=\"_ _0\"></span>h are for the u<span class=\"_ _0\"></span>ltim<span class=\"_ _0\"></span>ate benef<span class=\"_ _0\"></span>it of the e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oyees bu<span class=\"_ _0\"></span>t are avail<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to the Gro<span class=\"_ _0\"></span>up\u2019s cred<span class=\"_ _0\"></span>itors in t<span class=\"_ _0\"></span>he event of ins<span class=\"_ _0\"></span>olven<span class=\"_ _0\"></span>cy.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>ates in T<span class=\"_ _0\"></span>he Pl<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>ng &amp; Me<span class=\"_ _0\"></span>cha<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces I<span class=\"_ _0\"></span>ndus<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>y Pen<span class=\"_ _0\"></span>sion S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>eme (<span class=\"_ _0\"></span>Plum<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s Sc<span class=\"_ _0\"></span>heme), w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h is an ind<span class=\"_ _0\"></span>ustr<span class=\"_ _1\"></span>y-<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ide non<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ated mul<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>empl<span class=\"_ _0\"></span>oyer defi<span class=\"_ _0\"></span>ned b<span class=\"_ _0\"></span>enefi<span class=\"_ _0\"></span>t sche<span class=\"_ _0\"></span>me. A<span class=\"_ _0\"></span>s the P<span class=\"_ _0\"></span>lum<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s Sc<span class=\"_ _0\"></span>heme d<span class=\"_ _0\"></span>oes n<span class=\"_ _0\"></span>ot seg<span class=\"_ _0\"></span>regate a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies b<span class=\"_ _0\"></span>etwe<span class=\"_ _0\"></span>en the<span class=\"_ _0\"></span> dif<span class=\"_ _0\"></span>ferent p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>ting e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oyers, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s only ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion to th<span class=\"_ _0\"></span>e Plum<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s Sc<span class=\"_ _0\"></span>hem<span class=\"_ _0\"></span>e is to pay th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s reque<span class=\"_ _0\"></span>sted by th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>eme trus<span class=\"_ _0\"></span>tees as th<span class=\"_ _0\"></span>ey fall du<span class=\"_ _0\"></span>e. In ac<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>rdan<span class=\"_ _0\"></span>ce wi<span class=\"_ _0\"></span>th I<span class=\"_ _0\"></span>AS 19, thi<span class=\"_ _0\"></span>s obli<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ion h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en ac<span class=\"_ _0\"></span>counte<span class=\"_ _0\"></span>d for on a def<span class=\"_ _0\"></span>ined c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibu<span class=\"_ _0\"></span>tion b<span class=\"_ _0\"></span>asis a<span class=\"_ _0\"></span>nd the rel<span class=\"_ _0\"></span>evant emp<span class=\"_ _0\"></span>loyer c<span class=\"_ _0\"></span>ontri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>ons h<span class=\"_ _0\"></span>ave been c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt.<span class=\"_ _399\"> </span>Me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>hip o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Ba<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>ty P<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>on F<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _b8\"> </span><span class=\"ls40 ws26\">Rai<span class=\"_ _0\"></span>lways<span class=\"_ _6\"></span> Pension Scheme 2022<span class=\"_ _53\"> </span><span class=\"ff4e ls3 ws0\">Bal<span class=\"_ _0\"></span>fou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on Fu<span class=\"_ _0\"></span>nd 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _53\"> </span>R<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>ys Pe<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>on S<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span></span>Number<span class=\"_ _399\"> </span>of<span class=\"_ _399\"> </span>members<span class=\"_ _399\"> </span>Defined<span class=\"_ _399\"> </span>benefit<span class=\"_ _399\"> </span>obligations<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span>duration x<span class=\"_ _399\"> </span>Ye<span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Number<span class=\"_ _399\"> </span>of<span class=\"ls3 ws0\"> </span>members<span class=\"_ _399\"> </span>Defined<span class=\"_ _6\"></span><span class=\"ls3 ws0\"> </span>benefit<span class=\"ls3 ws0\"> </span>obligations<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span>duration x<span class=\"_ _399\"> </span>Ye<span class=\"_ _0\"></span>a<span class=\"_ _1\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Number<span class=\"ls3 ws0\"> </span>of<span class=\"ls3 ws0\"> </span>members<span class=\"_ _399\"> </span>Define<span class=\"_ _0\"></span>d<span class=\"ls3 ws0\"> </span>benefit<span class=\"ls3 ws0\"> </span>obligati<span class=\"_ _0\"></span>ons<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>Averag<span class=\"_ _0\"></span>e<span class=\"ls3 ws0\"> </span>duration<span class=\"ls3 ws0\"> </span>Ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _399\"> </span>Number<span class=\"ls3 ws0\"> </span>of<span class=\"ls3 ws0\"> </span>members<span class=\"_ _399\"> </span>Define<span class=\"_ _0\"></span>d<span class=\"ls3 ws0\"> </span>benefit<span class=\"ls3 ws0\"> </span>obligati<span class=\"_ _0\"></span>ons<span class=\"ls3 ws0\"> </span>\u00a3m<span class=\"_ _399\"> </span>Averag<span class=\"_ _0\"></span>e<span class=\"ls3 ws0\"> </span>duration<span class=\"ls3 ws0\"> </span>Ye<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>s<span class=\"_ _399\"> </span>Defined benefit<span class=\"_ _15\"> </span><span class=\"ff4d ls3 ws0\"> <span class=\"_ _c4\"> </span> <span class=\"_ _1da\"> </span> <span class=\"_ _70\"> </span> <span class=\"_ _12\"> </span> <span class=\"_ _75\"> </span> <span class=\"_ _1d\"> </span> <span class=\"_ _70\"> </span><span class=\"ff4e\"> <span class=\"_ _12\"> </span> <span class=\"_ _1d\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _71\"> </span> <span class=\"_ _332\"> </span> <span class=\"_ _dc\"> </span> <span class=\"_ _118\"> </span> </span></span>\u2013 act<span class=\"_ _0\"></span>ive mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s<span class=\"_ _9c\"> </span><span class=\"ff4d\">1<span class=\"_ _82\"> </span>1<span class=\"_ _a1\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _43\"> </span></span> <span class=\"_ _ce\"> </span><span class=\"lse0 ws92\">92<span class=\"_ _86\"> </span><span class=\"lsf9 ws29\">33<span class=\"_ _81\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _43\"> </span></span></span></span></span> <span class=\"_ _12\"> </span>1<span class=\"_ _af\"> </span>2<span class=\"_ _25\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _43\"> </span></span> <span class=\"_ _ba\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>3<span class=\"_ _113\"> </span><span class=\"ls141 ws129\">53<span class=\"_ _ce\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _399\"> </span></span></span></span>\u2013 <span class=\"_ _46\"> </span> d<span class=\"_ _0\"></span>eferred pensioners<span class=\"_ _40\"> </span><span class=\"ff4d lsb4 ws87\">9<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>61<span class=\"_ _c0\"> </span><span class=\"ls2e ws2c\">9<span class=\"_ _0\"></span>52<span class=\"_ _a1\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _4d\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _b7\"> </span><span class=\"lsdf wsc8\">1<span class=\"_ _6\"></span>,006<span class=\"_ _86\"> </span><span class=\"ls10 wse\">97<span class=\"_ _81\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _43\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _cb\"> </span><span class=\"ls50 ws4d\">9<span class=\"_ _1\"></span>,7<span class=\"_ _0\"></span>12<span class=\"_ _52\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _c0\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _4d\"> </span></span></span></span> <span class=\"_ _32\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>6<span class=\"_ _c8\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _1\"></span>9<span class=\"_ _c0\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span></span></span></span>\u2013 <span class=\"_ _46\"> </span> pensioners, wid<span class=\"_ _0\"></span>ow(e<span class=\"_ _0\"></span>r)s an<span class=\"_ _0\"></span>d dep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>nts<span class=\"_ _aa\"> </span><span class=\"ff4d ls7b ws13c\">16,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _bb\"> </span><span class=\"ls143 ws12c\">1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>11<span class=\"_ _118\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _43\"> </span> <span class=\"_ _b7\"> </span><span class=\"ls1e ws30\">1,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>74<span class=\"_ _a1\"> </span><span class=\"ls98 ws5a\">170<span class=\"_ _a1\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _4d\"> </span></span></span></span><span class=\"ff4e\"> <span class=\"_ _f6\"> </span><span class=\"ls9f ws194\">1<span class=\"_ _0\"></span>7,<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>2<span class=\"_ _1\"></span>5<span class=\"_ _51\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>2<span class=\"_ _81\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _4e\"> </span></span></span></span> <span class=\"_ _19e\"> </span><span class=\"ls63 wsa1\">1,<span class=\"_ _0\"></span>8<span class=\"_ _3b\"></span>41<span class=\"_ _cf\"> </span><span class=\"lsf9 ws29\">235<span class=\"_ _25\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _399\"> </span></span></span></span></span></span></span></span>Defined con<span class=\"_ _6\"></span>tribution<span class=\"_ _4e\"> </span><span class=\"ff4d lsb4 ws87\">15,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>2<span class=\"_ _f8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _109\"> </span>\u2013<span class=\"_ _43\"> </span><span class=\"ff4e\"> <span class=\"_ _30\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _af\"> </span>\u2013<span class=\"_ _43\"> </span><span class=\"ff4e\"> <span class=\"_ _23\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _4d\"> </span> <span class=\"_ _aa\"> </span>\u2013<span class=\"_ _af\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _399\"> </span></span></span></span>To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _338\"> </span><span class=\"lscc ws94\">41,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>0<span class=\"_ _b9\"> </span><span class=\"lsaf ws9a\">2,4<span class=\"_ _0\"></span>64<span class=\"_ _113\"> </span><span class=\"ls7b ws13c\">12<span class=\"_ _43\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _32\"> </span><span class=\"ls10 wse\">2<span class=\"_ _0\"></span>,97<span class=\"_ _0\"></span>2<span class=\"_ _c0\"> </span><span class=\"lsa9 ws23\">300<span class=\"_ _113\"> </span></span></span></span>12<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1a7\"> </span><span class=\"ls63 wsa1\">41,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _50\"> </span><span class=\"lsfc ws18f\">3<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>18<span class=\"_ _25\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _43\"> </span></span></span></span> <span class=\"_ _19e\"> </span><span class=\"ls3b ws12f\">3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>10<span class=\"_ _cf\"> </span><span class=\"ls87 ws7e\">437<span class=\"_ _25\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _399\"> </span></span></span></span></span></span></span></span>x  <span class=\"_ _4e\"> </span> Th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nt inc<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n dis<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>unt r<span class=\"_ _0\"></span>ate ov<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e yea<span class=\"_ _0\"></span>r, whic<span class=\"_ _0\"></span>h ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en dr<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>en by a c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ing r<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>e in c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>d yi<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ds ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>is pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, ha<span class=\"_ _0\"></span>s le<span class=\"_ _0\"></span>d to a red<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on in av<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ge d<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on of<span class=\"_ _0\"></span> the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e RP<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ump<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s for t<span class=\"_ _0\"></span>he I<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>S 19 ac<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns o<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s prin<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>Balfour Beatty<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>Discou<span class=\"_ _6\"></span>nt rat<span class=\"_ _6\"></span>e<span class=\"_ _286\"> </span><span class=\"ff4d ls2e ws2c\">4.95<span class=\"_ _41\"> </span>4.95<span class=\"_ _b0\"> </span></span><span class=\"ls1b4 ws110\">1.<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _12c\"> </span>1.<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _399\"> </span></span>Inflation rate<span class=\"_ _71\"> </span><span class=\"ls3 ws0\">\u2013 RP<span class=\"_ _0\"></span>I<span class=\"_ _339\"> </span><span class=\"ff4d lsb5 ws9f\">3.35<span class=\"_ _118\"> </span>3.35<span class=\"_ _109\"> </span></span><span class=\"lsae ws99\">3.4<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span>3.40<span class=\"_ _399\"> </span></span></span>\u2013 CP<span class=\"_ _0\"></span>I<span class=\"_ _125\"> </span><span class=\"ff4d lsbd ws97\">2<span class=\"_ _0\"></span>.75<span class=\"_ _41\"> </span><span class=\"lsf9 ws29\">2<span class=\"_ _0\"></span>.90<span class=\"_ _118\"> </span></span></span><span class=\"ls9b wse4\">2.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span>Future in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>ses in p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>le sa<span class=\"_ _0\"></span>lar<span class=\"_ _1\"></span>y<span class=\"_ _2c8\"> </span><span class=\"ff4d lsbd ws97\">2<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>5<span class=\"_ _41\"> </span><span class=\"lsf9 ws29\">2.9<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span></span></span><span class=\"ls9b wse4\">2.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _118\"> </span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.00<span class=\"_ _399\"> </span></span></span>Rate of inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e in pen<span class=\"_ _0\"></span>sions i<span class=\"_ _0\"></span>n pay<span class=\"_ _0\"></span>ment (or s<span class=\"_ _0\"></span>uch oth<span class=\"_ _0\"></span>er rate as is g<span class=\"_ _0\"></span>uar<span class=\"_ _0\"></span>anteed<span class=\"_ _0\"></span>)<span class=\"_ _33a\"> </span><span class=\"ff4d ls13e ws125\">3<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>0<span class=\"_ _12c\"> </span><span class=\"lsf9 ws29\">2.95<span class=\"_ _1d\"> </span></span></span><span class=\"lsff wse6\">3<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>0<span class=\"_ _b0\"> </span><span class=\"lsa8 ws96\">3<span class=\"_ _0\"></span>.05<span class=\"_ _399\"> </span></span></span>30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>On 2<span class=\"_ _0\"></span>3 Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F entered into a \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>.7bn lo<span class=\"_ _0\"></span>ngev<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y sw<span class=\"_ _0\"></span>ap to hed<span class=\"_ _0\"></span>ge th<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es of the m<span class=\"_ _0\"></span>ajo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of it<span class=\"_ _0\"></span>s pen<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>er po<span class=\"_ _0\"></span>pul<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n aga<span class=\"_ _0\"></span>inst un<span class=\"_ _0\"></span>expe<span class=\"_ _0\"></span>cted i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ases in l<span class=\"_ _0\"></span>ife expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he sw<span class=\"_ _0\"></span>ap wil<span class=\"_ _0\"></span>l form p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s investment p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o and prov<span class=\"_ _0\"></span>ide i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me in th<span class=\"_ _0\"></span>e event that p<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ons are p<span class=\"_ _0\"></span>aid ou<span class=\"_ _0\"></span>t for lon<span class=\"_ _0\"></span>ger th<span class=\"_ _0\"></span>an exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted. T<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F trus<span class=\"_ _0\"></span>tees ch<span class=\"_ _0\"></span>ose Zur<span class=\"_ _0\"></span>ich A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>suran<span class=\"_ _0\"></span>ce Ltd to ac<span class=\"_ _0\"></span>t as an insu<span class=\"_ _0\"></span>ranc<span class=\"_ _0\"></span>e interm<span class=\"_ _0\"></span>edi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n the BB<span class=\"_ _0\"></span>PF a<span class=\"_ _0\"></span>nd SC<span class=\"_ _0\"></span>OR S<span class=\"_ _0\"></span>E as th<span class=\"_ _0\"></span><span class=\"_ _399\">e reinsurer. The fair v</span><span class=\"_ _0\"></span>alue of t<span class=\"_ _0\"></span>he swap h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ed as p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F\u2019s fair valu<span class=\"_ _0\"></span>e of pla<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span><span class=\"_ _399\">s.  </span>At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he swap w<span class=\"_ _0\"></span>as val<span class=\"_ _0\"></span>ued at \u00a3<span class=\"_ _0\"></span>nil fair v<span class=\"_ _0\"></span>alue as i<span class=\"_ _0\"></span>t was c<span class=\"_ _0\"></span>onsid<span class=\"_ _0\"></span>ered to rem<span class=\"_ _0\"></span>ain at fai<span class=\"_ _0\"></span>r mar<span class=\"_ _0\"></span>ket value for bot<span class=\"_ _0\"></span>h par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies over th<span class=\"_ _0\"></span>e limite<span class=\"_ _0\"></span>d per<span class=\"_ _0\"></span>iod f<span class=\"_ _0\"></span>rom 23 N<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 to 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>alit<span class=\"_ _1\"></span>y assum<span class=\"_ _0\"></span>ption<span class=\"_ _0\"></span>s ado<span class=\"_ _0\"></span>pted for th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F and R<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>S for 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 are un<span class=\"_ _0\"></span>chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d from 2<span class=\"_ _0\"></span>021, with the G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>ontinu<span class=\"_ _0\"></span>ing to set futu<span class=\"_ _0\"></span>re improve<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n line wi<span class=\"_ _0\"></span>th the C<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inuou<span class=\"_ _0\"></span>s Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tali<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Invest<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>CM<span class=\"_ _0\"></span>I) 2<span class=\"_ _0\"></span>019 core projec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n mo<span class=\"_ _0\"></span>del du<span class=\"_ _0\"></span>e to the un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>y pre<span class=\"_ _0\"></span>sented w<span class=\"_ _0\"></span>ith COV<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>-19. The G<span class=\"_ _0\"></span>roup w<span class=\"_ _0\"></span>ill up<span class=\"_ _0\"></span>date th<span class=\"_ _0\"></span>ese as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ions fo<span class=\"_ _0\"></span>llowi<span class=\"_ _0\"></span>ng the c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>letio<span class=\"_ _0\"></span>n of the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F\u2019s 31 March 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 tr<span class=\"_ _0\"></span>iennia<span class=\"_ _0\"></span>l valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n.<span class=\"_ _399\"> </span>BB<span class=\"_ _0\"></span>PF li<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y at 6<span class=\"_ _0\"></span>5 y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 Aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e life ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y at 6<span class=\"_ _0\"></span>5 ye<span class=\"_ _0\"></span>ars o<span class=\"_ _0\"></span>f ag<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Male<span class=\"_ _113\"> </span><span class=\"lscf wsb7\">Female<span class=\"_ _2e\"> </span><span class=\"ff4e lsc6 wsad\">Male<span class=\"_ _b2\"> </span><span class=\"ls139 ws120\">Fema<span class=\"_ _6\"></span>le<span class=\"_ _399\"> </span></span></span></span>Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s in rece<span class=\"_ _0\"></span>ipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n<span class=\"_ _29b\"> </span><span class=\"ff4d ls9e wsb3\">21.7<span class=\"_ _b0\"> </span><span class=\"lsf wsd\">23.4<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _ae\"> </span><span class=\"ls1b4 ws110\">2<span class=\"_ _0\"></span>1.<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span><span class=\"lsae ws99\">23.3<span class=\"_ _399\"> </span></span></span>Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s not yet in rec<span class=\"_ _0\"></span>eipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n (cur<span class=\"_ _0\"></span>rent age 5<span class=\"_ _1\"></span>0)<span class=\"_ _98\"> </span><span class=\"ff4d ls91 ws85\">22.6<span class=\"_ _41\"> </span><span class=\"ls71 ws6b\">24.3<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _119\"> </span><span class=\"ls9b wse4\">2<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>5<span class=\"_ _41\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span>RP<span class=\"_ _0\"></span>S li<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 Ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge l<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>fe e<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y at 6<span class=\"_ _0\"></span>5 y<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s of a<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 Aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e life ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y at 6<span class=\"_ _0\"></span>5 ye<span class=\"_ _0\"></span>ars o<span class=\"_ _0\"></span>f ag<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Male<span class=\"_ _113\"> </span><span class=\"lscf wsb7\">Female<span class=\"_ _2e\"> </span><span class=\"ff4e lsc6 wsad\">Male<span class=\"_ _b2\"> </span><span class=\"ls139 ws120\">Fema<span class=\"_ _6\"></span>le<span class=\"_ _399\"> </span></span></span></span>Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s in rece<span class=\"_ _0\"></span>ipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n<span class=\"_ _33b\"> </span><span class=\"ff4d lsbd ws97\">20<span class=\"_ _0\"></span>.7<span class=\"_ _b0\"> </span>2<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.7<span class=\"_ _72\"> </span></span> <span class=\"_ _119\"> </span><span class=\"ls87 ws7e\">20.6<span class=\"_ _b0\"> </span><span class=\"ls9b wse4\">22.6<span class=\"_ _399\"> </span></span></span>Mem<span class=\"_ _0\"></span>ber<span class=\"_ _0\"></span>s not yet in rec<span class=\"_ _0\"></span>eipt of a p<span class=\"_ _0\"></span>ensio<span class=\"_ _0\"></span>n (cur<span class=\"_ _0\"></span>rent age 5<span class=\"_ _1\"></span>0)<span class=\"_ _1e3\"> </span><span class=\"ff4d ls9e wsb3\">21.<span class=\"_ _0\"></span>6<span class=\"_ _12c\"> </span><span class=\"lsbd ws97\">2<span class=\"_ _0\"></span>3.7<span class=\"_ _72\"> </span></span></span> <span class=\"_ _ae\"> </span><span class=\"ls1b4 ws110\">2<span class=\"_ _0\"></span>1.<span class=\"_ _1\"></span>6<span class=\"_ _b0\"> </span><span class=\"ls73 ws6d\">23.6<span class=\"_ _399\"> </span></span></span>Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F def<span class=\"_ _0\"></span>ined c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ion em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyer co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns pai<span class=\"_ _0\"></span>d and c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>ed to the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement h<span class=\"_ _0\"></span>ave bee<span class=\"_ _0\"></span>n sep<span class=\"_ _0\"></span>aratel<span class=\"_ _0\"></span>y ide<span class=\"_ _0\"></span>ntifie<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le bel<span class=\"_ _0\"></span>ow and th<span class=\"_ _0\"></span>e defin<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>ntri<span class=\"_ _0\"></span>buti<span class=\"_ _0\"></span>on sec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n asset<span class=\"_ _0\"></span>s and li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lities a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nting to \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>8m) h<span class=\"_ _0\"></span>ave been exclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d from the t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>n pag<span class=\"_ _0\"></span>es 2<span class=\"_ _0\"></span>25 to 2<span class=\"_ _0\"></span>26<span class=\"_ _0\"></span>. Defi<span class=\"_ _0\"></span>ned c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>ibut<span class=\"_ _0\"></span>ion c<span class=\"_ _0\"></span>harg<span class=\"_ _0\"></span>es for othe<span class=\"_ _0\"></span>r sche<span class=\"_ _0\"></span>mes in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns to mult<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>oyer pen<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>scheme<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>schemes<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Group <span class=\"_ _1d6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _2e\"> </span> <span class=\"_ _11c\"> </span> <span class=\"_ _2e\"> </span> <span class=\"_ _139\"> </span><span class=\"ff4e\"> <span class=\"_ _11c\"> </span> <span class=\"_ _2e\"> </span> <span class=\"_ _2e\"> </span> </span></span>Current service cost<span class=\"_ _1ea\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _12c\"> </span>(2)<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _1d\"> </span></span></span></span><span class=\"lsf8 wse1\">(2)<span class=\"_ _1d\"> </span>(2)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span></span></span>Defined contribution charge<span class=\"_ _33c\"> </span><span class=\"ff4d lsaa ws140\">(5<span class=\"_ _0\"></span>2)<span class=\"_ _f8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _b2\"> </span><span class=\"ls7a ws1ad\">(5<span class=\"_ _0\"></span>8)<span class=\"_ _b2\"> </span></span></span></span></span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>9)<span class=\"_ _f9\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _a3\"> </span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span>Inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote 7<span class=\"_ _0\"></span>)<span class=\"_ _26\"> </span><span class=\"ff4d ls9c ws91\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _12c\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _1d\"> </span><span class=\"ls7a ws1ad\">(7)<span class=\"_ _b2\"> </span><span class=\"lsc0 ws1a9\">(6<span class=\"_ _0\"></span>3)<span class=\"_ _aa\"> </span></span></span></span></span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>51)<span class=\"_ _1da\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1d\"> </span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _b2\"> </span><span class=\"lsaf ws9a\">(6<span class=\"_ _0\"></span>0)<span class=\"_ _399\"> </span></span></span></span></span>Inter<span class=\"_ _6\"></span>est income<span class=\"_ _91\"> </span><span class=\"ff4d lsf8 wse1\">75<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _95\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls154 ws13f\">82<span class=\"_ _1d\"> </span></span></span></span><span class=\"ls2e ws2c\">57<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _c\"> </span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _399\"> </span></span></span></span>Inter<span class=\"_ _6\"></span>est cost<span class=\"_ _33d\"> </span><span class=\"ff4d lsb4 ws87\">(6<span class=\"_ _0\"></span>9)<span class=\"_ _12c\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _f8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _ae\"> </span><span class=\"ls7a ws1ad\">(7<span class=\"_ _0\"></span>7)<span class=\"_ _b2\"> </span></span></span></span></span><span class=\"lsf8 wse1\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _1d\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span>(<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>Net fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e inc<span class=\"_ _0\"></span>ome<span class=\"_ _0\"></span>/(c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>) (N<span class=\"_ _0\"></span>ote 8<span class=\"_ _0\"></span>)<span class=\"_ _1b7\"> </span><span class=\"ff4d\">6<span class=\"_ _f8\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _f9\"> </span></span>\u2013<span class=\"_ _29\"> </span>5<span class=\"_ _c\"> </span></span>3<span class=\"_ _207\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _9a\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _207\"> </span></span>1<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l c<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rg<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t <span class=\"_ _f3\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _1\"></span>8)<span class=\"_ _1d\"> </span><span class=\"lsc0 ws1a9\">(3)<span class=\"_ _12c\"> </span><span class=\"ls7a ws1ad\">(7)<span class=\"_ _b2\"> </span>(5<span class=\"_ _0\"></span>8)<span class=\"_ _b2\"> </span><span class=\"ff4e ls71 ws6b\">(4<span class=\"_ _0\"></span>8)<span class=\"_ _1d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1d\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _a3\"> </span><span class=\"lsae ws99\">(59<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span></span>Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ive i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>scheme<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>schemes<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n pen<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e oblig<span class=\"_ _0\"></span>ations<span class=\"_ _17d\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _119\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _ab\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _0\"></span>316<span class=\"_ _9a\"> </span></span></span></span></span><span class=\"ls94 ws145\">17<span class=\"_ _f8\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1d\"> </span>(4)<span class=\"_ _41\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments o<span class=\"_ _0\"></span>n pen<span class=\"_ _0\"></span>sion s<span class=\"_ _0\"></span>chem<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets<span class=\"_ _1c4\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>14<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls9c ws91\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _f8\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _ba\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span></span></span><span class=\"ls141 ws129\">53<span class=\"_ _12c\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _c\"> </span></span></span>\u2013<span class=\"_ _dc\"> </span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l ac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ve i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>me (N<span class=\"_ _0\"></span>ot<span class=\"_ _0\"></span>e 3<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>.1)<span class=\"_ _13f\"> </span><span class=\"ls1b4 ws110\">(13<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span><span class=\"ls71 ws6b\">77<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _ae\"> </span><span class=\"lsaa ws140\">(5<span class=\"_ _0\"></span>2)<span class=\"_ _af\"> </span><span class=\"ff4e ls29 ws25\">70<span class=\"_ _dc\"> </span><span class=\"lsb0 ws9b\">32<span class=\"_ _77\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _ae\"> </span><span class=\"ls1b1 ws1a6\">98<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span>Cumul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ve actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al movem<span class=\"_ _0\"></span>ents rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in the st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of com<span class=\"_ _0\"></span>prehen<span class=\"_ _0\"></span>sive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e<span class=\"_ _1ca\"> </span><span class=\"ff4d ls1ad ws1a1\">(1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>1)<span class=\"_ _af\"> </span><span class=\"ls71 ws6b\">24<span class=\"_ _ae\"> </span><span class=\"lsaa ws140\">(2<span class=\"_ _0\"></span>2)<span class=\"_ _ce\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span></span></span><span class=\"ff4e\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _a3\"> </span><span class=\"ls40 ws26\">(5<span class=\"_ _0\"></span>3)<span class=\"_ _332\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _b5\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span>Th<span class=\"_ _0\"></span>e act<span class=\"_ _0\"></span>ual retur<span class=\"_ _0\"></span>n on pl<span class=\"_ _0\"></span>an as<span class=\"_ _0\"></span>sets wa<span class=\"_ _0\"></span>s a loss of \u00a3<span class=\"_ _0\"></span>1,28<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>4<span class=\"_ _1\"></span>9m g<span class=\"_ _0\"></span>ain).<span class=\"_ _399\"> </span>30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e She<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s \u2020<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>schemes \u2020<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Prese<span class=\"_ _0\"></span>nt value of o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _176\"> </span><span class=\"ff4d ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _10f\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _a1\"> </span>(3<span class=\"_ _0\"></span>9)<span class=\"_ _b8\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>03)<span class=\"_ _b8\"> </span></span></span></span><span class=\"lsae ws99\">(3,7<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>8)<span class=\"_ _10f\"> </span><span class=\"ls87 ws7e\">(4<span class=\"_ _0\"></span>37<span class=\"_ _0\"></span>)<span class=\"_ _a3\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>6)<span class=\"_ _b8\"> </span>(4,201<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></span></span></span>Fair v<span class=\"_ _0\"></span>alue of pl<span class=\"_ _0\"></span>an as<span class=\"_ _0\"></span>sets<span class=\"_ _20b\"> </span><span class=\"ff4d ls2e ws2c\">2,6<span class=\"_ _0\"></span>89<span class=\"_ _12\"> </span><span class=\"ls91 ws85\">337<span class=\"_ _95\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _c8\"> </span><span class=\"ls34 ws33\">3,026<span class=\"_ _cf\"> </span></span></span><span class=\"lsf wsd\">4,03<span class=\"_ _0\"></span>9<span class=\"_ _332\"> </span><span class=\"ls13f ws126\">393<span class=\"_ _c\"> </span></span></span>\u2013<span class=\"_ _cf\"> </span><span class=\"ls2e ws2c\">4,432<span class=\"_ _399\"> </span></span>Asset/(<span class=\"_ _6\"></span>liabilitie<span class=\"_ _0\"></span>s<span class=\"_ _6\"></span>) in the<span class=\"_ _6\"></span> balanc<span class=\"_ _0\"></span>e sheet<span class=\"_ _1ca\"> </span><span class=\"lsb0 ws9b\">225<span class=\"_ _1d\"> </span><span class=\"ls91 ws85\">37<span class=\"_ _aa\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>9)<span class=\"_ _a0\"> </span><span class=\"lsaf ws9a\">223<span class=\"_ _12\"> </span><span class=\"ff4e lsaa ws140\">3<span class=\"_ _0\"></span>21<span class=\"_ _ae\"> </span><span class=\"lsf8 wse1\">(4<span class=\"_ _0\"></span>4)<span class=\"_ _332\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>6)<span class=\"_ _113\"> </span><span class=\"ls28 ws24\">2<span class=\"_ _0\"></span>31<span class=\"_ _399\"> </span></span></span></span></span></span></span></span></span>+ <span class=\"_ _33\"> </span>Inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in m<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>al fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a324<span class=\"_ _0\"></span>m) a<span class=\"_ _0\"></span>re hel<span class=\"_ _0\"></span>d to s<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>sf<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>ote 20<span class=\"_ _0\"></span>.1<span class=\"_ _6\"></span>).<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e defin<span class=\"_ _0\"></span>ed be<span class=\"_ _0\"></span>nefit o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rise \u00a3<span class=\"_ _1\"></span>39<span class=\"_ _0\"></span>m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m) aris<span class=\"_ _0\"></span>ing from w<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>lly unfu<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d pla<span class=\"_ _0\"></span>ns and \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,76<span class=\"_ _0\"></span>4m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>4,<span class=\"_ _6\"></span>155<span class=\"_ _0\"></span>m) arisi<span class=\"_ _0\"></span>ng from pla<span class=\"_ _0\"></span>ns that a<span class=\"_ _0\"></span>re who<span class=\"_ _0\"></span>lly or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y fun<span class=\"_ _0\"></span>ded<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e of ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Pension Fu<span class=\"_ _0\"></span>nd 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>scheme<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Balfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pension Fun<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Other<span class=\"_ _399\"> </span>schemes<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _da\"> </span><span class=\"ff4d ls7b ws13c\">(3<span class=\"_ _0\"></span>,718)<span class=\"_ _10f\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _1\"></span>37)<span class=\"_ _a3\"> </span>(4<span class=\"_ _1\"></span>6)<span class=\"_ _8\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>1)<span class=\"_ _1c4\"> </span></span></span></span><span class=\"lsae ws99\">(3,828) <span class=\"_ _1c7\"> </span></span>(4<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>) <span class=\"_ _81\"> </span>(<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>) <span class=\"_ _51\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _0\"></span> </span>Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _112\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _77\"> </span><span class=\"lsc0 ws1a9\">(<span class=\"_ _0\"></span>3)<span class=\"_ _12c\"> </span>(<span class=\"_ _0\"></span>3)<span class=\"_ _f8\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>2<span class=\"_ _29\"> </span>2<span class=\"_ _399\"> </span></span></span>Current service cost <span class=\"_ _101\"> </span><span class=\"ff4d lsaa ws140\">(2)<span class=\"_ _1d\"> </span>(2)<span class=\"_ _dc\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>5)<span class=\"_ _12c\"> </span></span></span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _1d\"> </span>(2)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _1da\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _399\"> </span></span></span></span>Inter<span class=\"_ _6\"></span>est cost <span class=\"_ _97\"> </span><span class=\"ff4d lsb4 ws87\">(6<span class=\"_ _0\"></span>9)<span class=\"_ _12c\"> </span><span class=\"lsa3 ws124\">(8)<span class=\"_ _207\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _ae\"> </span><span class=\"ls7a ws1ad\">(77)<span class=\"_ _a3\"> </span></span></span></span></span><span class=\"lsf8 wse1\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _1d\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _fd\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span>(<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>Ac<span class=\"_ _0\"></span>tuar<span class=\"_ _0\"></span>ial move<span class=\"_ _0\"></span>ments f<span class=\"_ _0\"></span>rom reas<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e dif<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en RP<span class=\"_ _0\"></span>I and C<span class=\"_ _0\"></span>PI<span class=\"_ _1f\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _29\"> </span>2<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>2<span class=\"_ _77\"> </span></span><span class=\"lsb5 ws9f\">(7)<span class=\"_ _1d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _207\"> </span></span></span>\u2013<span class=\"_ _109\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span>Other financi<span class=\"_ _0\"></span>al actuarial movements<span class=\"_ _1d3\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>7<span class=\"_ _aa\"> </span><span class=\"ls7b ws13c\">129<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _cf\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>3<span class=\"_ _dc\"> </span></span></span></span></span><span class=\"lsf9 ws29\">23<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _77\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _af\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _399\"> </span></span></span></span></span>Ex<span class=\"_ _0\"></span>perienc<span class=\"_ _0\"></span>e gains<span class=\"_ _33e\"> </span><span class=\"ff4d lsaa ws140\">21<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _1da\"> </span></span>21<span class=\"_ _c\"> </span></span><span class=\"ls3 ws0\">1<span class=\"_ _c\"> </span>\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _29\"> </span>1<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l actu<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>al move<span class=\"_ _0\"></span>ments<span class=\"_ _11f\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>8<span class=\"_ _119\"> </span><span class=\"lsbd ws97\">131<span class=\"_ _29\"> </span></span></span><span class=\"ff4d\">7<span class=\"_ _ab\"> </span><span class=\"lsa4 ws86\">1,<span class=\"_ _1\"></span>316<span class=\"_ _9a\"> </span></span></span><span class=\"ls94 ws145\">17<span class=\"_ _f8\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _dc\"> </span>(4)<span class=\"_ _118\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span></span>Benefits paid<span class=\"_ _2c4\"> </span><span class=\"ff4d ls4e ws3\">147<span class=\"_ _fd\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _29\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _30\"> </span></span>16<span class=\"_ _0\"></span>7<span class=\"_ _aa\"> </span></span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _c\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _12\"> </span></span>16<span class=\"_ _1\"></span>9<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _33f\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4)<span class=\"_ _10f\"> </span><span class=\"ls8c ws8d\">(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0)<span class=\"_ _a3\"> </span>(39)<span class=\"_ _1c4\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3)<span class=\"_ _b8\"> </span><span class=\"ff4e lsae ws99\">(3,<span class=\"_ _6\"></span>71<span class=\"_ _6\"></span>8)<span class=\"_ _10f\"> </span><span class=\"ls87 ws7e\">(4<span class=\"_ _0\"></span>37)<span class=\"_ _332\"> </span><span class=\"ls71 ws6b\">(46<span class=\"_ _0\"></span>)<span class=\"_ _1c6\"> </span>(4,<span class=\"_ _0\"></span>201<span class=\"_ _17\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span>Move<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir val<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>f pla<span class=\"_ _0\"></span>n as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Pension Fu<span class=\"_ _0\"></span>nd 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pension Fun<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y<span class=\"_ _20f\"> </span><span class=\"ff4d ls35 ws34\">4,0<span class=\"_ _0\"></span>39<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">393<span class=\"_ _142\"> </span><span class=\"lsf8 wse1\">4,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>32<span class=\"_ _a1\"> </span></span></span></span><span class=\"lsf wsd\">4,0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _9a\"> </span><span class=\"ls39 ws38\">363<span class=\"_ _a1\"> </span><span class=\"ls2e ws2c\">4,40<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></span></span>Inter<span class=\"_ _6\"></span>est income <span class=\"_ _293\"> </span><span class=\"ff4d lsf8 wse1\">75<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">82<span class=\"_ _99\"> </span></span></span></span><span class=\"ls2e ws2c\">57<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">5<span class=\"_ _99\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _399\"> </span></span></span></span>Actuarial mo<span class=\"_ _6\"></span>vements<span class=\"_ _1d9\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>31<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _fd\"> </span><span class=\"ls9c ws91\">(<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4)<span class=\"_ _ab\"> </span></span>(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span></span><span class=\"ls141 ws129\">53<span class=\"_ _c\"> </span><span class=\"ls157 ws144\">34<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">87<span class=\"_ _399\"> </span></span></span></span>Contributions f<span class=\"_ _6\"></span>rom employer<span class=\"_ _340\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> </span>\u2013 regular funding<span class=\"_ _18a\"> </span><span class=\"ff4d ls3 ws0\">1<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>2<span class=\"_ _3f\"> </span><span class=\"ff4e\">2<span class=\"_ _89\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span></span>\u2013 ongoing de<span class=\"_ _6\"></span>ficit funding<span class=\"_ _169\"> </span><span class=\"ff4d lsb5 ws9f\">35<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _78\"> </span><span class=\"lscc ws94\">41<span class=\"_ _2d\"> </span></span></span></span><span class=\"ls155 ws141\">33<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _99\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _399\"> </span></span></span></span>Benefits paid<span class=\"_ _341\"> </span><span class=\"ff4d ls1b4 ws110\">(14<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span>(1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(16<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span></span><span class=\"lsfb ws13a\">(<span class=\"_ _0\"></span>14<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>)<span class=\"_ _77\"> </span><span class=\"lsa4 ws86\">(16<span class=\"_ _0\"></span>)<span class=\"_ _86\"> </span>(16<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _1e2\"> </span><span class=\"ls2e ws2c\">2,68<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls91 ws85\">3<span class=\"_ _0\"></span>37<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,0<span class=\"_ _0\"></span>26<span class=\"_ _142\"> </span><span class=\"ff4e lsf wsd\">4<span class=\"_ _0\"></span>,03<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls13f ws126\">393<span class=\"_ _a1\"> </span></span></span></span></span><span class=\"ff4e\">4,4<span class=\"_ _0\"></span>32<span class=\"_ _399\"> </span></span></span>Th<span class=\"_ _0\"></span>ere was an ex<span class=\"_ _0\"></span>trem<span class=\"_ _0\"></span>ely s<span class=\"_ _0\"></span>ignif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant inc<span class=\"_ _0\"></span>rease in c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate bo<span class=\"_ _0\"></span>nd yi<span class=\"_ _0\"></span>eld<span class=\"_ _0\"></span>s in 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 that l<span class=\"_ _0\"></span>ed to a co<span class=\"_ _0\"></span>rresp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ding i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se in th<span class=\"_ _0\"></span>e IA<span class=\"_ _0\"></span>S 19 disc<span class=\"_ _0\"></span>ount rate (an inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e from 1.9% as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21 to 4.<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5% as at 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2). T<span class=\"_ _0\"></span>he inc<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n disc<span class=\"_ _0\"></span>ount ra<span class=\"_ _0\"></span>te led to a redu<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on in th<span class=\"_ _0\"></span>e present v<span class=\"_ _0\"></span>alue of o<span class=\"_ _0\"></span>blig<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons of ap<span class=\"_ _0\"></span>proxim<span class=\"_ _0\"></span>ately 3<span class=\"_ _0\"></span>5%, whe<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d to thos<span class=\"_ _0\"></span>e impl<span class=\"_ _0\"></span>ied by th<span class=\"_ _0\"></span>e disc<span class=\"_ _0\"></span>ount r<span class=\"_ _0\"></span>ate as at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, an<span class=\"_ _0\"></span>d was the prim<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>rive<span class=\"_ _0\"></span>r of the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ac<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>aria<span class=\"_ _0\"></span>l moveme<span class=\"_ _0\"></span>nts in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>his move<span class=\"_ _0\"></span>ment wa<span class=\"_ _0\"></span>s slig<span class=\"_ _0\"></span>htly of<span class=\"_ _0\"></span>fset by c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges d<span class=\"_ _0\"></span>ue to inflat<span class=\"_ _0\"></span>ion. Th<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n mar<span class=\"_ _0\"></span>ket condi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s over the ye<span class=\"_ _0\"></span>ar have als<span class=\"_ _0\"></span>o led to a si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt redu<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n in ass<span class=\"_ _0\"></span>ets in 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>is cha<span class=\"_ _0\"></span>nge p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>aril<span class=\"_ _0\"></span>y bein<span class=\"_ _0\"></span>g dri<span class=\"_ _0\"></span>ven by the h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ging s<span class=\"_ _0\"></span>trateg<span class=\"_ _0\"></span>y in p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>e. 30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Fair v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s he<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>t 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Sc h e me  \u2020<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beat<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Railways<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme  \u2020<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Return<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>seeking<span class=\"_ _2d1\"> </span><span class=\"ff4d ls1e ws30\">74<span class=\"_ _0\"></span>8<span class=\"_ _82\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"ls1b9 ws1ae\">888<span class=\"_ _24\"> </span></span></span></span><span class=\"ls3 ws0\"> <span class=\"_ _b2\"> </span><span class=\"ls158 ws146\">1<span class=\"_ _0\"></span>,11<span class=\"_ _0\"></span>2<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>9<span class=\"_ _b2\"> </span><span class=\"lscc ws94\">1,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _399\"> </span></span></span></span></span>\u2013 Develo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d nati<span class=\"_ _0\"></span>on eq<span class=\"_ _0\"></span>uiti<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>#<span class=\"_ _399\"> </span>197<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _82\"> </span></span>197<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls37 ws36\">383<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls37 ws36\">383<span class=\"_ _399\"> </span></span></span>\u2013 Emerg<span class=\"_ _0\"></span>ing ma<span class=\"_ _0\"></span>rket equi<span class=\"_ _0\"></span>ties<span class=\"_ _342\"> </span><span class=\"ff4d lsa9 ws23\">30<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"lsa9 ws23\">30<span class=\"_ _24\"> </span></span></span> <span class=\"_ _c4\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _99\"> </span><span class=\"ls1a3 ws193\">62<span class=\"_ _399\"> </span></span>\u2013 Hed<span class=\"_ _0\"></span>ge fu<span class=\"_ _0\"></span>nds&amp;#<span class=\"_ _399\"> </span>395<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9a\"> </span></span>395<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls1a3 ws193\">3<span class=\"_ _0\"></span>92<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls1a3 ws193\">3<span class=\"_ _0\"></span>92<span class=\"_ _399\"> </span></span></span>\u2013 Retur<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>see<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g grow<span class=\"_ _0\"></span>th p<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>led fu<span class=\"_ _0\"></span>nds<span class=\"_ _343\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls4e ws3\">14<span class=\"_ _0\"></span>0<span class=\"_ _82\"> </span>14<span class=\"_ _0\"></span>0<span class=\"_ _72\"> </span></span></span> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _9a\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span>209<span class=\"_ _399\"> </span></span>\u2013 Other return-<span class=\"_ _0\"></span>seek<span class=\"_ _0\"></span>ing assets<span class=\"_ _399\"> </span>#<span class=\"_ _399\"> </span>126<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>12<span class=\"_ _0\"></span>6<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _12c\"> </span><span class=\"ls35 ws34\">275<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls35 ws34\">275<span class=\"_ _399\"> </span></span></span>Liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y-<span class=\"_ _1\"></span>matching bon<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>-t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe asset<span class=\"_ _0\"></span>s<span class=\"_ _2a7\"> </span><span class=\"ff4d lsa4 ws86\">1,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>3<span class=\"_ _82\"> </span><span class=\"ls9c ws91\">197<span class=\"_ _b2\"> </span></span>1,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _72\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _25\"> </span><span class=\"ls91 ws85\">2,2<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>4<span class=\"_ _142\"> </span></span>2,4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span>\u2013 Corporate bonds<span class=\"_ _344\"> </span><span class=\"ff4d lsb0 ws9b\">298<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>298<span class=\"_ _24\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls26a ws11b\">488<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _fd\"> </span><span class=\"ls26a ws11b\">488<span class=\"_ _399\"> </span></span></span>\u2013 Fixed intere<span class=\"_ _0\"></span>st gilt<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>^<span class=\"_ _399\"> </span>665<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>665<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"ls37 ws36\">640<span class=\"_ _3f\"> </span></span>\u2013<span class=\"_ _fd\"> </span><span class=\"ls37 ws36\">640<span class=\"_ _399\"> </span></span></span>\u2013 Ind<span class=\"_ _0\"></span>ex-<span class=\"_ _0\"></span>linked gi<span class=\"_ _0\"></span>lts<span class=\"_ _399\"> </span>^<span class=\"_ _399\"> </span>604<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _fd\"> </span></span>60<span class=\"_ _0\"></span>4<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _a1\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _3b\"> </span>3<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _30\"> </span><span class=\"ls156 ws143\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>3<span class=\"_ _399\"> </span></span></span>\u2013 Cur<span class=\"_ _0\"></span>rency h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ging<span class=\"_ _239\"> </span><span class=\"ff4d ls2e ws2c\">28<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _24\"> </span></span></span> <span class=\"_ _76\"> </span>2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _399\"> </span>\u2013 Liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y-<span class=\"_ _1\"></span>matching po<span class=\"_ _0\"></span>oled fund<span class=\"_ _0\"></span>s<span class=\"_ _345\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _9c\"> </span><span class=\"ls9c ws91\">19<span class=\"_ _0\"></span>7<span class=\"_ _82\"> </span>197<span class=\"_ _1f9\"> </span></span><span class=\"ff4e\"> <span class=\"_ _76\"> </span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>4<span class=\"_ _82\"> </span>18<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span></span>\u2013 Interest an<span class=\"_ _0\"></span>d inflat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>ate swaps<span class=\"_ _144\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _33\"> </span></span></span> <span class=\"_ _346\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _2d\"> </span><span class=\"lsaa ws140\">47<span class=\"_ _399\"> </span></span>Pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _9\"> </span><span class=\"ff4d lsa2 ws2a\">98<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _99\"> </span></span>98<span class=\"_ _1f9\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>3<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _9c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _1\"></span>3<span class=\"_ _399\"> </span></span></span>Secure i<span class=\"_ _6\"></span>ncome assets<span class=\"_ _347\"> </span><span class=\"ff4d ls7b ws13c\">18<span class=\"_ _0\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _9c\"> </span></span>18<span class=\"_ _0\"></span>6<span class=\"_ _1f9\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _1d\"> </span><span class=\"ls142 ws12b\">2<span class=\"_ _0\"></span>13<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls142 ws12b\">213<span class=\"_ _399\"> </span></span></span>Pro<span class=\"_ _0\"></span>tec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s<span class=\"_ _239\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _f0\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span></span></span>C<span class=\"_ _0\"></span>ash and ot<span class=\"_ _0\"></span>her<span class=\"_ _348\"> </span><span class=\"ff4d lsaf ws9a\">234<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _9a\"> </span><span class=\"lsaf ws9a\">234<span class=\"_ _1f9\"> </span></span></span> <span class=\"_ _12c\"> </span><span class=\"ls140 ws128\">2<span class=\"_ _0\"></span>51<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _82\"> </span><span class=\"ls140 ws128\">2<span class=\"_ _0\"></span>51<span class=\"_ _399\"> </span></span>To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _9\"> </span><span class=\"ls2e ws2c\">2,6<span class=\"_ _0\"></span>89<span class=\"_ _9c\"> </span><span class=\"ls91 ws85\">337<span class=\"_ _a0\"> </span><span class=\"ls34 ws33\">3,0<span class=\"_ _0\"></span>26<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _25\"> </span><span class=\"lsf wsd\">4,0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _9a\"> </span><span class=\"ls13f ws126\">393<span class=\"_ _a1\"> </span></span></span></span></span></span><span class=\"ff4e\">4,43<span class=\"_ _0\"></span>2<span class=\"_ _399\"> </span></span></span>\u2020 <span class=\"_ _4e\"> </span>T<span class=\"_ _0\"></span>he amounts r<span class=\"_ _6\"></span>epresent 100% of<span class=\"_ _6\"></span> the scheme\u2019s<span class=\"_ _6\"></span> assets. ^ <span class=\"_ _43\"> </span>O<span class=\"_ _0\"></span>f th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ab<span class=\"_ _0\"></span>ove, \u00a3<span class=\"_ _0\"></span>1,2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21: \u00a31,7<span class=\"_ _6\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m) a<span class=\"_ _0\"></span>re as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at ha<span class=\"_ _0\"></span>ve qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>s in ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>aini<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at a<span class=\"_ _0\"></span>re nei<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er qu<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>r tra<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve ma<span class=\"_ _0\"></span>rket ar<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>tes pr<span class=\"_ _0\"></span>ovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r of th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>r fun<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>&amp;  <span class=\"_ _3\"> </span>\u00a3<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>3m o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 va<span class=\"_ _0\"></span>lua<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r c<span class=\"_ _0\"></span>ash m<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at h<span class=\"_ _0\"></span>ave o<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>urr<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>ast q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ter of t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>ar, due to D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 val<span class=\"_ _0\"></span>uat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns no<span class=\"_ _0\"></span>t bei<span class=\"_ _0\"></span>ng av<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le a<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>ting d<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>ese v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>es to b<span class=\"_ _0\"></span>e a fa<span class=\"_ _0\"></span>ir ap<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>oxim<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts at 3<span class=\"_ _0\"></span>1 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. #  Leve<span class=\"_ _0\"></span>l 3 as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>de h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ge fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s, \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>7m of d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd \u00a3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>m of oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ek<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>. Fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f the<span class=\"_ _0\"></span>se as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ons re<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d from in<span class=\"_ _6\"></span>vestment managers. Es<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d to b<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e Gr<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>\u2019s prin<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t s<span class=\"_ _0\"></span>ch<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 20<span class=\"_ _0\"></span>23<span class=\"_ _399\"> </span>Balfour<span class=\"_ _399\"> </span>Beatt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Fund<span class=\"_ _399\"> </span>2023<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Rai<span class=\"_ _0\"></span>lway<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Pension<span class=\"_ _399\"> </span>Scheme<span class=\"_ _399\"> </span>2023<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>2023<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Regular funding<span class=\"_ _349\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _3f\"> </span>1<span class=\"_ _3f\"> </span>3<span class=\"_ _399\"> </span></span>Ongoing deficit<span class=\"_ _6\"></span> funding<span class=\"_ _399\"> </span>+<span class=\"_ _399\"> </span>23<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">6<span class=\"_ _99\"> </span><span class=\"lsb0 ws9b\">29<span class=\"_ _399\"> </span></span></span>T<span class=\"_ _6\"></span>otal contributions<span class=\"_ _34a\"> </span><span class=\"ff4d lsb5 ws9f\">25<span class=\"_ _245\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _99\"> </span><span class=\"ls40 ws26\">32<span class=\"_ _399\"> </span></span></span></span>Esti<span class=\"_ _0\"></span>mated B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F runni<span class=\"_ _0\"></span>ng co<span class=\"_ _0\"></span>sts to b<span class=\"_ _0\"></span>e fund<span class=\"_ _0\"></span>ed from d<span class=\"_ _0\"></span>efic<span class=\"_ _0\"></span>it co<span class=\"_ _0\"></span>ntrib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns*<span class=\"_ _399\"> </span>(4)<span class=\"_ _7b\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _16f\"> </span></span>(4)<span class=\"_ _399\"> </span>Estimated tota<span class=\"_ _6\"></span>l cash contributions<span class=\"_ _127\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">7<span class=\"_ _99\"> </span><span class=\"ls2e ws2c\">28<span class=\"_ _399\"> </span></span></span></span>* <span class=\"_ _4\"> </span>T<span class=\"_ _0\"></span>he r<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s of the B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F a<span class=\"_ _0\"></span>re fun<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m def<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>it c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns as p<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>BP<span class=\"_ _0\"></span>F sc<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>dul<span class=\"_ _0\"></span>e of co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span>+ <span class=\"_ _33\"> </span>Th<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d ab<span class=\"_ _0\"></span>ove f<span class=\"_ _0\"></span>or th<span class=\"_ _0\"></span>e BB<span class=\"_ _0\"></span>PF i<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3 are i<span class=\"_ _0\"></span>n lin<span class=\"_ _0\"></span>e wi<span class=\"_ _0\"></span>th th<span class=\"_ _0\"></span>e fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt ag<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ed in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>23<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e sensi<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ana<span class=\"_ _0\"></span>lysi<span class=\"_ _0\"></span>s bel<span class=\"_ _0\"></span>ow has b<span class=\"_ _0\"></span>een d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ed ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n reaso<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ly p<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>ible c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in a<span class=\"_ _0\"></span>ssum<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns oc<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>ring at t<span class=\"_ _0\"></span>he end of t<span class=\"_ _0\"></span>he repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. In ea<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>ase th<span class=\"_ _0\"></span>e relevant c<span class=\"_ _0\"></span>hang<span class=\"_ _0\"></span>e in as<span class=\"_ _0\"></span>sumpt<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>ccur<span class=\"_ _0\"></span>s in iso<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on from p<span class=\"_ _0\"></span>otentia<span class=\"_ _0\"></span>l cha<span class=\"_ _0\"></span>nges i<span class=\"_ _0\"></span>n other a<span class=\"_ _0\"></span>ssump<span class=\"_ _0\"></span>tions<span class=\"_ _0\"></span>. In pr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ice more th<span class=\"_ _0\"></span>an one v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e is likely to ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e at the s<span class=\"_ _0\"></span>ame tim<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he sens<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lated u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e proje<span class=\"_ _0\"></span>cted u<span class=\"_ _0\"></span>nit cre<span class=\"_ _0\"></span>dit m<span class=\"_ _0\"></span>ethod<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>30 Re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>it a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"ff4e ls1f ws1b\"> co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>30.<span class=\"_ _0\"></span>2 I<span class=\"_ _0\"></span>AS 19 a<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>t 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 to d<span class=\"_ _0\"></span>if<span class=\"_ _1\"></span>fe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t ac<span class=\"_ _1\"></span>tua<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ump<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Sensitivity to increase in<span class=\"_ _6\"></span> assumption<span class=\"_ _77\"> </span><span class=\"ls269 ws26e\">Sensitivity to<span class=\"_ _6\"></span> decrease in assumptio<span class=\"_ _6\"></span>n<span class=\"_ _399\"> </span></span>Assump<span class=\"_ _0\"></span>tions<span class=\"_ _399\"> </span>Percentage<span class=\"_ _399\"> </span>points/years<span class=\"_ _399\"> </span>(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span>increase in<span class=\"_ _399\"> </span>obligations %<span class=\"_ _399\"> </span>(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span>increase in<span class=\"_ _399\"> </span>obligations \u00a3m<span class=\"_ _399\"> </span>Percentage<span class=\"_ _399\"> </span>points/years<span class=\"_ _399\"> </span>Increase/<span class=\"_ _399\"> </span>(decrease)<span class=\"_ _6\"></span> in<span class=\"_ _399\"> </span>obligations %<span class=\"_ _399\"> </span>Increase/<span class=\"_ _399\"> </span>(decrease)<span class=\"_ _6\"></span> in<span class=\"_ _399\"> </span>obligations \u00a3m<span class=\"_ _399\"> </span>Discou<span class=\"_ _6\"></span>nt rat<span class=\"_ _6\"></span>e<span class=\"_ _320\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _c0\"> </span><span class=\"ls1b4 ws110\">(1.<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _119\"> </span><span class=\"ls8c ws8d\">(32<span class=\"_ _0\"></span>.6)<span class=\"_ _81\"> </span></span></span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"ls9e wsb3\">1.<span class=\"_ _1\"></span>2%<span class=\"_ _b0\"> </span><span class=\"lsf wsd\">33.<span class=\"_ _0\"></span>3<span class=\"_ _399\"> </span></span></span></span>Ma<span class=\"_ _0\"></span>rket expec<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>ion of R<span class=\"_ _0\"></span>PI infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _e1\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"ls5 ws4\">0.8%<span class=\"_ _b0\"> </span>20.8<span class=\"_ _332\"> </span></span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span>%<span class=\"_ _b4\"> </span><span class=\"ls99 ws8f\">(0.<span class=\"_ _0\"></span>9)%<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span>Salar<span class=\"_ _0\"></span>y grow<span class=\"_ _0\"></span>th<span class=\"_ _28d\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"ls2c ws9d\">0.0%<span class=\"_ _346\"> </span></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _30\"> </span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _ae\"> </span><span class=\"ls2c ws9d\">0.0%<span class=\"_ _82\"> </span></span>(<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Discou<span class=\"_ _6\"></span>nt rat<span class=\"_ _6\"></span>e<span class=\"_ _34b\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _d2\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _1\"></span>.<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _25\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>.4)<span class=\"_ _c0\"> </span></span>(1.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _c0\"> </span><span class=\"ls9a ws8b\">13.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>%<span class=\"_ _a3\"> </span><span class=\"ls2e ws2c\">367<span class=\"_ _17\"></span>.2<span class=\"_ _399\"> </span></span></span></span></span>Ma<span class=\"_ _0\"></span>rket expec<span class=\"_ _0\"></span>tat<span class=\"_ _0\"></span>ion of R<span class=\"_ _0\"></span>PI infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _34c\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _ae\"> </span><span class=\"ls96 ws89\">7.<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>%<span class=\"_ _12\"> </span><span class=\"ls9a ws8b\">213<span class=\"_ _0\"></span>.6<span class=\"_ _a3\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _25\"> </span></span></span>(<span class=\"_ _1\"></span>7.<span class=\"_ _3b\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _1\"></span>%<span class=\"_ _25\"> </span></span></span><span class=\"ff4d\">(20<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.6)<span class=\"_ _399\"> </span></span>Salar<span class=\"_ _0\"></span>y grow<span class=\"_ _0\"></span>th<span class=\"_ _2ad\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _119\"> </span><span class=\"ls2c ws9d\">0.0%<span class=\"_ _40\"> </span></span></span><span class=\"ff4d\">0.<span class=\"_ _0\"></span>8<span class=\"_ _b2\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _119\"> </span><span class=\"ls2c ws9d\">0.0<span class=\"_ _0\"></span>%<span class=\"_ _9a\"> </span><span class=\"lsb4 ws87\">(0.<span class=\"_ _0\"></span>8)<span class=\"_ _399\"> </span></span></span></span></span>Li<span class=\"_ _0\"></span>fe ex<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y<span class=\"_ _34d\"> </span><span class=\"ff4d ls3 ws0\">1 yea<span class=\"_ _0\"></span>r<span class=\"_ _aa\"> </span><span class=\"ls3c ws3a\">3.<span class=\"_ _0\"></span>9%<span class=\"_ _9c\"> </span><span class=\"lsbd ws97\">10<span class=\"_ _0\"></span>8<span class=\"_ _b1\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span> y<span class=\"_ _0\"></span>e<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>)<span class=\"_ _b4\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>.0)%<span class=\"_ _dc\"> </span><span class=\"ls143 ws12c\">(11<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></span>Se<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at 31 D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 to c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Percentage<span class=\"_ _399\"> </span>points<span class=\"_ _399\"> </span>(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span>increase<span class=\"_ _399\"> </span>in<span class=\"_ _6\"></span> assets<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>(D<span class=\"_ _6\"></span>ecrease)<span class=\"_ _6\"></span>/<span class=\"_ _399\"> </span>increase<span class=\"_ _399\"> </span>in<span class=\"_ _6\"></span> assets<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Increase in int<span class=\"_ _6\"></span>erest rates<span class=\"_ _257\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _a1\"> </span>(1<span class=\"_ _1\"></span>.1)<span class=\"_ _1\"></span>%<span class=\"_ _af\"> </span>(<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span>Inc<span class=\"_ _0\"></span>rease in m<span class=\"_ _0\"></span>arket expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of RP<span class=\"_ _0\"></span>I inflat<span class=\"_ _0\"></span>ion<span class=\"_ _263\"> </span><span class=\"ff4d ls13e ws125\">0<span class=\"_ _1\"></span>.1<span class=\"_ _0\"></span>%<span class=\"_ _86\"> </span><span class=\"lsbd ws97\">0<span class=\"_ _0\"></span>.7<span class=\"_ _0\"></span>%<span class=\"_ _12c\"> </span><span class=\"ls9e wsb3\">2<span class=\"_ _0\"></span>1.0<span class=\"_ _399\"> </span></span></span></span>Increase in int<span class=\"_ _6\"></span>erest rates<span class=\"_ _251\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _d2\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _0\"></span>.<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _0\"></span>%<span class=\"_ _113\"> </span><span class=\"ls8c ws8d\">(317<span class=\"_ _17\"></span>.<span class=\"_ _0\"></span>9)<span class=\"_ _399\"> </span></span></span></span>Inc<span class=\"_ _0\"></span>rease in m<span class=\"_ _0\"></span>arket expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of RP<span class=\"_ _0\"></span>I inflat<span class=\"_ _0\"></span>ion<span class=\"_ _34e\"> </span><span class=\"ff4d ls9e wsb3\">1.0<span class=\"_ _0\"></span>%<span class=\"_ _109\"> </span><span class=\"ls13e ws125\">7.1<span class=\"_ _0\"></span>%<span class=\"_ _30\"> </span><span class=\"lsbd ws97\">213<span class=\"_ _0\"></span>.7<span class=\"_ _399\"> </span></span></span></span>Th<span class=\"_ _0\"></span>e asset s<span class=\"_ _0\"></span>ensit<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties on<span class=\"_ _0\"></span>ly t<span class=\"_ _0\"></span>ake into acco<span class=\"_ _0\"></span>unt the im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n market co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s on bo<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pe as<span class=\"_ _0\"></span>sets. T<span class=\"_ _0\"></span>he v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e sch<span class=\"_ _0\"></span>emes\u2019 return<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>seeki<span class=\"_ _0\"></span>ng ass<span class=\"_ _0\"></span>ets is not d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tly c<span class=\"_ _0\"></span>orre<span class=\"_ _0\"></span>lated w<span class=\"_ _0\"></span>ith move<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n interest ra<span class=\"_ _0\"></span>tes or RP<span class=\"_ _0\"></span>I infl<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>. W<span class=\"_ _0\"></span>hilst th<span class=\"_ _0\"></span>e BBP<span class=\"_ _0\"></span>F ha<span class=\"_ _0\"></span>s entered into the lon<span class=\"_ _0\"></span>gevi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hed<span class=\"_ _0\"></span>ge, th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>onal s<span class=\"_ _0\"></span>etup of th<span class=\"_ _0\"></span>e swap is s<span class=\"_ _0\"></span>till on<span class=\"_ _0\"></span>goi<span class=\"_ _0\"></span>ng, t<span class=\"_ _0\"></span>herefore a sens<span class=\"_ _0\"></span>itiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of th<span class=\"_ _0\"></span>e imp<span class=\"_ _0\"></span>act of c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ges in l<span class=\"_ _0\"></span>ife expe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y on the value of t<span class=\"_ _0\"></span>he swa<span class=\"_ _0\"></span>p can<span class=\"_ _0\"></span>not be p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>is time.<span class=\"_ _399\"> </span>Y<span class=\"_ _6\"></span>ea<span class=\"_ _0\"></span>r en<span class=\"_ _0\"></span>d his<span class=\"_ _1\"></span>tor<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n for t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s re<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t de<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t sc<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>2020<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>19<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>18<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Prese<span class=\"_ _0\"></span>nt value of o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _34f\"> </span><span class=\"ff4d lsc0 ws1a9\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3)<span class=\"_ _b1\"> </span></span><span class=\"ls71 ws6b\">(4,201<span class=\"_ _6\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _ab\"> </span><span class=\"lsae ws99\">(3,9<span class=\"_ _0\"></span>59)<span class=\"_ _10f\"> </span>(3,<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>42)<span class=\"_ _399\"> </span></span></span></span>Fair v<span class=\"_ _0\"></span>alue of as<span class=\"_ _0\"></span>sets<span class=\"_ _219\"> </span><span class=\"ff4d ls34 ws33\">3,026<span class=\"_ _142\"> </span></span><span class=\"ls2e ws2c\">4,4<span class=\"_ _0\"></span>32<span class=\"_ _a1\"> </span>4,4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6<span class=\"_ _142\"> </span><span class=\"lsf wsd\">4,0<span class=\"_ _0\"></span>92<span class=\"_ _b2\"> </span><span class=\"lsa4 ws86\">3,7<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _399\"> </span></span></span></span>Surp<span class=\"_ _0\"></span>lus<span class=\"_ _2ed\"> </span><span class=\"ff4d lsaf ws9a\">223<span class=\"_ _9c\"> </span></span><span class=\"ls28 ws24\">2<span class=\"_ _0\"></span>31<span class=\"_ _99\"> </span><span class=\"ls38 ws37\">89<span class=\"_ _9a\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _1\"></span>3<span class=\"_ _99\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _399\"> </span></span></span></span></span>Ex<span class=\"_ _0\"></span>perience adjustment for obligations<span class=\"_ _24c\"> </span><span class=\"ff4d lsaa ws140\">21<span class=\"_ _89\"> </span></span><span class=\"ls3 ws0\">1<span class=\"_ _3f\"> </span>5<span class=\"_ _f9\"> </span><span class=\"ls40 ws26\">(5<span class=\"_ _0\"></span>3)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span>Ex<span class=\"_ _0\"></span>perience adjustment for asse<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _350\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _40\"> </span></span><span class=\"ls40 ws26\">87<span class=\"_ _fd\"> </span><span class=\"ls1a3 ws193\">392<span class=\"_ _9a\"> </span><span class=\"lsf9 ws29\">329<span class=\"_ _dc\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>117<span class=\"_ _3b\"></span>)<span class=\"_ _399\"> </span></span></span></span></span>T<span class=\"_ _6\"></span>ota<span class=\"_ _0\"></span>l defi<span class=\"_ _0\"></span>cit fu<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>ng<span class=\"_ _2c7\"> </span><span class=\"ff4d lscc ws94\">41<span class=\"_ _99\"> </span></span><span class=\"ls39 ws38\">39<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _99\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _99\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span></span></span></span>30.<span class=\"_ _0\"></span>3 L<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>al t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>al f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Ba<span class=\"_ _0\"></span>lfou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pension Fun<span class=\"_ _0\"></span>d \u00a3m<span class=\"_ _399\"> </span>Railways Pension Scheme \u00a3m<span class=\"_ _399\"> </span>Date of la<span class=\"_ _0\"></span>st form<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>ienni<span class=\"_ _0\"></span>al fund<span class=\"_ _0\"></span>ing va<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on<span class=\"_ _230\"> </span><span class=\"lsfc ws18f\">31/<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>019<span class=\"_ _ed\"> </span>3<span class=\"_ _0\"></span>1/<span class=\"_ _0\"></span>12<span class=\"_ _1\"></span>/<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>019<span class=\"_ _399\"> </span></span>Scheme<span class=\"_ _6\"></span> de<span class=\"_ _0\"></span>ficit<span class=\"_ _351\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span> </span>Ma<span class=\"_ _0\"></span>rket value of as<span class=\"_ _0\"></span>sets<span class=\"_ _352\"> </span><span class=\"ls156 ws143\">4<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>3<span class=\"_ _3b\"></span>6<span class=\"_ _9c\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _0\"></span>4<span class=\"_ _399\"> </span></span></span>Prese<span class=\"_ _0\"></span>nt value of o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons<span class=\"_ _2ef\"> </span><span class=\"ls2e ws2c\">(4,228)<span class=\"_ _aa\"> </span><span class=\"lsae ws99\">(380<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Deficit in defined benefit scheme<span class=\"_ _336\"> </span><span class=\"lsf8 wse1\">(92)<span class=\"_ _9a\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span>Fund<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g level<span class=\"_ _353\"> </span><span class=\"ls1b8 ws1ac\">9<span class=\"_ _1\"></span>7.<span class=\"_ _3b\"></span>8<span class=\"_ _0\"></span>%<span class=\"_ _b5\"> </span><span class=\"ls20 ws88\">9<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2%<span class=\"_ _399\"> </span></span></span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfRetirementBenefitAssetsAndLiabilities",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-595": {
   "value": "31 Share capital 2022 2021 Million \u00a3m Million \u00a3m Called-up share capital in issue 588 294 690 345 All issued ordinary shares are fully paid. Ordinary shares have a nominal value of \u00a30.50 each and carry no right to fixed income but each share carries the right to one vote at general meetings of the Company. No ordinary shares were issued during the current or prior year. In 2022 the Company commenced the second phase of its share buyback programme, which completed on 15 December 2022. The Company purchased 52.0m (2021: 50.3m) shares for a total consideration of \u00a3150m (2021: \u00a3150m) and held these shares in treasury with no voting rights. The purchase of these shares, together with associated fees and stamp duty amounting to \u00a31m (2021: \u00a31m), utilised \u00a3151m (2021: \u00a3151m) of the Company\u2019s distributable profits. On 7 June 2022 and 20 December 2022, the Company cancelled the 50.3m treasury shares and 52.0m treasury shares purchased through the 2021 and 2022 phases of its share buyback programme respectively. These cancellations resulted in decreases in called-up share capital in issue totalling \u00a351m (2021: \u00a3nil) and corresponding increases in the capital redemption reserve. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-596": {
   "value": "32 Movements in equity 32.1 Group Other reserves Called- up share capital 2022 \u00a3m Share premium account 2022 \u00a3m Capital redemption reserve 2022 \u00a3m Share of joint ventures\u2019 and associates\u2019 reserves (Note 19.6) 2022 \u00a3m Hedging reserves 2022 \u00a3m PPP financial assets 2022 \u00a3m Currency translation reserve 2022 \u00a3m Other \u00b5 2022 \u00a3m Retained profits 2022 \u00a3m Non- controlling interests 2022 \u00a3m Total 2022 \u00a3m At 1 January 2022 345 176 1 72 (5) 4 100 45 631 7 1,376 Profit/(loss) for the year \u2013 \u2013 \u2013 105 \u2013 \u2013 \u2013 \u2013 183 (1) 287 Currency translation differences \u2013 \u2013 \u2013 23 \u2013 \u2013 32 \u2013 \u2013 \u2013 55 Actuarial movements on retirement benefit assets/liabilities \u2013 \u2013 \u2013 1 \u2013 \u2013 \u2013 \u2013 (52) \u2013 (51) Fair value revaluations                      \u2013 PPP financial assets \u2013 \u2013 \u2013 (124) \u2013 (3) \u2013 \u2013 \u2013 \u2013 (127) \u2013 cash flow hedges \u2013 \u2013 \u2013 29 3 \u2013 \u2013 \u2013 \u2013 \u2013 32 \u2013  investments in mutual funds measured at fair value through OCI  \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (5) \u2013 \u2013 (5) Recycling of revaluation reserves to the income statement on disposal @ \u2013 \u2013 \u2013 (3) \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (3) Tax on items recognised in other comprehensive income \u2013 \u2013 \u2013 25 (2) \u2013 \u2013 \u2013 21 \u2013 44 Total comprehensive income/(loss) for the year \u2013 \u2013 \u2013 56 1 (3) 32 (5) 152 (1) 232 Ordinary dividends \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (58) \u2013 (58) Joint ventures\u2019 and associates\u2019 dividends \u2013 \u2013 \u2013 (148) \u2013 \u2013 \u2013 \u2013 148 \u2013 \u2013 Non-controlling interests\u2019 dividends \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) Purchase of treasury shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (151) \u2013 (151) Cancellation of ordinary shares (51) \u2013 51 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 Movements relating to share-based payments + \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 1 (16) \u2013 (15) At 31 December 2022 294 176 52 (20) (4) 1 132 41 706 5 1,383 \u00b5  Other reserves include \u00a322m of special reserve. +   Movements relating to share-based payments include \u00a32m tax credit (2021: \u00a3nil) recognised directly within retained profits. Other reserves Called- up share capital 2021 \u00a3m Share premium account 2021 \u00a3m Capital redemption reserve 2021 \u00a3m Share of joint ventures\u2019 and associates\u2019 reserves (Note 19.6) 2021 \u00a3m Hedging reserves 2021 \u00a3m PPP financial assets 2021 \u00a3m Currency translation reserve 2021 \u00a3m Other \u00b5 2021 \u00a3m Retained profits 2021 \u00a3m Non- controlling interests 2021 \u00a3m Total 2021 \u00a3m At 1 January 2021 345 176 1 65 (32) 30 98 41 612 9 1,345 Profit/(loss) for the year \u2013 \u2013 \u2013 57 \u2013 \u2013 \u2013 \u2013 83 (1) 139 Currency translation differences \u2013 \u2013 \u2013 (1) \u2013 \u2013 2 \u2013 \u2013 \u2013 1 Actuarial movements  on retirement benefit assets/liabilities \u2013 \u2013 \u2013 7 \u2013 \u2013 \u2013 \u2013 98 \u2013 105 Fair value revaluations \u2013 PPP financial assets \u2013 \u2013 \u2013 (6) \u2013 (3) \u2013 \u2013 \u2013 \u2013 (9) \u2013 cash flow hedges \u2013 \u2013 \u2013 (6) 8 \u2013 \u2013 \u2013 \u2013 \u2013 2 \u2013  investments in mutual funds measured at fair value through OCI  \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 3 \u2013 \u2013 3 Recycling of revaluation reserves to the income statement on disposal @ \u2013 \u2013 \u2013 (7) 19 (22) \u2013 \u2013 \u2013 \u2013 (10) Tax on items recognised  in other comprehensive income \u2013 \u2013 \u2013 (3) \u2013 (1) \u2013 (1) (22) \u2013 (27) Total comprehensive income/(loss) for the year \u2013 \u2013 \u2013 41 27 (26) 2 2 159 (1) 204 Ordinary dividends \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (29) \u2013 (29) Joint ventures\u2019 and associates\u2019 dividends \u2013 \u2013 \u2013 (68) \u2013 \u2013 \u2013 \u2013 68 \u2013 \u2013 Non-controlling interests\u2019 dividends \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (1) (1) Purchase of treasury shares \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 (151) \u2013 (151) Movements relating to share-based payments \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 \u2013 2 6 \u2013 8 Reserve transfers relating to joint ventures and associates \u2013 \u2013 \u2013 34 \u2013 \u2013 \u2013 \u2013 (34) \u2013 \u2013 At 31 December 2021 345 176 1 72 (5) 4 100 45 631 7 1,376 \u00b5  Other reserves include \u00a322m of special reserve. @  Recycling of revaluation reserves to the income statement on disposal has no associated tax effect. 32 Movements in equity continued 32.2 Company Other reserves Called-up share capital \u00a3m Share premium account \u00a3m Capital redemption reserve \u00a3m Special reserve \u00a3m Other \u00a3m Retained profits \u00a3m Total \u00a3m At 1 January 2021 345 176 1 22 101 771 1,416 Profit for the year \u2013 \u2013 \u2013 \u2013 \u2013 80 80 Currency translation differences \u2013 \u2013 \u2013 \u2013 \u2013 3 3 Total comprehensive profit for the year \u2013 \u2013 \u2013 \u2013 \u2013 83 83 Ordinary dividends \u2013 \u2013 \u2013 \u2013 \u2013 (29) (29) Purchase of treasury shares \u2013 \u2013 \u2013 \u2013 \u2013 (151) (151) Movements relating to share-based payments \u2013 \u2013 \u2013 \u2013 5 2 7 At 31 December 2021 345 176 1 22 106 676 1,326 Profit for the year \u2013 \u2013 \u2013 \u2013 \u2013 178 178 Currency translation differences \u2013 \u2013 \u2013 \u2013 \u2013 (3) (3) Total comprehensive profit for the year \u2013 \u2013 \u2013 \u2013 \u2013 175 175 Ordinary dividends \u2013 \u2013 \u2013 \u2013 \u2013 (58) (58) Purchase of treasury shares \u2013 \u2013 \u2013 \u2013 \u2013 (151) (151) Cancellation of ordinary shares (51) \u2013 51 \u2013 \u2013 \u2013 \u2013 Movements relating to share-based payments + \u2013 \u2013 \u2013 \u2013 8 (24) (16) At 31 December 2022 294 176 52 22 114 618 1,276 + Movements relating to share-based payments include \u00a31m tax credit (2021: \u00a3nil) recognised directly within retained profits. As permitted under Section 408 of the Companies Act 2006, the Company has elected not to present its statement of comprehensive income (including the profit and loss account) for the year. Balfour Beatty plc reported a profit for the financial year ended 31 December 2022 of \u00a3178m (2021: \u00a380m profit). During the year, \u00a3151m of the Company\u2019s distributable profits were utilised for the purchase of shares into treasury (2021: \u00a3151m) and 102.3m treasury shares were cancelled. See Note 31. The retained profits of Balfour Beatty plc are wholly distributable. By special resolution on 13 May 2004, confirmed by the court on 16 June 2004, the share premium account was reduced by \u00a3181m and the \u00a34m capital redemption reserve was cancelled, effective on 25 June 2004, and a special reserve of \u00a3185m was created. This reserve becomes distributable to the extent of future increases in share capital and share premium account, of which \u00a3nil occurred in 2022 (2021: \u00a3nil). 32.3 Balfour Beatty Employee Share Ownership Trust The retained profits in the Group and the retained profits of the Company are stated net of investments in Balfour Beatty plc ordinary shares acquired by the Group\u2019s employee discretionary trust, the Balfour Beatty Employee Share Ownership Trust, to satisfy awards under the Performance Share Plan, the Deferred Bonus Plan and the Restricted Share Plan. In 2022, 9.8m (2021: nil) shares were purchased at a cost of \u00a325m (2021: \u00a3nil). The market value of the 7.5m (2021: 1.2m) shares held by the trust at 31 December 2022 was \u00a325.3m (2021: \u00a33.1m). The carrying value of these shares is \u00a319.8m (2021: \u00a33.0m). Following confirmation of the performance criteria at the end of the performance period in the case of the Performance Share Plan, and at the end of the vesting period in the case of the Deferred Bonus Plan and the Restricted Share Plan, the appropriate number of shares will be unconditionally transferred to participants. In 2022, 1.7m shares were transferred to participants in relation to the April 2019 awards under the Performance Share Plan (2021: 0.9m shares were transferred to participants in relation to the March 2018 awards under the Performance Share Plan), 0.6m shares were transferred to participants in relation to awards under the Deferred Bonus Plan (2021: 0.8m shares) and 1.2m shares were transferred to participants in relation to awards under the Restricted Share Plan (2021: 1.0m). The trustees have waived the rights to dividends on shares held by the trust. Participants in the schemes receive an award of shares to represent the dividends which would have been payable on the shares since the date of grant. Other reserves in the Group and Company include \u00a38.8m (2021: \u00a38.2m) relating to unvested Performance Share Plan awards, \u00a33.8m (2021: \u00a33.8m) relating to unvested Restricted Share Plan awards and \u00a32.7m (2021: \u00a32.5m) relating to unvested Deferred Bonus Plan awards.  ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-597": {
   "value": "<div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:853.8027px;\">33 N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t of c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h f<span class=\"_ _0\"></span>lows<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:837.5527px;\">33.<span class=\"_ _59\"></span>1 Cash from<span class=\"_ _6\"></span>/(<span class=\"_ _17\"></span>use<span class=\"_ _0\"></span>d in<span class=\"_ _6\"></span>) operatio<span class=\"_ _6\"></span>ns<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:392.59708px; bottom:784.2527px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:432.98782px; bottom:813.5027px;\">Underlying</div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:453.69644px; bottom:803.7527px;\"> it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ms </div><div class=\"t m0 h5b ff4d fs30 fc2 sc0 ls3 ws0\" style=\"left:476.5534px; bottom:806.3501px;\">1<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75574px; bottom:794.0027px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:784.2527px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:521.01733px; bottom:823.2527px;\">Non-<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:497.0777px; bottom:813.5027px;\">underlying<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls15b ws149\" style=\"left:518.1854px; bottom:803.7527px;\">items<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:521.01733px; bottom:794.0027px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:784.2527px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:794.0027px;\">2022<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:784.2527px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:794.0027px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:784.2527px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:768.9231px;\">Profi<span class=\"_ _0\"></span>t from op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tions<span class=\"_ _35b\"> </span> <span class=\"_ _40\"> </span><span class=\"ff4d ls87 ws7e\">279<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">275<span class=\"_ _99\"> </span></span></span></span><span class=\"ls35 ws34\">97<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:754.8935px;\">Sha<span class=\"_ _0\"></span>re of results of j<span class=\"_ _0\"></span>oint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iates<span class=\"_ _c7\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _b0\"> </span><span class=\"ff4d ls1b4 ws110\">(1<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _9a\"> </span></span></span><span class=\"ls2e ws2c\">(57)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:740.8639px;\">Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant and e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pment<span class=\"_ _212\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _99\"> </span><span class=\"ff4d ls87 ws7e\">27<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _2d\"> </span><span class=\"ls87 ws7e\">27<span class=\"_ _99\"> </span></span></span><span class=\"ls2c ws9d\">24<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:726.8343px;\">Dep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of rig<span class=\"_ _0\"></span>ht-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>use a<span class=\"_ _0\"></span>ssets<span class=\"_ _22f\"> </span><span class=\"ls94 ws145\">17<span class=\"_ _2d\"> </span><span class=\"ff4d ls154 ws13f\">54<span class=\"_ _89\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _99\"> </span><span class=\"ls154 ws13f\">54<span class=\"_ _95\"> </span></span></span><span class=\"ls2d ws2b\">54<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:712.8047px;\">Depreciation of inv<span class=\"_ _6\"></span>estment proper<span class=\"_ _0\"></span>ties<span class=\"_ _17c\"> </span><span class=\"lsfc ws18f\">18<span class=\"_ _89\"> </span><span class=\"ff4d ls3 ws0\">2<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>2<span class=\"_ _89\"> </span><span class=\"ff4e\">1<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:698.7751px;\">Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of othe<span class=\"_ _0\"></span>r intan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le as<span class=\"_ _0\"></span>sets<span class=\"_ _2ba\"> </span><span class=\"lsfb ws13a\">15<span class=\"_ _89\"> </span></span><span class=\"ff4d\">7<span class=\"_ _3f\"> </span>6<span class=\"_ _2d\"> </span><span class=\"ls9a ws8b\">13<span class=\"_ _78\"> </span></span></span><span class=\"lsfc ws18f\">18<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:684.7456px;\">Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on of co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>t ful<span class=\"_ _0\"></span>filme<span class=\"_ _0\"></span>nt asset<span class=\"_ _0\"></span>s<span class=\"_ _80\"> </span><span class=\"ff4d lsb4 ws87\">15<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _2d\"> </span><span class=\"lsb4 ws87\">15<span class=\"_ _78\"> </span></span></span><span class=\"ls50 ws4d\">12<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:670.716px;\">Pensi<span class=\"_ _0\"></span>on defi<span class=\"_ _0\"></span>cit p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents, i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g regul<span class=\"_ _0\"></span>ar fund<span class=\"_ _0\"></span>ing<span class=\"_ _35c\"> </span><span class=\"ls87 ws7e\">30.<span class=\"_ _0\"></span>2<span class=\"_ _f9\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _7b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>3)<span class=\"_ _fd\"> </span></span></span><span class=\"ls3c ws3a\">(<span class=\"_ _0\"></span>42)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:656.68646px;\">Movem<span class=\"_ _0\"></span>ents rel<span class=\"_ _0\"></span>ating to e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y-<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>base<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _b3\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4d\">9<span class=\"_ _89\"> </span>\u2013<span class=\"_ _3f\"> </span>9<span class=\"_ _89\"> </span></span>7<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:642.65686px;\">Gai<span class=\"_ _0\"></span>n on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of interes<span class=\"_ _0\"></span>ts in invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s<span class=\"_ _3a\"> </span><span class=\"ls2e ws2c\">3<span class=\"_ _0\"></span>4.3<span class=\"_ _89\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _f9\"> </span></span><span class=\"ls73 ws6d\">(<span class=\"_ _0\"></span>26)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:628.62726px;\">Profi<span class=\"_ _0\"></span>t on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>ty, plant an<span class=\"_ _0\"></span>d equ<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>ent<span class=\"_ _101\"> </span> <span class=\"_ _245\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _99\"> </span></span></span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:614.59766px;\">Other non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ash items<span class=\"_ _121\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _245\"> </span><span class=\"ff4d ls9a ws8b\">(4)<span class=\"_ _1b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _58\"> </span><span class=\"ls9a ws8b\">(4)<span class=\"_ _16f\"> </span></span></span>1<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:600.56805px;\">Op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows before m<span class=\"_ _0\"></span>ovement<span class=\"_ _0\"></span>s in work<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l<span class=\"_ _179\"> </span> <span class=\"_ _40\"> </span><span class=\"ff4d ls91 ws85\">237<span class=\"_ _3f\"> </span></span><span class=\"ff4d\">2<span class=\"_ _9c\"> </span><span class=\"lsaf ws9a\">239<span class=\"_ _95\"> </span></span></span><span class=\"ls39 ws38\">85<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:586.53845px;\">(In<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e)/de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ting wo<span class=\"_ _0\"></span>rkin<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _1e3\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _95\"> </span><span class=\"ls9c ws91\">(5<span class=\"_ _0\"></span>4)<span class=\"_ _118\"> </span></span></span><span class=\"ls73 ws6d\">26<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:0.0066986084px; bottom:572.50885px;\">Inventor<span class=\"_ _0\"></span>ies<span class=\"_ _297\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _15\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _c4\"> </span></span></span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:558.47925px;\">Contract assets<span class=\"_ _318\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _99\"> </span><span class=\"ls7a ws1ad\">(78)<span class=\"_ _40\"> </span></span></span><span class=\"ls131 ws12a\">74<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:544.44965px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s<span class=\"_ _100\"> </span> <span class=\"_ _f4\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _7b\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _207\"> </span></span></span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:530.42004px;\">Contract liabilit<span class=\"_ _6\"></span>ies<span class=\"_ _223\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _99\"> </span><span class=\"ls8c ws8d\">(59)<span class=\"_ _b0\"> </span></span></span><span class=\"lsfb ws13a\">14<span class=\"_ _0\"></span>7<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:516.39044px;\">T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>es<span class=\"_ _35d\"> </span> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _f4\"> </span> <span class=\"_ _7b\"> </span><span class=\"ls2c ws9d\">57<span class=\"_ _95\"> </span></span></span><span class=\"ls2d ws2b\">43<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.0066986084px; bottom:502.36096px;\">Provisions<span class=\"_ _2ed\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _3f\"> </span><span class=\"lsaa ws140\">(2)<span class=\"_ _f9\"> </span></span></span><span class=\"ls2e ws2c\">28<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:488.33136px;\">Cash from<span class=\"_ _6\"></span> operations<span class=\"_ _219\"> </span><span class=\"ff4e ls3 ws0\"> <span class=\"_ _1f2\"> </span><span class=\"ff4d\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _c4\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>5<span class=\"_ _9a\"> </span></span></span><span class=\"ls145 ws12e\">354<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:0.0066986084px; bottom:464.9312px;\">1 <span class=\"_ _4\"> </span>B<span class=\"_ _0\"></span>efor<span class=\"_ _0\"></span>e non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tem<span class=\"_ _0\"></span>s (N<span class=\"_ _0\"></span>ote<span class=\"_ _0\"></span>s 2.10 and 10).<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:442.1812px;\">33.2 Cash<span class=\"_ _6\"></span> and cash equiv<span class=\"_ _6\"></span>alent<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:453.69644px; bottom:427.88123px;\">Group<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:459.75574px; bottom:418.13123px;\">2022<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:408.38123px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls8e wse2\" style=\"left:518.1854px; bottom:427.88123px;\">Group<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:521.01733px; bottom:418.13123px;\">20<span class=\"_ _0\"></span>21<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:408.38123px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:565.7443px; bottom:427.88123px;\">Company<span class=\"_ _6\"></span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls139 ws120\" style=\"left:584.14703px; bottom:418.13123px;\">2022<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:408.38123px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13d ws123\" style=\"left:630.67737px; bottom:427.88123px;\">Company<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:418.13123px;\">20<span class=\"_ _0\"></span>21<span class=\"ls3 ws0\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:408.38123px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:393.05164px;\">C<span class=\"_ _0\"></span>ash and d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s<span class=\"_ _128\"> </span><span class=\"ff4d ls2e ws2c\">828<span class=\"_ _9c\"> </span></span><span class=\"ls34 ws33\">76<span class=\"_ _0\"></span>6<span class=\"_ _99\"> </span><span class=\"ff4d ls36 ws35\">95<span class=\"_ _c\"> </span></span><span class=\"ls2d ws2b\">96<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 lsb1 ws9c\" style=\"left:0.0066986084px; bottom:379.02203px;\">Te<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>m<span class=\"_ _1\"></span> d<span class=\"_ _1\"></span>e<span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>s<span class=\"_ _2a6\"> </span><span class=\"ff4d ls40 ws26\">332<span class=\"_ _9a\"> </span></span><span class=\"ls3c ws3a\">25<span class=\"_ _0\"></span>0<span class=\"_ _9a\"> </span><span class=\"ff4d ls40 ws26\">329<span class=\"_ _9c\"> </span></span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:364.99255px;\">Cash bal<span class=\"_ _0\"></span>ances within infrastructure concessions<span class=\"_ _1df\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _78\"> </span></span><span class=\"ls94 ws145\">17<span class=\"_ _139\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _139\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:350.96295px;\">Bank ove<span class=\"_ _0\"></span>rdraf<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s <span class=\"_ _29c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span></span><span class=\"lsf8 wse1\">(34)<span class=\"_ _9a\"> </span><span class=\"ff4d ls9a ws8b\">(4<span class=\"_ _0\"></span>5)<span class=\"_ _82\"> </span></span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)</span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:336.93335px;\"> <span class=\"_ _2cb\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>9<span class=\"_ _9c\"> </span></span><span class=\"ls38 ws37\">999<span class=\"_ _9c\"> </span><span class=\"ff4d ls91 ws85\">379<span class=\"_ _9a\"> </span></span><span class=\"ls2e ws2c\">328<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:311.58337px;\">C<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh in han<span class=\"_ _0\"></span>d, d<span class=\"_ _0\"></span>epo<span class=\"_ _0\"></span>sits h<span class=\"_ _0\"></span>eld at c<span class=\"_ _0\"></span>all w<span class=\"_ _0\"></span>ith b<span class=\"_ _0\"></span>anks an<span class=\"_ _0\"></span>d other s<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>t-<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>m highl<span class=\"_ _0\"></span>y liq<span class=\"_ _0\"></span>uid invest<span class=\"_ _0\"></span>ments w<span class=\"_ _0\"></span>ith o<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>inal </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:298.58337px;\">matur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s of less t<span class=\"_ _0\"></span>han th<span class=\"_ _0\"></span>ree mont<span class=\"_ _0\"></span>hs.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:275.83337px;\">33<span class=\"_ _0\"></span>.3 A<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ys<span class=\"_ _0\"></span>is o<span class=\"_ _0\"></span>f m<span class=\"_ _0\"></span>ovem<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>n bo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>row<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:430.9649px; bottom:261.53336px;\">Infrastructure<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:434.30432px; bottom:251.78336px;\">concessions<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:430.9649px; bottom:242.03336px;\">non-<span class=\"_ _0\"></span>recourse<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:427.09857px; bottom:232.28336px;\">project finance<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:468.0067px; bottom:222.53336px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:505.49908px; bottom:242.03336px;\">US privat<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:503.98694px; bottom:232.28336px;\">placement<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:530.6225px; bottom:222.53336px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:586.54004px; bottom:242.03336px;\">Ba<span class=\"_ _0\"></span>nk </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:568.6082px; bottom:232.28336px;\">overdr<span class=\"_ _6\"></span>af<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:592.9155px; bottom:222.53336px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:650.7395px; bottom:232.28336px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:655.6228px; bottom:222.53336px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:207.20377px;\">At 1 Janu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _128\"> </span><span class=\"lsae ws99\">(339)<span class=\"_ _119\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _76\"> </span></span></span>\u2013<span class=\"_ _118\"> </span><span class=\"lse0 ws92\">(528)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:193.17416px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _220\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:179.14456px;\">Pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds of lo<span class=\"_ _0\"></span>ans<span class=\"_ _2eb\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _9c\"> </span><span class=\"ls3c ws3a\">(42)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:165.11496px;\">Rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents of lo<span class=\"_ _0\"></span>ans<span class=\"_ _10a\"> </span>6<span class=\"_ _89\"> </span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _3f\"> </span>6<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:151.08536px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of Wo<span class=\"_ _0\"></span>odl<span class=\"_ _0\"></span>and V<span class=\"_ _0\"></span>iew H<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al (N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.2 a<span class=\"_ _0\"></span>nd 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3.7<span class=\"_ _0\"></span>)<span class=\"_ _1cc\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _139\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _2d\"> </span><span class=\"ls63 wsa1\">41<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:137.05576px;\">Disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th We<span class=\"_ _0\"></span>st Fire &amp; Re<span class=\"_ _0\"></span>scue (<span class=\"_ _0\"></span>N<span class=\"_ _0\"></span>otes 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 and 3<span class=\"_ _1\"></span>4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.7)<span class=\"_ _31e\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _89\"> </span></span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:123.02615px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>021<span class=\"_ _2b9\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _9c\"> </span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _aa\"> </span><span class=\"ls71 ws6b\">(48<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:108.99657px;\">Currency translation dif<span class=\"_ _0\"></span>ferences<span class=\"_ _220\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>3)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _f9\"> </span><span class=\"lsc0 ws1a9\">(2<span class=\"_ _0\"></span>3)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:94.966965px;\">Pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds of lo<span class=\"_ _0\"></span>ans<span class=\"_ _2eb\"> </span><span class=\"ff4d lsa3 ws124\">(8<span class=\"_ _0\"></span>)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(13<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>)<span class=\"_ _1b\"> </span></span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:80.93736px;\">Rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ents of lo<span class=\"_ _0\"></span>ans<span class=\"_ _10a\"> </span><span class=\"ff4d\">7<span class=\"_ _89\"> </span>\u2013<span class=\"_ _99\"> </span><span class=\"lsa2 ws2a\">34<span class=\"_ _78\"> </span><span class=\"lscc ws94\">41<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:66.9079px;\">At 31 De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _35e\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _7b\"> </span></span></span>\u2013<span class=\"_ _118\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:41.55789px;\">In Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the G<span class=\"_ _0\"></span>roup ra<span class=\"_ _0\"></span>ised U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$158<span class=\"_ _0\"></span>m (\u00a3<span class=\"_ _0\"></span>130<span class=\"_ _0\"></span>m) of de<span class=\"_ _0\"></span>bt in the fo<span class=\"_ _0\"></span>rm of new U<span class=\"_ _0\"></span>S pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>ment (U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>) notes on ter<span class=\"_ _0\"></span>ms and c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:28.557892px;\">mater<span class=\"_ _0\"></span>iall<span class=\"_ _0\"></span>y the s<span class=\"_ _0\"></span>ame as th<span class=\"_ _0\"></span>e existi<span class=\"_ _0\"></span>ng US<span class=\"_ _0\"></span>PP n<span class=\"_ _0\"></span>otes. T<span class=\"_ _0\"></span>he new d<span class=\"_ _0\"></span>ebt c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>rises U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>m of notes ma<span class=\"_ _0\"></span>turin<span class=\"_ _0\"></span>g in Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>27 at a f<span class=\"_ _0\"></span>ixed c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>on of 6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>31<span class=\"_ _17\"></span>%, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.557892px;\">US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m of n<span class=\"_ _0\"></span>otes matu<span class=\"_ _0\"></span>ring in J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>29 at a f<span class=\"_ _0\"></span>ixed c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>on of 6<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9% and U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>3m of notes m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ing in J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>32 at a f<span class=\"_ _0\"></span>ixed c<span class=\"_ _0\"></span>oup<span class=\"_ _0\"></span>on of 6.<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _6\"></span>%. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:2.5578918px;\">Fol<span class=\"_ _0\"></span>lowin<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar end<span class=\"_ _0\"></span>, the new fu<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g was u<span class=\"_ _0\"></span>sed towar<span class=\"_ _0\"></span>ds the re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment of th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>20<span class=\"_ _1\"></span>9m of U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes w<span class=\"_ _0\"></span>hich m<span class=\"_ _0\"></span>atured i<span class=\"_ _0\"></span>n Marc<span class=\"_ _0\"></span>h 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span> </div>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-598": {
   "value": "34 A<span class=\"_ _6\"></span>cquisitions<span class=\"_ _6\"></span> and disposals<span class=\"_ _399\"> </span>34.<span class=\"_ _59\"></span>1 Current and<span class=\"_ _6\"></span> prior y<span class=\"_ _6\"></span>ear acquisitions<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>ere were no ma<span class=\"_ _0\"></span>teria<span class=\"_ _0\"></span>l acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ions in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22.<span class=\"_ _399\"> </span>Deferre<span class=\"_ _0\"></span>d con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on pa<span class=\"_ _0\"></span>id dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of ac<span class=\"_ _0\"></span>quis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns co<span class=\"_ _0\"></span>mplete<span class=\"_ _0\"></span>d in ear<span class=\"_ _0\"></span>lier ye<span class=\"_ _0\"></span>ars wa<span class=\"_ _0\"></span>s \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m). This rel<span class=\"_ _0\"></span>ated to the G<span class=\"_ _0\"></span>roup\u2019s acq<span class=\"_ _0\"></span>uisit<span class=\"_ _0\"></span>ion of C<span class=\"_ _0\"></span>entex Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion in 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>07<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>34.2 Current<span class=\"_ _6\"></span> year disposals<span class=\"_ _399\"> </span>Dur<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e year, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of s<span class=\"_ _0\"></span>everal Inf<span class=\"_ _0\"></span>rast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s asset<span class=\"_ _0\"></span>s as det<span class=\"_ _0\"></span>aile<span class=\"_ _0\"></span>d bel<span class=\"_ _0\"></span>ow. Th<span class=\"_ _0\"></span>e gain re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d from t<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of as<span class=\"_ _0\"></span>sets th<span class=\"_ _0\"></span>at were hel<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>hin joi<span class=\"_ _0\"></span>nt venture entit<span class=\"_ _0\"></span>ies of the G<span class=\"_ _0\"></span>roup i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e Group\u2019s share of result<span class=\"_ _0\"></span>s of joint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _199\"> </span><span class=\"ls15b ws149\">Disposal<span class=\"_ _6\"></span> date<span class=\"_ _77\"> </span><span class=\"lsc6 wsad\">Entity/asset<span class=\"_ _35f\"> </span><span class=\"ls3 ws0\">Str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e of sa<span class=\"_ _0\"></span>le </span></span></span>Percent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e disposed<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>Cash<span class=\"_ _399\"> </span>consideration<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Net asset<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>disposed<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Am<span class=\"_ _0\"></span>ount recyc<span class=\"_ _0\"></span>led from<span class=\"_ _399\"> </span>reserves<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Underlying<span class=\"_ _399\"> </span>gain<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>3<span class=\"_ _1\"></span>4<span class=\"_ _3b\"> </span>.<span class=\"_ _1\"></span>2<span class=\"_ _3b\"></span>.1<span class=\"_ _1f9\"> </span><span class=\"ff4e ls3 ws0\">3<span class=\"_ _0\"></span>0 J<span class=\"_ _0\"></span>une 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2<span class=\"_ _1b3\"> </span>Reg<span class=\"_ _0\"></span>ard at M<span class=\"_ _0\"></span>ed C<span class=\"_ _0\"></span>enter (for<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>ly </span>Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake) ^<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _78\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _109\"> </span><span class=\"lsa9 ws23\">(<span class=\"_ _0\"></span>5)<span class=\"_ _c4\"> </span></span></span></span>1<span class=\"_ _40\"> </span>8<span class=\"_ _399\"> </span>34.2.2<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">1<span class=\"_ _17\"></span>1 Au<span class=\"_ _0\"></span>gust 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _50\"> </span>A<span class=\"_ _0\"></span>spire at D<span class=\"_ _0\"></span>isc<span class=\"_ _0\"></span>over<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ark</span> ^<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _99\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b2\"> </span><span class=\"ls50 ws4d\">(12<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span></span></span></span>2<span class=\"_ _118\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _399\"> </span></span>34.2.3<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">23 Au<span class=\"_ _0\"></span>gus<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _1a6\"> </span>P<span class=\"_ _0\"></span>reser<span class=\"_ _1\"></span>ve at So<span class=\"_ _0\"></span>uthwin<span class=\"_ _0\"></span>d</span> ^<span class=\"_ _399\"> </span>Asset sale<span class=\"_ _162\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _3f\"> </span><span class=\"ls3 ws0\">4<span class=\"_ _12c\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _75\"> </span></span>\u2013<span class=\"_ _40\"> </span>3<span class=\"_ _399\"> </span></span></span>34<span class=\"_ _0\"></span>.2.<span class=\"_ _0\"></span>4<span class=\"_ _43\"> </span><span class=\"ff4e ls3 ws0\">23 A<span class=\"_ _0\"></span>ugu<span class=\"_ _0\"></span>st 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _51\"> </span><span class=\"ls5 ws4\">Preserve at Bar<span class=\"_ _0\"></span>tlett</span></span> ^<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _78\"> </span><span class=\"ls142 ws12b\">13<span class=\"_ _41\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _c4\"> </span></span></span></span>\u2013<span class=\"_ _40\"> </span>9<span class=\"_ _399\"> </span>34<span class=\"_ _0\"></span>.2.<span class=\"_ _0\"></span>5<span class=\"_ _43\"> </span><span class=\"ff4e ls3 ws0\">2 Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2<span class=\"_ _c3\"> </span><span class=\"ls10 wse\">Waterchase Apar<span class=\"_ _0\"></span>tments</span></span> ^<span class=\"_ _399\"> </span>Asset sale<span class=\"_ _162\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _2d\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _40\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _b0\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _399\"> </span></span></span></span></span></span>93<span class=\"_ _113\"> </span><span class=\"ls3 ws0\">(26)<span class=\"_ _40\"> </span>3<span class=\"_ _41\"> </span><span class=\"ls2c ws9d\">70<span class=\"_ _399\"> </span></span></span>^ <span class=\"_ _2c\"> </span>D<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in a jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>re ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.<span class=\"_ _17\"></span>1 O<span class=\"_ _0\"></span>n 3<span class=\"_ _0\"></span>0 Ju<span class=\"_ _0\"></span>ne 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its R<span class=\"_ _0\"></span>ega<span class=\"_ _0\"></span>rd at Me<span class=\"_ _0\"></span>d C<span class=\"_ _0\"></span>enter multi<span class=\"_ _0\"></span>famil<span class=\"_ _0\"></span>y pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>sset lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ated in H<span class=\"_ _0\"></span>ousto<span class=\"_ _0\"></span>n, T<span class=\"_ _6\"></span>exas<span class=\"_ _0\"></span>, and rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d total c<span class=\"_ _0\"></span>ash c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>2m<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e asset d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l resulted i<span class=\"_ _0\"></span>n an und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g gai<span class=\"_ _0\"></span>n of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m bein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s sh<span class=\"_ _0\"></span>are of joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of foreig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>rency t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>latio<span class=\"_ _0\"></span>n reser<span class=\"_ _1\"></span>ves recyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dispos<span class=\"_ _0\"></span>al.<span class=\"_ _399\"> </span>34.2.2<span class=\"_ _6\"></span><span class=\"ff56 ls3 ws0\"> <span class=\"ff4e\">On 1<span class=\"_ _6\"></span>1 Aug<span class=\"_ _0\"></span>ust 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed of it<span class=\"_ _0\"></span>s As<span class=\"_ _0\"></span>pire at D<span class=\"_ _0\"></span>iscove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Pa<span class=\"_ _0\"></span>rk on<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s acc<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n at Pu<span class=\"_ _0\"></span>rdue Un<span class=\"_ _0\"></span>ivers<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in West </span></span>L<span class=\"_ _0\"></span>afayet<span class=\"_ _0\"></span>te, Indi<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>, and rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d total c<span class=\"_ _0\"></span>ash c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of \u00a35<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e asset d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osal re<span class=\"_ _0\"></span>sulted in a<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m bein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in the G<span class=\"_ _0\"></span>roup\u2019s share of joint vent<span class=\"_ _0\"></span>ures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng a ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>2m in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of foreig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncy t<span class=\"_ _0\"></span>ransl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n reser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s recyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e income statemen<span class=\"_ _6\"></span>t on disposal.<span class=\"_ _399\"> </span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.3 O<span class=\"_ _0\"></span>n 2<span class=\"_ _0\"></span>3 Aug<span class=\"_ _0\"></span>ust 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its P<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve at S<span class=\"_ _0\"></span>outhw<span class=\"_ _0\"></span>ind mul<span class=\"_ _0\"></span>tifam<span class=\"_ _0\"></span>ily p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ass<span class=\"_ _0\"></span>et loc<span class=\"_ _0\"></span>ated in M<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>phis<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>enne<span class=\"_ _0\"></span>ssee, a<span class=\"_ _0\"></span>nd recei<span class=\"_ _0\"></span>ved tota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a34<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ted in an un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m bei<span class=\"_ _0\"></span>ng rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s share of joint ven<span class=\"_ _6\"></span>tures and associates.<span class=\"_ _399\"> </span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.4 O<span class=\"_ _0\"></span>n 23 A<span class=\"_ _0\"></span>ugus<span class=\"_ _0\"></span>t 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its P<span class=\"_ _0\"></span>reser<span class=\"_ _1\"></span>ve at Bar<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>t multi<span class=\"_ _0\"></span>famil<span class=\"_ _0\"></span>y prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set lo<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ted in Ba<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tlet<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>enne<span class=\"_ _0\"></span>ssee<span class=\"_ _0\"></span>, and recei<span class=\"_ _0\"></span>ved tota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a313m. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>sset di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal res<span class=\"_ _0\"></span>ulted in a<span class=\"_ _0\"></span>n unde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m b<span class=\"_ _0\"></span>eing re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s share of joint ven<span class=\"_ _6\"></span>tures and associates.<span class=\"_ _399\"> </span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.5 O<span class=\"_ _0\"></span>n 2 Nove<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of i<span class=\"_ _0\"></span>ts Waterc<span class=\"_ _0\"></span>hase A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ents mu<span class=\"_ _0\"></span>ltifa<span class=\"_ _0\"></span>mily p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set lo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d in L<span class=\"_ _0\"></span>argo<span class=\"_ _0\"></span>, Flor<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a, and recei<span class=\"_ _0\"></span>ved tota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a314m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in an u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a310<span class=\"_ _0\"></span>m bein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>hare of joint ven<span class=\"_ _6\"></span>tures and associates.<span class=\"_ _399\"> </span>In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>ls ab<span class=\"_ _0\"></span>ove, the Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d a fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r \u00a31m of deferred co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of it<span class=\"_ _0\"></span>s Mid<span class=\"_ _0\"></span>dle E<span class=\"_ _0\"></span>aster<span class=\"_ _0\"></span>n joint ventu<span class=\"_ _0\"></span>res in 2017<span class=\"_ _17\"></span>. Th<span class=\"_ _0\"></span>is deferre<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on was i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s assess<span class=\"_ _0\"></span>ment of the g<span class=\"_ _0\"></span>ain o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>34<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 Pr<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>021, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of several I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>ture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s asset<span class=\"_ _0\"></span>s as det<span class=\"_ _0\"></span>aile<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low. Th<span class=\"_ _0\"></span>e gain re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d from t<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of as<span class=\"_ _0\"></span>sets th<span class=\"_ _0\"></span>at were hel<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>hin joi<span class=\"_ _0\"></span>nt venture entit<span class=\"_ _0\"></span>ies of the G<span class=\"_ _0\"></span>roup i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d wi<span class=\"_ _0\"></span>thin th<span class=\"_ _0\"></span>e Group\u2019s share of result<span class=\"_ _0\"></span>s of joint ventu<span class=\"_ _0\"></span>res and as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _199\"> </span><span class=\"ls15b ws149\">Disposal<span class=\"_ _6\"></span> date<span class=\"_ _77\"> </span><span class=\"lsc6 wsad\">Entity/asset<span class=\"_ _35f\"> </span><span class=\"ls3 ws0\">Str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>e of sa<span class=\"_ _0\"></span>le </span></span></span>Percent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e disposed<span class=\"_ _399\"> </span>%<span class=\"_ _399\"> </span>Cash<span class=\"_ _399\"> </span>consideration<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Net asset<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>disposed<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Am<span class=\"_ _0\"></span>ount recyc<span class=\"_ _0\"></span>led from<span class=\"_ _399\"> </span>reserves<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Underlying<span class=\"_ _399\"> </span>gain<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>34.3.<span class=\"_ _59\"></span>1<span class=\"_ _24\"> </span><span class=\"ff4e ls3 ws0\">2 June 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _b2\"> </span>B<span class=\"_ _0\"></span>C Chil<span class=\"_ _0\"></span>dren\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>nd BC Wo<span class=\"_ _0\"></span>men\u2019s </span>Hospit<span class=\"_ _0\"></span>als#<span class=\"_ _399\"> </span>Equity interest sale<span class=\"_ _b4\"> </span><span class=\"ls3 ws0\">70%<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _109\"> </span><span class=\"ls94 ws145\">(17<span class=\"_ _1\"></span>)<span class=\"_ _346\"> </span></span></span>4<span class=\"_ _40\"> </span>7<span class=\"_ _399\"> </span></span>34.3.2<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">6 Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>21<span class=\"_ _af\"> </span><span class=\"ls35 ws34\">Woo<span class=\"_ _0\"></span>dland View Hospital</span></span>+<span class=\"_ _399\"> </span>Equity interest sale<span class=\"_ _bb\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0%<span class=\"_ _2e\"> </span><span class=\"ls3 ws0\">8<span class=\"_ _f8\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _f9\"> </span>3<span class=\"_ _399\"> </span></span></span>34.3.3<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">6 Jul<span class=\"_ _0\"></span>y 20<span class=\"_ _0\"></span>21<span class=\"_ _af\"> </span>N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h West Fi<span class=\"_ _0\"></span>re &amp; Rescu<span class=\"_ _0\"></span>e</span>+<span class=\"_ _399\"> </span>Equity interest sale<span class=\"_ _bb\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0%<span class=\"_ _f8\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _40\"> </span><span class=\"lsb0 ws9b\">(9)<span class=\"_ _40\"> </span><span class=\"ls3 ws0\">3<span class=\"_ _f9\"> </span>5<span class=\"_ _399\"> </span></span></span></span></span>34.3.4<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">6 Augu<span class=\"_ _0\"></span>st 20<span class=\"_ _0\"></span>21<span class=\"_ _1bd\"> </span><span class=\"ls10 wse\">A<span class=\"_ _0\"></span>berdeen Western Peripheral </span></span>Ro<span class=\"_ _0\"></span>ute#<span class=\"_ _399\"> </span>Equit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>nterest sa<span class=\"_ _0\"></span>le <span class=\"_ _52\"> </span><span class=\"lsa3 ws124\">3<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>3%<span class=\"_ _82\"> </span><span class=\"lsf9 ws29\">29<span class=\"_ _41\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _1\"></span>21)<span class=\"_ _c4\"> </span></span></span></span>3<span class=\"_ _12c\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _399\"> </span></span>34.3.5<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">26 O<span class=\"_ _0\"></span>ctob<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21<span class=\"_ _d\"> </span><span class=\"ls5 ws4\">Riverchase L<span class=\"_ _0\"></span>anding</span></span>^ <span class=\"_ _183\"> </span>A<span class=\"_ _0\"></span>sset s<span class=\"_ _0\"></span>ale <span class=\"_ _360\"> </span><span class=\"ls8e wse2\">n/a<span class=\"_ _78\"> </span></span>3<span class=\"_ _40\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _75\"> </span></span>\u2013<span class=\"_ _40\"> </span>2<span class=\"_ _399\"> </span>34.3.6<span class=\"_ _4d\"> </span><span class=\"ff4e ls3 ws0\">1<span class=\"_ _6\"></span>2 N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21<span class=\"_ _1cd\"> </span><span class=\"lsf8 wse1\">Zephyr Ridge</span></span>^<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>set sa<span class=\"_ _0\"></span>le <span class=\"_ _1c\"> </span><span class=\"ls8e wse2\">n<span class=\"_ _0\"></span>/a<span class=\"_ _2d\"> </span></span>9<span class=\"_ _f9\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _c4\"> </span></span>\u2013<span class=\"_ _40\"> </span>7<span class=\"_ _399\"> </span>80<span class=\"_ _86\"> </span><span class=\"lsa9 ws23\">(5<span class=\"_ _0\"></span>5)<span class=\"_ _12c\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _41\"> </span><span class=\"ls145 ws12e\">35<span class=\"_ _399\"> </span></span></span></span>Ad<span class=\"_ _0\"></span>d: Proc<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ds rec<span class=\"_ _0\"></span>eived i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to defer<span class=\"_ _0\"></span>red co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on on t<span class=\"_ _0\"></span>he sal<span class=\"_ _0\"></span>e of Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (F<span class=\"_ _0\"></span>ife) Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs Ltd<span class=\"_ _399\"> </span>1<span class=\"_ _399\"> </span>Disposal proceeds per th<span class=\"_ _6\"></span>e Directors\u2019<span class=\"_ _6\"></span> valuation<span class=\"_ _2dc\"> </span><span class=\"ls9b wse4\">81<span class=\"_ _399\"> </span></span># <span class=\"_ _4\"> </span>Di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al of j<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t vent<span class=\"_ _0\"></span>ure.<span class=\"_ _399\"> </span>+ <span class=\"_ _2c\"> </span>D<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of sub<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span>^ <span class=\"_ _2c\"> </span>D<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>in a jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>re ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y.<span class=\"_ _399\"> </span>34 A<span class=\"_ _6\"></span>cquisitions<span class=\"_ _6\"></span> and disposals<span class=\"_ _6\"></span><span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>34<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 Pr<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s<span class=\"ff4e ls28 ws24\"> cont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>34.3.<span class=\"_ _59\"></span>1<span class=\"ff4e ls3 ws0\"> On 2 Ju<span class=\"_ _0\"></span>ne 20<span class=\"_ _0\"></span>21, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of i<span class=\"_ _0\"></span>ts enti<span class=\"_ _0\"></span>re 70% interest in Af<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>init<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rshi<span class=\"_ _0\"></span>ps (the B<span class=\"_ _0\"></span>C Chil<span class=\"_ _0\"></span>dren\u2019s and BC Wome<span class=\"_ _0\"></span>n\u2019<span class=\"_ _6\"></span>s H<span class=\"_ _0\"></span>osp<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>ls </span>con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated in Vanc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>ver<span class=\"_ _6\"></span>, C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nad<span class=\"_ _0\"></span>a) for a c<span class=\"_ _0\"></span>ash co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in a net g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>7m be<span class=\"_ _0\"></span>ing rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nised i<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g profit<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng a ga<span class=\"_ _0\"></span>in of \u00a34<span class=\"_ _0\"></span>m in resp<span class=\"_ _0\"></span>ect of P<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>P finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ves re<span class=\"_ _0\"></span>cycl<span class=\"_ _0\"></span>ed to the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al.<span class=\"ff56\"> </span>34.3.2 <span class=\"ff4e ls3 ws0\">On 6 July 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its ent<span class=\"_ _0\"></span>ire 100% intere<span class=\"_ _0\"></span>st in Wo<span class=\"_ _0\"></span>odl<span class=\"_ _0\"></span>and V<span class=\"_ _0\"></span>iew P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>o Ltd for a c<span class=\"_ _0\"></span>ash co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m. </span>Th<span class=\"_ _0\"></span><span class=\"_ _399\">e disp</span><span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al resulte<span class=\"_ _0\"></span>d in a net g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m bei<span class=\"_ _0\"></span>ng rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ating p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludin<span class=\"_ _0\"></span>g a ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d a los<span class=\"_ _0\"></span>s of \u00a3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>m in resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g reser<span class=\"_ _0\"></span>ves re<span class=\"_ _0\"></span>cyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>ispo<span class=\"_ _0\"></span>sal i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of \u00a3<span class=\"_ _0\"></span>2m. 34.3.3 <span class=\"ff4e ls3 ws0\">On 6 July 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its ent<span class=\"_ _0\"></span>ire 100% intere<span class=\"_ _0\"></span>st in Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Fire a<span class=\"_ _0\"></span>nd Res<span class=\"_ _0\"></span>cue N<span class=\"_ _0\"></span>W Ltd for a c<span class=\"_ _0\"></span>ash c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of </span>\u00a31<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al resulte<span class=\"_ _0\"></span>d in a net ga<span class=\"_ _0\"></span>in of \u00a3<span class=\"_ _0\"></span>5m b<span class=\"_ _0\"></span>eing re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ng profi<span class=\"_ _0\"></span>t, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a g<span class=\"_ _0\"></span>ain of \u00a314m in res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>t of PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset re<span class=\"_ _0\"></span>ser<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd a los<span class=\"_ _0\"></span>s of \u00a31<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>m i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>ing res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves rec<span class=\"_ _0\"></span>ycle<span class=\"_ _0\"></span>d to the in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>tement on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed ca<span class=\"_ _0\"></span>sh disp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of \u00a31m.<span class=\"_ _399\"> </span>34.3.4<span class=\"_ _6\"></span> <span class=\"ff4e ls20 ws0\">O<span class=\"_ _0\"></span>n 6 Aug<span class=\"_ _0\"></span>ust 2<span class=\"_ _0\"></span>021, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its ent<span class=\"_ _0\"></span>ire 3<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>3% interes<span class=\"_ _0\"></span>t in A<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rdee<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>ds H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>berd<span class=\"_ _0\"></span>een We<span class=\"_ _0\"></span>stern Pe<span class=\"_ _0\"></span>rip<span class=\"_ _0\"></span>hera<span class=\"_ _0\"></span>l Rou<span class=\"_ _0\"></span>te) </span>for a ca<span class=\"_ _0\"></span>sh co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on of \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in a net g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _17\"></span>1m being rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>ying o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g profit<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng a ga<span class=\"_ _0\"></span>in of \u00a34m i<span class=\"_ _0\"></span>n respe<span class=\"_ _0\"></span>ct of P<span class=\"_ _0\"></span>PP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d a los<span class=\"_ _0\"></span>s of \u00a31m in respec<span class=\"_ _0\"></span>t of hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g reser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s recyc<span class=\"_ _0\"></span>led to th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt on dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al. 34.3.5<span class=\"_ _6\"></span> <span class=\"ff4e ls3 ws0\">O<span class=\"_ _0\"></span>n 26 O<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of its Ri<span class=\"_ _0\"></span>verch<span class=\"_ _0\"></span>ase L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ding m<span class=\"_ _0\"></span>ultif<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set lo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d in Ho<span class=\"_ _0\"></span>over, Alab<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>a, for a total </span>ca<span class=\"_ _0\"></span>sh con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of \u00a3<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al resul<span class=\"_ _0\"></span>ted in an un<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>2m b<span class=\"_ _0\"></span>eing rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s share of joint ventu<span class=\"_ _0\"></span>res and associates.<span class=\"_ _399\"> </span>34.3.6<span class=\"_ _6\"></span> <span class=\"ff4e ls3 ws0\">O<span class=\"_ _0\"></span>n 1<span class=\"_ _6\"></span>2 N<span class=\"_ _0\"></span>ovemb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21, the Group d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osed of i<span class=\"_ _0\"></span>ts Ze<span class=\"_ _0\"></span>phyr R<span class=\"_ _0\"></span>idg<span class=\"_ _0\"></span>e mult<span class=\"_ _0\"></span>ifami<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>per<span class=\"_ _1\"></span>ty a<span class=\"_ _0\"></span>sset lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ated in Ze<span class=\"_ _0\"></span>phyr<span class=\"_ _0\"></span>hills<span class=\"_ _0\"></span>, Flor<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>a, for a tota<span class=\"_ _0\"></span>l cas<span class=\"_ _0\"></span>h </span>con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n of \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m. T<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal resu<span class=\"_ _0\"></span>lted in an u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing g<span class=\"_ _0\"></span>ain of \u00a3<span class=\"_ _0\"></span>7m bein<span class=\"_ _0\"></span>g rec<span class=\"_ _0\"></span>ogni<span class=\"_ _0\"></span>sed in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s s<span class=\"_ _0\"></span>hare of jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates.<span class=\"_ _399\"> </span>In ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to the d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>ls ab<span class=\"_ _0\"></span>ove, the Gro<span class=\"_ _0\"></span>up rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d a fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r \u00a31m of deferred co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al of it<span class=\"_ _0\"></span>s Mid<span class=\"_ _0\"></span>dle E<span class=\"_ _0\"></span>aster<span class=\"_ _0\"></span>n joint ventu<span class=\"_ _0\"></span>res in 2017<span class=\"_ _17\"></span>. Th<span class=\"_ _0\"></span>is deferre<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>on was i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in the G<span class=\"_ _0\"></span>roup\u2019s assess<span class=\"_ _0\"></span>ment of the g<span class=\"_ _0\"></span>ain o<span class=\"_ _0\"></span>n disp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>al rec<span class=\"_ _0\"></span>ogn<span class=\"_ _0\"></span>ised in 2<span class=\"_ _0\"></span>01<span class=\"_ _6\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p also rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d \u00a31m of deferred co<span class=\"_ _0\"></span>nsid<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion in rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sal of it<span class=\"_ _0\"></span>s entire 5<span class=\"_ _0\"></span>0% interes<span class=\"_ _0\"></span>t in C<span class=\"_ _0\"></span>onso<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>alth<span class=\"_ _0\"></span>care (<span class=\"_ _0\"></span>Fife) H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd whic<span class=\"_ _0\"></span>h took p<span class=\"_ _0\"></span>lac<span class=\"_ _0\"></span>e in 2018. T<span class=\"_ _0\"></span>his d<span class=\"_ _0\"></span>eferred c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ider<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n was rec<span class=\"_ _0\"></span>eive<span class=\"_ _0\"></span>d as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of the e<span class=\"_ _0\"></span>arn<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t agree<span class=\"_ _0\"></span>ment th<span class=\"_ _0\"></span>at was e<span class=\"_ _0\"></span>ntered into wit<span class=\"_ _0\"></span>h the bu<span class=\"_ _0\"></span>yer as pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t of the di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal a<span class=\"_ _0\"></span>nd was i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s assessm<span class=\"_ _0\"></span>ent of the a<span class=\"_ _0\"></span>ddi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nal g<span class=\"_ _0\"></span>ain on d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>osal re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in 2019.<span class=\"_ _399\"> </span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.3<span class=\"_ _0\"></span>.7 Sub<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s d<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span>Net assets<span class=\"_ _6\"></span> disposed<span class=\"_ _361\"> </span><span class=\"ff4e ls9b wse4\">Note<span class=\"_ _399\"> </span></span>Woo<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d V<span class=\"_ _0\"></span>iew Pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>o Ltd<span class=\"_ _399\"> </span>\u00a3m Ba<span class=\"_ _0\"></span>lfou<span class=\"_ _0\"></span>r Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Fire a<span class=\"_ _0\"></span>nd R<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>cue N<span class=\"_ _0\"></span>W Ltd<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _247\"> </span><span class=\"lsaa ws140\">21<span class=\"_ _139\"> </span><span class=\"ls1a3 ws193\">55<span class=\"_ _139\"> </span><span class=\"ls13f ws126\">65<span class=\"_ _11c\"> </span><span class=\"ls50 ws4d\">12<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span></span></span></span></span>Borrowings \u2013<span class=\"_ _6\"></span> non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _121\"> </span><span class=\"lsae ws99\">33.<span class=\"_ _0\"></span>3<span class=\"_ _15\"> </span><span class=\"ls63 wsa1\">(<span class=\"_ _0\"></span>41)<span class=\"_ _2e\"> </span><span class=\"ls71 ws6b\">(4<span class=\"_ _0\"></span>0)<span class=\"_ _11c\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></span>De<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax<span class=\"_ _362\"> </span><span class=\"lsff wse6\">2<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>.1<span class=\"_ _ef\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _117\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _1f2\"> </span>(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span>Derivative financial instruments<span class=\"_ _12b\"> </span><span class=\"ls3b ws12f\">(10<span class=\"_ _0\"></span>)<span class=\"_ _58\"> </span><span class=\"lsfb ws13a\">(14<span class=\"_ _0\"></span>)<span class=\"_ _11c\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _399\"> </span></span></span></span>Net wo<span class=\"_ _0\"></span>rkin<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al <span class=\"_ _363\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _f5\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _139\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span>C<span class=\"_ _0\"></span>ash <span class=\"_ _364\"> </span>2<span class=\"_ _f0\"> </span>1<span class=\"_ _10\"> </span>3<span class=\"_ _399\"> </span>5<span class=\"_ _f0\"> </span>9<span class=\"_ _7f\"> </span><span class=\"lsfb ws13a\">14<span class=\"_ _399\"> </span></span>Cash consideration<span class=\"_ _365\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _16f\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>11)<span class=\"_ _16f\"> </span><span class=\"lsfc ws18f\">(<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span>A<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts rec<span class=\"_ _0\"></span>ycl<span class=\"_ _0\"></span>ed fro<span class=\"_ _0\"></span>m rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ves<span class=\"_ _366\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _2b\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _89\"> </span>(3)<span class=\"_ _399\"> </span></span></span>Ga<span class=\"_ _0\"></span>in o<span class=\"_ _0\"></span>n di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _367\"> </span><span class=\"ff4e ls40 ws26\">(3)<span class=\"_ _139\"> </span><span class=\"lsa9 ws23\">(5)<span class=\"_ _139\"> </span><span class=\"ls1b7 ws13b\">(8)<span class=\"_ _399\"> </span></span></span></span>Ne<span class=\"_ _0\"></span>t c<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ow e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>otal consideration<span class=\"_ _367\"> </span><span class=\"ls3 ws0\">8<span class=\"_ _1f2\"> </span><span class=\"ls158 ws146\">11<span class=\"_ _1f2\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _399\"> </span></span></span></span>C<span class=\"_ _0\"></span>ash and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sed<span class=\"_ _23a\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _f5\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _7f\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _399\"> </span></span></span></span>Net cash<span class=\"_ _6\"></span> c<span class=\"_ _0\"></span>onsideration<span class=\"_ _251\"> </span><span class=\"ff4e ls3 ws0\">6<span class=\"_ _f5\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _f5\"> </span><span class=\"lsa4 ws86\">16<span class=\"_ _399\"> </span></span></span></span>",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfAcquisitionAndDisposals",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-599": {
   "value": "35 Share-based payments The Company operates three equity-settled share-based payment arrangements, namely the Performance Share Plan (PSP), the Deferred Bonus Plan (DBP) and the Restricted Share Plan (RSP). The Group recognised total expenses relating to equity-settled share-based payment transactions of \u00a39m (2021: \u00a37m). Refer to the Remuneration report for details of the PSP and DBP schemes. The Company also operates three cash-settled share-based payment arrangements, namely the Shadow PSP (SPSP), the Shadow RSP (SRSP) and the Shadow Deferred Bonus Plan (SDBP). These share-based payment arrangements mirror the conditions of the equity-settled PSP, RSP and DBP plans, the only difference being they are settled in cash. The Group recognised total expenses relating to cash-settled share-based payment transactions of \u00a311m (2021: \u00a35m). 35 Share-based payments continued Movements in share plans Equity-settled share-based payment awards 2022 number of awards PSP conditional awards DBP conditional awards RSP conditional awards Outstanding at 1 January 9,333,341 1,979,385 3,747,66 5 Granted during the year 3,624,249 947,192 1,305,184 Awards in lieu of dividends \u2013 77, 559 176,669 Forfeited during the year (1,612,041) (82,787) (443,791) Exercised during the year (1,728,704) (619,434) (1,18 4,801) Outstanding at 31 December 9,616,845 2,301,915 3,600,926 Exercisable at 31 December \u2013 \u2013 \u2013 Weighted average remaining contractual life (years)  1.3 1.3 1.6 Weighted average share price at the date of exercise for awards exercised in the year  262.2 256.6 242.2 2021 number of awards PSP conditional awards DBP conditional awards RSP conditional awards Outstanding at 1 January 9,558,563 2,309,364 3,541,092 Granted during the year 3,0 07,343 419,895 1,552,832 Awards in lieu of dividends \u2013 33,175 57,799 Forfeited during the year (2,331,778) (34,789) (369,349) Exercised during the year (900,787) (748,260) (1,034,709) Outstanding at 31 December 9,333,341 1,979,385 3,747,665 Exercisable at 31 December \u2013 \u2013 \u2013 Weighted average remaining contractual life (years)  1.2 1.2 1.5 Weighted average share price at the date of exercise for awards exercised in the year  301.0 298.6 291.6 The principal assumptions, including expected volatility determined from the historical weekly share price movements over the three-year period immediately preceding the award date, used by the consultants in the stochastic model for the 33.3% of the PSP awards granted in 2022 subject to market conditions, were: Award date Name of award Number of awards Closing share price on award date Pence Expected volatility of shares % Expected term of awards Years Risk-free interest rate % Calculated fair value of an award Pence 1 April 2022 PSP award 3,624,249 256.8 33.09% 3.0 1.40 183.0 For the 66.7% of the PSP awards granted in 2022 subject to non-market conditions and for the DBP and RSP awards granted in 2022, the fair value of the awards is the closing share price on the date of grant. Cash-settled share-based payment awards 2022 number of awards SPSP conditional awards SDBP conditional awards SRSP conditional awards Outstanding at 1 January 8,538,863 1,255,815 1,480,557 Granted during the year 2,750,733 605,746 499,350 Awards in lieu of dividends \u2013 53,384 35,299 Forfeited during the year (1,314,076) \u2013 (216,919) Exercised during the year (1,591,987) (316,009) (451,462) Outstanding at 31 December 8,383,533 1,598,936 1,346,825 Exercisable at 31 December \u2013 \u2013 \u2013 Weighted average remaining contractual life (years)  1.1 1.2 1.6 Weighted average share price at the date of exercise for awards exercised in the year  263.0 259.5 260.6 As at 31 December 2022, the Group\u2019s liability in respect of outstanding cash-settled share-based payment awards amounted to \u00a321m (2021: \u00a313m). This liability has been recorded within accruals. 2021 number of awards SPSP conditional awards SDBP conditional awards SRSP conditional awards Outstanding at 1 January 8,876,597 1,067,030 1,348,282 Granted during the year 2,19 5,6 68 307,707 426,377 Awards in lieu of dividends \u2013 15,171 16,861 Forfeited during the year (1,724,113) (52,950) (20,373) Exercised during the year (809,289) (81,14 3) (290,590) Outstanding at 31 December 8,538,863 1,255,815 1,480,557 Exercisable at 31 December \u2013 \u2013 \u2013 Weighted average remaining contractual life (years)  1.1 1.2 1.4 Weighted average share price at the date of exercise for awards exercised in the year  301.5 298.0 320.2 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-600": {
   "value": "36 Commitments Capital expenditure authorised and contracted for which has not been provided for in the financial statements amounted to \u00a35m (2021: \u00a3nil) in the Group and \u00a3nil (2021: \u00a3nil) in the Company. The Group has committed to provide its share of further equity funding and subordinated debt in Infrastructure Investments projects which have reached financial close. Refer to Note 41(f). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-601": {
   "value": "37 Contingent liabilities The Company and certain subsidiary undertakings have, in the normal course of business, given guarantees and entered into counter-indemnities in respect of bonds relating to the Group\u2019s own contracts and given guarantees in respect of their share of certain contractual obligations of joint ventures and associates and certain retirement benefit liabilities of the Balfour Beatty Pension Fund and the Railways Pension Scheme. Guarantees are treated as contingent liabilities until such time as it becomes probable payment will be required under the terms of the guarantee. Provision has been made for the Directors\u2019 best estimate of known legal claims, investigations and legal actions in progress. The Group takes legal advice as to the likelihood of success of claims and actions and no provision is made where the Directors consider, based on that advice, that the action is unlikely to succeed, or that the Group cannot make a sufficiently reliable estimate of the potential obligation. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-602": {
   "value": "38 Related party transactions Joint ventures and associates The Group has contracted with, provided services to, and received management fees from, certain joint ventures and associates amounting to \u00a3447m (2021: \u00a3325m). These transactions occurred in the normal course of business at market rates and terms. In addition, the Group procured equipment and labour on behalf of certain joint ventures and associates which were recharged at cost with no mark-up. The amounts due from or to joint ventures and associates at the reporting date are disclosed in Notes 24 and 25 respectively. Transactions with non-Group members The Group also entered into transactions and had amounts outstanding with related parties which are not members of the Group as set out below. Each company was a related party as it was controlled, jointly controlled or under significant influence by a Director of Balfour Beatty plc. 2022 \u00a3m 2021 \u00a3m HMC Architects Purchase of services 3 2 Amount owed to related parties 1 \u2013 Severfield plc    Purchase of goods and services 1 \u2013 Site Assist Software Limited Purchase of services  1 \u2013 All transactions with these related parties were conducted on normal commercial terms, equivalent to those conducted with external parties. No guarantees have been given or received. No expense has been recognised in the year for bad or doubtful debts in respect of amounts owed by related parties. Compensation of key management personnel of the Company 2022 \u00a3m 2021 \u00a3m Short-term benefits 3.273 3.000 Share-based payments 1.634 1.750 4.907 4.750 Key management personnel comprise the executive Directors who are directly responsible for the Group\u2019s activities and the non-executive Directors. The compensation included above is in respect of the period of the year during which the individuals were Directors. Further details of Directors\u2019 emoluments, post-employment benefits and interests are set out in the Remuneration report on pages 142 to 167. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-603": {
   "value": "39 Events after the reporting date On 3 March 2023, the Group repaid the third tranche of its 2013 US private placement notes amounting to US$209m (\u00a3173m). US$50m of these notes remain outstanding and will mature in March 2025. In the period from 1 January 2023 to 13 March 2023 (the latest practicable date prior to the date of this annual report and accounts), the Company purchased 12.7m ordinary shares, which are held in treasury with no voting rights, for a total consideration of \u00a346m (including stamp duty and fees). There were no other material post balance sheet events arising after the reporting date. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-604": {
   "value": "40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"_ _399\"> </span>Capital<span class=\"_ _6\"></span> risk mana<span class=\"_ _6\"></span>gement<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p man<span class=\"_ _0\"></span>ages i<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal to en<span class=\"_ _0\"></span>sure its a<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y to contin<span class=\"_ _0\"></span>ue as a go<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ern a<span class=\"_ _0\"></span>nd to maint<span class=\"_ _0\"></span>ain an o<span class=\"_ _0\"></span>ptim<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture to redu<span class=\"_ _0\"></span>ce th<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t of ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>nts of ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al are as fo<span class=\"_ _0\"></span>llows: e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble to e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ers of t<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ising is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d ordin<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y share c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital<span class=\"_ _0\"></span>, reser<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s and ret<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>nings a<span class=\"_ _0\"></span>s disc<span class=\"_ _0\"></span>los<span class=\"_ _0\"></span>ed in N<span class=\"_ _0\"></span>otes 31 and 3<span class=\"_ _0\"></span>2; US p<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ate pla<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ent as di<span class=\"_ _0\"></span>sclo<span class=\"_ _0\"></span>sed in N<span class=\"_ _0\"></span>ote 27; and c<span class=\"_ _0\"></span>ash an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh equi<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ents an<span class=\"_ _0\"></span>d bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs as d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d in Note 27<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p maint<span class=\"_ _0\"></span>ains o<span class=\"_ _0\"></span>r adju<span class=\"_ _0\"></span>sts it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture throu<span class=\"_ _0\"></span>gh th<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>ment of di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>end<span class=\"_ _0\"></span>s to equi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y hol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s, is<span class=\"_ _0\"></span>sue of new sh<span class=\"_ _0\"></span>ares and b<span class=\"_ _0\"></span>uy<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ck of existin<span class=\"_ _0\"></span>g share<span class=\"_ _0\"></span>s, and d<span class=\"_ _0\"></span>rawd<span class=\"_ _0\"></span>own of new b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s and re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ment of exis<span class=\"_ _0\"></span>ting b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>y of the G<span class=\"_ _0\"></span>roup is to ens<span class=\"_ _0\"></span>ure an ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>ween c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h, bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs (ot<span class=\"_ _0\"></span>her th<span class=\"_ _0\"></span>an the n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of com<span class=\"_ _0\"></span>pani<span class=\"_ _0\"></span>es eng<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed in I<span class=\"_ _0\"></span>nfrast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s proje<span class=\"_ _0\"></span>cts), working capital and the value in the In<span class=\"_ _6\"></span>frastr<span class=\"_ _0\"></span>ucture Inv<span class=\"_ _6\"></span>estments investment port<span class=\"_ _0\"></span>folio.<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>e overall c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al risk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>geme<span class=\"_ _0\"></span>nt stra<span class=\"_ _0\"></span>tegy of t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p rema<span class=\"_ _0\"></span>ins unc<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ged f<span class=\"_ _0\"></span>rom 20<span class=\"_ _0\"></span>21. In 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany c<span class=\"_ _0\"></span>omm<span class=\"_ _0\"></span>enc<span class=\"_ _0\"></span>ed the s<span class=\"_ _0\"></span>eco<span class=\"_ _0\"></span>nd ph<span class=\"_ _0\"></span>ase of it<span class=\"_ _0\"></span>s share b<span class=\"_ _0\"></span>uy<span class=\"_ _0\"></span>bac<span class=\"_ _0\"></span>k prog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>me, whi<span class=\"_ _0\"></span>ch c<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>leted on 15 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2. T<span class=\"_ _0\"></span>he C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d 52.<span class=\"_ _0\"></span>0m (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021: 50.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>m) share<span class=\"_ _0\"></span>s for a total c<span class=\"_ _0\"></span>onsi<span class=\"_ _0\"></span>dera<span class=\"_ _0\"></span>tion of \u00a3<span class=\"_ _0\"></span>150<span class=\"_ _0\"></span>m (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3150<span class=\"_ _0\"></span>m) an<span class=\"_ _0\"></span>d hel<span class=\"_ _0\"></span>d these i<span class=\"_ _0\"></span>n treasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y wi<span class=\"_ _0\"></span>th no votin<span class=\"_ _0\"></span>g rig<span class=\"_ _0\"></span>hts. T<span class=\"_ _0\"></span>he purch<span class=\"_ _0\"></span>ase of th<span class=\"_ _0\"></span>ese sh<span class=\"_ _0\"></span>ares, tog<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r with a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted fees an<span class=\"_ _0\"></span>d sta<span class=\"_ _0\"></span>mp dut<span class=\"_ _1\"></span>y amount<span class=\"_ _0\"></span>ing to \u00a31m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a31m), utilise<span class=\"_ _0\"></span>d \u00a315<span class=\"_ _6\"></span>1m (20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a315<span class=\"_ _6\"></span>1m) of the Company\u2019<span class=\"_ _6\"></span>s distributable pro<span class=\"_ _6\"></span>fits.<span class=\"_ _399\"> </span>On 7 J<span class=\"_ _0\"></span>une 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and 2<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>, the C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pany c<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>elle<span class=\"_ _0\"></span>d the 5<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3m tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y shares an<span class=\"_ _0\"></span>d 52.<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m treasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res purch<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d throu<span class=\"_ _0\"></span>gh the 20<span class=\"_ _0\"></span>21 and 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 ph<span class=\"_ _0\"></span>ases of i<span class=\"_ _0\"></span>ts sh<span class=\"_ _0\"></span>are buy<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ck pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>mme res<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>ly. These c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cell<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns resulte<span class=\"_ _0\"></span>d in dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es in c<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>p share c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ital i<span class=\"_ _0\"></span>n issue tot<span class=\"_ _0\"></span>allin<span class=\"_ _0\"></span>g \u00a351<span class=\"_ _6\"></span>m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3n<span class=\"_ _0\"></span>il) an<span class=\"_ _0\"></span>d cor<span class=\"_ _0\"></span>resp<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>ing inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>es in the c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al rede<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on reser<span class=\"_ _1\"></span>ve.<span class=\"_ _399\"> </span>Categorie<span class=\"_ _0\"></span>s of financial inst<span class=\"_ _0\"></span>rument<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Loans and<span class=\"_ _6\"></span> receivables at am<span class=\"_ _6\"></span>or<span class=\"_ _0\"></span>tised co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h and deposits 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Financial liabilities at<span class=\"_ _6\"></span> amortised co<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Financial as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>through<span class=\"_ _6\"></span> OCI<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Financial as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at amortised cost<span class=\"_ _399\"> </span>2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Financial as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s at fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e through<span class=\"_ _6\"></span> P&amp;<span class=\"_ _0\"></span>L 2022<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Derivativ<span class=\"_ _6\"></span>es 20<span class=\"_ _0\"></span>22 \u00a3m<span class=\"_ _399\"> </span>Lo<span class=\"_ _0\"></span>ans a<span class=\"_ _0\"></span>nd receivables<span class=\"_ _6\"></span> at amortised co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>, ca<span class=\"_ _0\"></span>sh and deposits 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Financial liabilities at amortise<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>st 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Financial ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>t fair value<span class=\"_ _399\"> </span>through<span class=\"_ _6\"></span> OCI<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Financial ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>t amortise<span class=\"_ _0\"></span>d cost<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Financial ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue through<span class=\"_ _6\"></span> P&amp;L<span class=\"_ _399\"> </span>20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Derivatives 20<span class=\"_ _0\"></span>21 \u00a3m<span class=\"_ _399\"> </span>Financial assets<span class=\"_ _f3\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _11c\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _75\"> </span> <span class=\"_ _2e\"> </span><span class=\"ff4e\"> <span class=\"_ _75\"> </span> <span class=\"_ _82\"> </span> <span class=\"_ _9a\"> </span> <span class=\"_ _118\"> </span> <span class=\"_ _75\"> </span> </span></span>Fixed r<span class=\"_ _0\"></span>ate bon<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d treasury stock<span class=\"_ _c4\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _b0\"> </span>2<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span>Mutual fun<span class=\"_ _0\"></span>ds<span class=\"_ _2e\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _12c\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _12c\"> </span></span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span>Ot<span class=\"_ _0\"></span>her investmen<span class=\"_ _6\"></span>t assets<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>7<span class=\"_ _25\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _207\"> </span></span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>9<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span>PP<span class=\"_ _0\"></span>P fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al assets<span class=\"_ _2d3\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _c\"> </span>\u2013<span class=\"_ _b2\"> </span><span class=\"ff4d ls71 ws6b\">26<span class=\"_ _12c\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _a0\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _b0\"> </span></span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span>C<span class=\"_ _0\"></span>ash and depo<span class=\"_ _0\"></span>sits<span class=\"_ _1b\"> </span><span class=\"ff4d ls127 ws95\">1<span class=\"_ _0\"></span>,1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>9<span class=\"_ _99\"> </span></span><span class=\"ls3 ws0\">\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _c8\"> </span></span><span class=\"lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>3<span class=\"_ _207\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and other receivables<span class=\"_ _12c\"> </span><span class=\"ff4d ls143 ws12c\">1<span class=\"_ _0\"></span>,111<span class=\"_ _399\"> </span></span>\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _399\"> </span></span>\u2013<span class=\"_ _ab\"> </span><span class=\"ff4e lscc ws94\">1,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>2<span class=\"_ _207\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span>Derivatives<span class=\"_ _11\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _399\"> </span></span>\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _399\"> </span></span>1<span class=\"_ _77\"> </span><span class=\"ff4e\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _109\"> </span>\u2013<span class=\"_ _109\"> </span>\u2013<span class=\"_ _399\"> </span></span>To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1ca\"> </span><span class=\"lsaf ws9a\">2,290<span class=\"_ _c\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _b2\"> </span></span><span class=\"lsdf wsc8\">46<span class=\"_ _118\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _c0\"> </span></span></span></span>11<span class=\"_ _77\"> </span><span class=\"ls3 ws0\">1<span class=\"_ _b1\"> </span><span class=\"ff4e ls156 ws143\">2<span class=\"_ _1\"></span>,1<span class=\"_ _0\"></span>0<span class=\"_ _3b\"></span>5<span class=\"_ _207\"> </span></span><span class=\"ff4e\">\u2013<span class=\"_ _a0\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _41\"> </span></span>2<span class=\"_ _aa\"> </span>9<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span></span>Financial liabilities<span class=\"_ _183\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _2e\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _41\"> </span> <span class=\"_ _75\"> </span> <span class=\"_ _2e\"> </span><span class=\"ff4e\"> <span class=\"_ _75\"> </span> <span class=\"_ _9c\"> </span> <span class=\"_ _82\"> </span> <span class=\"_ _109\"> </span> <span class=\"_ _75\"> </span> </span></span>Bank over<span class=\"_ _6\"></span>draf<span class=\"_ _0\"></span>ts<span class=\"_ _1d8\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _ae\"> </span></span><span class=\"lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span>T<span class=\"_ _6\"></span>rad<span class=\"_ _0\"></span>e and other payables<span class=\"_ _82\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1bd\"> </span><span class=\"ff4d ls1b4 ws110\">(1,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _ae\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _1c4\"> </span><span class=\"ls38 ws37\">(<span class=\"_ _6\"></span>1<span class=\"_ _17\"></span>,463)<span class=\"_ _119\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _399\"> </span></span></span></span>Unsecured borrowings<span class=\"_ _2b\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _354\"> </span><span class=\"ff4d ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>5)<span class=\"_ _86\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _e\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>)<span class=\"_ _ae\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span>Infrastructure concessions non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse ter<span class=\"_ _0\"></span>m lo<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>s<span class=\"_ _373\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _113\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>1)<span class=\"_ _ae\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _b0\"> </span>\u2013<span class=\"_ _86\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _95\"> </span></span>\u2013<span class=\"_ _b1\"> </span><span class=\"ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _ae\"> </span></span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span></span>Derivatives<span class=\"_ _11\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _95\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _207\"> </span></span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span>To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _110\"> </span><span class=\"ff4e ls3 ws0\">\u2013<span class=\"_ _1dc\"> </span></span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _86\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1d\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _a3\"> </span><span class=\"ff4e lsf8 wse1\">(3<span class=\"_ _0\"></span>4)<span class=\"_ _52\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>91<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _af\"> </span></span></span></span><span class=\"ff4e\">\u2013<span class=\"_ _12c\"> </span>\u2013<span class=\"_ _119\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></span>Net<span class=\"_ _374\"> </span><span class=\"lsaf ws9a\">2,29<span class=\"_ _0\"></span>0<span class=\"_ _54\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _b4\"> </span><span class=\"lsdf wsc8\">46<span class=\"_ _b0\"> </span><span class=\"ls3 ws0\">9<span class=\"_ _25\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _207\"> </span></span>\u2013<span class=\"_ _ab\"> </span><span class=\"ff4e lsaa ws140\">2,0<span class=\"_ _0\"></span>71<span class=\"_ _b8\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>)<span class=\"_ _25\"> </span><span class=\"ls2d ws2b\">54<span class=\"_ _41\"> </span></span></span></span><span class=\"ff4e\">2<span class=\"_ _119\"> </span>9<span class=\"_ _b0\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></span></span></span>Current year comprehensive income/(loss) excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span> of joint<span class=\"_ _0\"></span> venture<span class=\"_ _0\"></span>s and<span class=\"_ _0\"></span> associates<span class=\"_ _117\"> </span><span class=\"ff4d lsb5 ws9f\">35<span class=\"_ _ae\"> </span><span class=\"ls8c ws8d\">(30)<span class=\"_ _b5\"> </span><span class=\"lsb4 ws87\">(6)<span class=\"_ _12c\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _aa\"> </span>6<span class=\"_ _77\"> </span>3<span class=\"_ _1d\"> </span></span></span></span></span><span class=\"ls155 ws141\">33<span class=\"_ _b2\"> </span><span class=\"lsf9 ws29\">(29)<span class=\"_ _1b3\"> </span><span class=\"ls94 ws145\">(<span class=\"_ _0\"></span>17<span class=\"_ _1\"></span>)<span class=\"_ _ae\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _aa\"> </span>9<span class=\"_ _ae\"> </span><span class=\"ls35 ws34\">27<span class=\"_ _399\"> </span></span></span></span></span></span><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:822.3093px;\">40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsaf ws9a\" style=\"left:0.0066986084px; bottom:806.0593px;\">Deriv<span class=\"_ _6\"></span>atives<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:327.59473px; bottom:791.75934px;\">Financial assets/<span class=\"_ _6\"></span>(liabilities)<span class=\"_ _1be\"> </span><span class=\"ff4e lsc6 wsad\">Financial (liabilities)/assets<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:315.07742px; bottom:765.1094px;\">Current </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:325.6398px; bottom:755.3594px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:332.41034px; bottom:745.6094px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:387.3131px; bottom:774.8594px;\">Non-<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:379.51804px; bottom:765.1094px;\">current </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:388.74088px; bottom:755.3594px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:396.19028px; bottom:745.6094px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bc ws1b1\" style=\"left:450.50272px; bottom:765.1094px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:451.8234px; bottom:755.3594px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:457.91583px; bottom:745.6094px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:513.261px; bottom:765.1094px;\">Cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.01733px; bottom:755.3594px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:745.6094px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:585.2572px; bottom:774.8594px;\">Non<span class=\"_ _0\"></span>-<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:577.1148px; bottom:765.1094px;\">cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.14703px; bottom:755.3594px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:745.6094px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls98 ws5a\" style=\"left:647.9943px; bottom:765.1094px;\">To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span> </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:755.3594px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:745.6094px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:730.2798px;\">Fue<span class=\"_ _0\"></span>l h<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s </div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:716.2502px;\">Hel<span class=\"_ _0\"></span>d for tra<span class=\"_ _0\"></span>ding a<span class=\"_ _0\"></span>t fair val<span class=\"_ _0\"></span>ue throu<span class=\"_ _0\"></span>gh inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent<span class=\"_ _18d\"> </span><span class=\"ff4d\">1<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>1<span class=\"_ _f0\"> </span></span>\u2013<span class=\"_ _139\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:702.2206px;\">Interest rate<span class=\"_ _6\"></span> swaps<span class=\"_ _69\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _b5\"> </span><span class=\"ff4e\"> <span class=\"_ _7b\"> </span> <span class=\"_ _f4\"> </span> <span class=\"_ _1f2\"> </span> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:688.191px;\">Desi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ted as c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow hed<span class=\"_ _0\"></span>ges<span class=\"_ _1a0\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _1b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _2d\"> </span>(1)<span class=\"_ _33\"> </span></span></span> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)</span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:674.1614px;\"> <span class=\"_ _2b6\"> </span><span class=\"ff4d\">1<span class=\"_ _7b\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _1f9\"> </span></span> <span class=\"_ _2e\"> </span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _2d\"> </span><span class=\"ls40 ws26\">(3)<span class=\"_ _99\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:645.56134px;\">Non-de<span class=\"_ _0\"></span>rivativ<span class=\"_ _6\"></span>e financial liabilities gross maturity<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:632.56134px;\">Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e deta<span class=\"_ _0\"></span>ils the re<span class=\"_ _0\"></span>maini<span class=\"_ _0\"></span>ng co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y for th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive fin<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le refle<span class=\"_ _0\"></span>cts t<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:619.56134px;\">undi<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unted co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al matu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es of the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g interest th<span class=\"_ _0\"></span>at will a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>rue on t<span class=\"_ _0\"></span>hose l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s except wh<span class=\"_ _0\"></span>ere the G<span class=\"_ _0\"></span>roup is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:606.56134px;\">entitl<span class=\"_ _0\"></span>ed to and i<span class=\"_ _0\"></span>ntends to rep<span class=\"_ _0\"></span>ay the li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y befo<span class=\"_ _0\"></span>re its ma<span class=\"_ _0\"></span>turit<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>. T<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt colu<span class=\"_ _0\"></span>mn repre<span class=\"_ _0\"></span>sents th<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>ssib<span class=\"_ _0\"></span>le futu<span class=\"_ _0\"></span>re cas<span class=\"_ _0\"></span>h flows i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:593.56134px;\">matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>aly<span class=\"_ _0\"></span>sis, suc<span class=\"_ _0\"></span>h as fut<span class=\"_ _0\"></span>ure interest<span class=\"_ _0\"></span>, that a<span class=\"_ _0\"></span>re not inc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d in the c<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yi<span class=\"_ _0\"></span>ng valu<span class=\"_ _0\"></span>e of the fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial li<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:570.81134px;\">Ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:297.89923px; bottom:540.26135px;\">Non-rec<span class=\"_ _0\"></span>ourse<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:324.23996px; bottom:530.51135px;\">pr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:324.23996px; bottom:520.76135px;\">fi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:333.87115px; bottom:511.01135px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:339.32047px; bottom:501.26135px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls40 ws26\" style=\"left:392.59708px; bottom:530.51135px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:368.9337px; bottom:520.76135px;\">borrowings<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:396.19028px; bottom:511.01135px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:402.72888px; bottom:501.26135px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:455.06805px; bottom:540.26135px;\">O<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:444.38712px; bottom:530.51135px;\">financial<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:441.17133px; bottom:520.76135px;\">liabilities </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75574px; bottom:511.01135px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:501.26135px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:500.89075px; bottom:550.01135px;\">T<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>al n<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n- </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls269 ws26e\" style=\"left:500.89075px; bottom:540.26135px;\">derivativ<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:506.85913px; bottom:530.51135px;\">financial<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls130 ws119\" style=\"left:503.98694px; bottom:520.76135px;\">liabilities </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:521.01733px; bottom:511.01135px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:527.52136px; bottom:501.26135px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:568.6082px; bottom:520.76135px;\">Di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:584.14703px; bottom:511.01135px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:589.81177px; bottom:501.26135px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:632.6694px; bottom:530.51135px;\">Carrying </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:644.57635px; bottom:520.76135px;\">va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:511.01135px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:653.35535px; bottom:501.26135px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:485.93176px;\">Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r<span class=\"_ _1ea\"> </span><span class=\"ff4d lsaa ws140\">(3<span class=\"_ _0\"></span>2)<span class=\"_ _86\"> </span><span class=\"ls1b4 ws110\">(17<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _b1\"> </span>(1<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span>(1,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _7b\"> </span></span></span><span class=\"ff4d\">2<span class=\"_ _c0\"> </span><span class=\"ls1b4 ws110\">(1,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:471.90228px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _375\"> </span><span class=\"ff4d lsa3 ws124\">(8)<span class=\"_ _7b\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _f9\"> </span><span class=\"lsb4 ws87\">(6<span class=\"_ _0\"></span>8)<span class=\"_ _9a\"> </span></span>(76)<span class=\"_ _16f\"> </span>\u2013<span class=\"_ _40\"> </span>(76)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:457.87268px;\">Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _33d\"> </span><span class=\"ff4d\">(2<span class=\"_ _0\"></span>6)<span class=\"_ _fd\"> </span><span class=\"ls28 ws24\">(70)<span class=\"_ _fd\"> </span><span class=\"lsaa ws140\">(6<span class=\"_ _0\"></span>2)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(15<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _16f\"> </span></span></span></span>1<span class=\"_ _b0\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>7)<span class=\"_ _399\"> </span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:443.84308px;\">Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _34\"> </span><span class=\"ff4d ls20 ws88\">(3<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>5)<span class=\"_ _119\"> </span><span class=\"ls1b4 ws110\">(10<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _95\"> </span></span>(<span class=\"_ _0\"></span>5)<span class=\"_ _aa\"> </span><span class=\"ls9a ws8b\">(4<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2)<span class=\"_ _41\"> </span><span class=\"ls7b ws13c\">18<span class=\"_ _0\"></span>7<span class=\"_ _41\"> </span></span></span>(3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5)</span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:429.81348px;\"> <span class=\"_ _323\"> </span><span class=\"ff4d ls1ad ws1a1\">(<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>51)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>5)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1,<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _c8\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4)<span class=\"_ _41\"> </span>19<span class=\"_ _1\"></span>0<span class=\"_ _ce\"> </span>(2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.0066986084px; bottom:415.78387px;\">Discou<span class=\"_ _6\"></span>nt<span class=\"_ _9\"> </span><span class=\"ff4d ls9c ws91\">19<span class=\"_ _0\"></span>0<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _82\"> </span></span>190<span class=\"_ _89\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _1f2\"> </span> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:401.75427px;\">Carrying v<span class=\"_ _6\"></span>alue<span class=\"_ _2db\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>61)<span class=\"_ _aa\"> </span><span class=\"ls20 ws88\">(3<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>5)<span class=\"_ _ab\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>)<span class=\"_ _c8\"> </span><span class=\"ls9c ws91\">(2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>24<span class=\"_ _0\"></span>4)<span class=\"_ _16f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _f4\"> </span> </span></span></span></span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:303.17554px; bottom:366.6543px;\">Non<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>recourse<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:327.59473px; bottom:356.9043px;\">pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:325.6398px; bottom:347.1543px;\">finance </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:333.87115px; bottom:337.4043px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:340.7922px; bottom:327.6543px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:394.25485px; bottom:356.9043px;\">Other<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsa9 ws23\" style=\"left:374.57376px; bottom:347.1543px;\">borrowing<span class=\"_ _6\"></span>s </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:396.19028px; bottom:337.4043px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:402.72888px; bottom:327.6543px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:456.21323px; bottom:366.6543px;\">Other </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:447.54288px; bottom:356.9043px;\">financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:446.35px; bottom:347.1543px;\">liabilities </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75574px; bottom:337.4043px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:465.3374px; bottom:327.6543px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:503.98694px; bottom:376.4043px;\">Total no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>- </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:505.49908px; bottom:366.6543px;\">derivative<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsc6 wsad\" style=\"left:510.73157px; bottom:356.9043px;\">financial<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls10d wsd1\" style=\"left:508.1078px; bottom:347.1543px;\">liabilities </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.01733px; bottom:337.4043px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:327.6543px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls15b ws149\" style=\"left:569.8587px; bottom:347.1543px;\">Discoun<span class=\"_ _6\"></span>t </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.14703px; bottom:337.4043px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:327.6543px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:634.7897px; bottom:356.9043px;\">Ca<span class=\"_ _0\"></span>rr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:347.1543px;\">val<span class=\"_ _0\"></span>ue </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:646.3632px; bottom:337.4043px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:327.6543px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:312.32468px;\">Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r<span class=\"_ _376\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _25\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span>(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _1b\"> </span></span>1<span class=\"_ _25\"> </span><span class=\"lscc ws94\">(1,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:298.29507px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _18c\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>3)<span class=\"_ _86\"> </span><span class=\"lsfb ws13a\">(15<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _9a\"> </span><span class=\"lsf8 wse1\">(4<span class=\"_ _1\"></span>4)<span class=\"_ _aa\"> </span><span class=\"lsf9 ws29\">(232)<span class=\"_ _16f\"> </span></span></span></span></span>1<span class=\"_ _b0\"> </span><span class=\"lsf9 ws29\">(231<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:284.26547px;\">Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _342\"> </span><span class=\"ls2c ws9d\">(<span class=\"_ _0\"></span>24)<span class=\"_ _9c\"> </span><span class=\"ls87 ws7e\">(37)<span class=\"_ _fd\"> </span><span class=\"lsae ws99\">(5<span class=\"_ _0\"></span>9)<span class=\"_ _86\"> </span><span class=\"ls50 ws4d\">(<span class=\"_ _0\"></span>12<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>)<span class=\"_ _1b\"> </span></span></span></span></span>1<span class=\"_ _dc\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:270.2359px;\">Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _212\"> </span><span class=\"ls40 ws26\">(3<span class=\"_ _0\"></span>93)<span class=\"_ _1b\"> </span></span>\u2013<span class=\"_ _58\"> </span><span class=\"lsaf ws9a\">(6)<span class=\"_ _aa\"> </span><span class=\"lsae ws99\">(399)<span class=\"_ _b0\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>3<span class=\"_ _118\"> </span><span class=\"ls71 ws6b\">(20<span class=\"_ _0\"></span>6)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls39 ws38\" style=\"left:330.78885px; bottom:256.2063px;\">(456<span class=\"_ _6\"></span>)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls38 ws37\">(<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>,463<span class=\"_ _6\"></span>)<span class=\"_ _25\"> </span><span class=\"ls158 ws146\">(<span class=\"_ _1\"></span>2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>)<span class=\"_ _1d\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _0\"></span>6<span class=\"_ _113\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>91<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls73 ws6d\" style=\"left:0.0066986084px; bottom:242.1767px;\">Discou<span class=\"_ _6\"></span>nt<span class=\"_ _9\"> </span><span class=\"lsfc ws18f\">19<span class=\"_ _1\"></span>6<span class=\"_ _139\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _82\"> </span></span>19<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsf9 ws29\" style=\"left:0.0066986084px; bottom:228.1471px;\">Carrying v<span class=\"_ _6\"></span>alue<span class=\"_ _d6\"> </span><span class=\"ff4e ls73 ws6d\">(26<span class=\"_ _0\"></span>0)<span class=\"_ _86\"> </span><span class=\"lsfc ws18f\">(19<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>)<span class=\"_ _1b3\"> </span><span class=\"ls38 ws37\">(<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>,463<span class=\"_ _6\"></span>)<span class=\"_ _10f\"> </span><span class=\"lscc ws94\">(<span class=\"_ _0\"></span>1,<span class=\"_ _1\"></span>9<span class=\"_ _0\"></span>15<span class=\"_ _0\"></span>)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:0.0066986084px; bottom:199.54709px;\">Derivativ<span class=\"_ _6\"></span>e financial liabilities gross maturity<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:186.54709px;\">Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e deta<span class=\"_ _0\"></span>ils the G<span class=\"_ _0\"></span>roup\u2019s expec<span class=\"_ _0\"></span>ted m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y for its d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l liab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e reflec<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>e undi<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unted net c<span class=\"_ _0\"></span>ash </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:173.54709px;\">inflows<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(out<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ows) on th<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive inst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ents th<span class=\"_ _0\"></span>at set<span class=\"_ _0\"></span>tle o<span class=\"_ _0\"></span>n a net bas<span class=\"_ _0\"></span>is (interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>ps) and u<span class=\"_ _0\"></span>ndis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nted gros<span class=\"_ _0\"></span>s inflows<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>(out<span class=\"_ _0\"></span>fl<span class=\"_ _0\"></span>ows) for </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:160.54709px;\">thos<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ivati<span class=\"_ _0\"></span>ves th<span class=\"_ _0\"></span>at are set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d on a gro<span class=\"_ _0\"></span>ss ba<span class=\"_ _0\"></span>sis (forei<span class=\"_ _0\"></span>gn exchan<span class=\"_ _0\"></span>ge co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>cts). W<span class=\"_ _0\"></span>hen th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt paya<span class=\"_ _0\"></span>ble o<span class=\"_ _0\"></span>r rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble is n<span class=\"_ _0\"></span>ot fixed<span class=\"_ _0\"></span>, the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:147.54709px;\">amou<span class=\"_ _0\"></span>nt disc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d has b<span class=\"_ _0\"></span>een d<span class=\"_ _0\"></span>etermi<span class=\"_ _0\"></span>ned by referen<span class=\"_ _0\"></span>ce to the p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>ted interest r<span class=\"_ _0\"></span>ates, u<span class=\"_ _0\"></span>sing th<span class=\"_ _0\"></span>e yiel<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s at the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing d<span class=\"_ _0\"></span>ate.<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:124.79709px;\">Ma<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y pr<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>f t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up<span class=\"_ _0\"></span>\u2019s de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s at 31 De<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:321.15363px; bottom:94.2471px;\">Pay<span class=\"_ _6\"></span>able </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:333.87115px; bottom:84.4971px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:339.32047px; bottom:74.747086px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:372.3696px; bottom:94.2471px;\">Receivable </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:396.19028px; bottom:84.4971px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:402.72888px; bottom:74.747086px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:462.29697px; bottom:103.9971px;\">Ne<span class=\"_ _0\"></span>t </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 lsaf ws9a\" style=\"left:446.35px; bottom:94.2471px;\">payable<span class=\"_ _6\"></span> </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls3 ws0\" style=\"left:459.75574px; bottom:84.4971px;\">20<span class=\"_ _0\"></span>22 </div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls13b ws122\" style=\"left:465.3374px; bottom:74.747086px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:512.0268px; bottom:94.2471px;\">Pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:521.01733px; bottom:84.4971px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:527.52136px; bottom:74.747086px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13b ws122\" style=\"left:563.1299px; bottom:94.2471px;\">Receivable </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:584.14703px; bottom:84.4971px;\">20<span class=\"_ _0\"></span>21 </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:591.08276px; bottom:74.747086px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:652.2869px; bottom:103.9971px;\">Net </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:636.94183px; bottom:94.2471px;\">pay<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le </div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls13a ws121\" style=\"left:646.3632px; bottom:84.4971px;\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls87 ws7e\" style=\"left:653.35535px; bottom:74.747086px;\">\u00a3m<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:59.417618px;\">Due o<span class=\"_ _0\"></span>n dem<span class=\"_ _0\"></span>and or w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n one yea<span class=\"_ _0\"></span>r<span class=\"_ _143\"> </span><span class=\"ff4d ls143 ws12c\">(11)<span class=\"_ _75\"> </span>11<span class=\"_ _7f\"> </span></span><span class=\"ff4d\">\u2013<span class=\"_ _40\"> </span></span><span class=\"ls73 ws6d\">(26)<span class=\"_ _40\"> </span><span class=\"ls3c ws3a\">25<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:45.388016px;\">Due w<span class=\"_ _0\"></span>ithin o<span class=\"_ _0\"></span>ne to t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s<span class=\"_ _375\"> </span><span class=\"ff4d ls20 ws88\">(5)<span class=\"_ _16f\"> </span></span><span class=\"ff4d\">5<span class=\"_ _89\"> </span>\u2013<span class=\"_ _16f\"> </span></span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>2)<span class=\"_ _16f\"> </span></span>1<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:31.358414px;\">Due w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>o to five year<span class=\"_ _0\"></span>s<span class=\"_ _178\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _58\"> </span></span><span class=\"lsaf ws9a\">(6)<span class=\"_ _7b\"> </span></span>4<span class=\"_ _16f\"> </span><span class=\"lsf8 wse1\">(2)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:16.722626px;\">Due af<span class=\"_ _0\"></span>ter m<span class=\"_ _0\"></span>ore tha<span class=\"_ _0\"></span>n five ye<span class=\"_ _0\"></span>ars<span class=\"_ _33d\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _89\"> </span>\u2013<span class=\"_ _76\"> </span></span><span class=\"ls1b4 ws110\">(1)<span class=\"_ _76\"> </span></span>\u2013<span class=\"_ _1b\"> </span><span class=\"ls1b4 ws110\">(<span class=\"_ _0\"></span>1)<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls143 ws12c\" style=\"left:0.0066986084px; bottom:2.6930237px;\">To<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _21b\"> </span><span class=\"ls1b4 ws110\">(1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>)<span class=\"_ _c4\"> </span><span class=\"ls7b ws13c\">16<span class=\"_ _89\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _40\"> </span><span class=\"ff4e lsa9 ws23\">(35)<span class=\"_ _40\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _11c\"> </span></span>(<span class=\"_ _0\"></span>5)<span class=\"_ _399\"> </span></span></span></span></span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:846.2558px;\">40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.009376526px; bottom:830.0058px;\">Financial risk factors<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:817.0058px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies exp<span class=\"_ _0\"></span>ose it to a va<span class=\"_ _0\"></span>riet<span class=\"_ _0\"></span>y of fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks: ma<span class=\"_ _0\"></span>rket risk; c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t risk; a<span class=\"_ _0\"></span>nd liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up\u2019s financi<span class=\"_ _0\"></span>al risk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:804.0058px;\">strate<span class=\"_ _0\"></span>gy s<span class=\"_ _0\"></span>eeks to mini<span class=\"_ _0\"></span>mise the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al ad<span class=\"_ _0\"></span>verse ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of thes<span class=\"_ _0\"></span>e risks o<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s financ<span class=\"_ _0\"></span>ial pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>e.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:784.5058px;\">Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al risk m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent is c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>ied ou<span class=\"_ _0\"></span>t centr<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y by Grou<span class=\"_ _0\"></span>p T<span class=\"_ _6\"></span>reasu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y und<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>ies ap<span class=\"_ _0\"></span>proved b<span class=\"_ _0\"></span>y the Bo<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>. Grou<span class=\"_ _0\"></span>p T<span class=\"_ _6\"></span>reasur<span class=\"_ _1\"></span>y liais<span class=\"_ _0\"></span>es wit<span class=\"_ _0\"></span>h the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.009376526px; bottom:771.5058px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss unit<span class=\"_ _0\"></span>s to ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>y, evaluate and he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al risks<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Bo<span class=\"_ _0\"></span>ard prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s wri<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ten prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>les for ove<span class=\"_ _0\"></span>rall fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isk man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>, </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:758.5058px;\">as well as w<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>ten p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies c<span class=\"_ _0\"></span>overi<span class=\"_ _0\"></span>ng sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic are<span class=\"_ _0\"></span>as, suc<span class=\"_ _0\"></span>h as foreig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge risk<span class=\"_ _0\"></span>, interes<span class=\"_ _0\"></span>t rate risk<span class=\"_ _0\"></span>, c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>, use of d<span class=\"_ _0\"></span>eriv<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:745.5058px;\">instr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s and n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>der<span class=\"_ _0\"></span>ivati<span class=\"_ _0\"></span>ve fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nts, a<span class=\"_ _0\"></span>nd the inves<span class=\"_ _0\"></span>tment of exce<span class=\"_ _0\"></span>ss liq<span class=\"_ _0\"></span>uidi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies a<span class=\"_ _0\"></span>nd exp<span class=\"_ _0\"></span>osure lim<span class=\"_ _0\"></span>its is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:732.5058px;\">moni<span class=\"_ _0\"></span>tored thro<span class=\"_ _0\"></span>ugh th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s i<span class=\"_ _0\"></span>nternal a<span class=\"_ _0\"></span>udit a<span class=\"_ _0\"></span>nd ris<span class=\"_ _0\"></span>k mana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent pro<span class=\"_ _0\"></span>ced<span class=\"_ _0\"></span>ures. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup u<span class=\"_ _0\"></span>ses de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial in<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ments to h<span class=\"_ _0\"></span>edg<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:719.5058px;\">cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain r<span class=\"_ _0\"></span>isk exp<span class=\"_ _0\"></span>osures. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not tra<span class=\"_ _0\"></span>de in fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial in<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ments<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, for spe<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:696.7558px;\">(a<span class=\"_ _6\"></span>) M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:683.7558px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies exp<span class=\"_ _0\"></span>ose it p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>aril<span class=\"_ _0\"></span>y to the fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial r<span class=\"_ _0\"></span>isks of ch<span class=\"_ _0\"></span>ange<span class=\"_ _0\"></span>s in foreig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>rency exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rates an<span class=\"_ _0\"></span>d interest rates<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p enters </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8c ws0\" style=\"left:0.009376526px; bottom:670.7558px;\">into a variet<span class=\"_ _1\"></span>y of deri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l instr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s to man<span class=\"_ _0\"></span>age i<span class=\"_ _0\"></span>ts exp<span class=\"_ _0\"></span>osure to interest r<span class=\"_ _0\"></span>ate and forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y risk<span class=\"_ _0\"></span>, inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>ing:</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.827652px; bottom:651.2558px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls1f\">for<span class=\"_ _0\"></span>ward fo<span class=\"_ _0\"></span>reign excha<span class=\"_ _0\"></span>nge c<span class=\"_ _0\"></span>ontra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s to hed<span class=\"_ _0\"></span>ge the exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate risk a<span class=\"_ _0\"></span>risin<span class=\"_ _0\"></span>g on tr<span class=\"_ _0\"></span>adin<span class=\"_ _0\"></span>g act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>acte<span class=\"_ _0\"></span>d in a cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y that is n<span class=\"_ _0\"></span>ot the fun<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls1f ws0\" style=\"left:11.050667px; bottom:638.2558px;\">cur<span class=\"_ _0\"></span>rency of t<span class=\"_ _0\"></span>he bus<span class=\"_ _0\"></span>iness u<span class=\"_ _0\"></span>nit; a<span class=\"_ _0\"></span>nd</div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:5.827652px; bottom:618.7558px;\"> <span class=\"_ _1f3\"></span>\u00bb<span class=\"_ _4d\"> </span><span class=\"ls1f\">interest rate sw<span class=\"_ _0\"></span>aps to mi<span class=\"_ _0\"></span>tig<span class=\"_ _0\"></span>ate the c<span class=\"_ _0\"></span>ash flo<span class=\"_ _0\"></span>w vari<span class=\"_ _0\"></span>abil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y in no<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>our<span class=\"_ _0\"></span>se proje<span class=\"_ _0\"></span>ct f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce lo<span class=\"_ _0\"></span>ans ar<span class=\"_ _0\"></span>ising f<span class=\"_ _0\"></span>rom var<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>le interest r<span class=\"_ _0\"></span>ates on b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:599.2558px;\">Th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o materi<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the Grou<span class=\"_ _0\"></span>p\u2019s e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to market ris<span class=\"_ _0\"></span>ks and th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o chan<span class=\"_ _0\"></span>ge in h<span class=\"_ _0\"></span>ow the G<span class=\"_ _0\"></span>roup ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>es tho<span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.009376526px; bottom:586.2558px;\">risks since 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.009376526px; bottom:563.5058px;\">(i) F<span class=\"_ _0\"></span>oreig<span class=\"_ _0\"></span>n cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y risk ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:550.5058px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p ope<span class=\"_ _0\"></span>rates inter<span class=\"_ _0\"></span>nati<span class=\"_ _0\"></span>onal<span class=\"_ _0\"></span>ly an<span class=\"_ _0\"></span>d is expo<span class=\"_ _0\"></span>sed to forei<span class=\"_ _0\"></span>gn exchan<span class=\"_ _0\"></span>ge ri<span class=\"_ _0\"></span>sk arisi<span class=\"_ _0\"></span>ng from ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re to vario<span class=\"_ _0\"></span>us cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>ies, p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>aril<span class=\"_ _0\"></span>y to US do<span class=\"_ _0\"></span>llar<span class=\"_ _0\"></span>s, euro<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsaa ws34\" style=\"left:0.009376526px; bottom:537.5058px;\">and Hong Kong<span class=\"_ _6\"></span> dollars. Foreign e<span class=\"_ _6\"></span>xchange risk<span class=\"_ _6\"></span> arises from f<span class=\"_ _6\"></span>uture trading<span class=\"_ _6\"></span> transactions, assets and<span class=\"_ _6\"></span> liabilities and<span class=\"_ _6\"></span> net inv<span class=\"_ _6\"></span>estments in f<span class=\"_ _6\"></span>oreign operations.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:518.0058px;\">Grou<span class=\"_ _0\"></span>p pol<span class=\"_ _0\"></span>icy re<span class=\"_ _0\"></span>quires b<span class=\"_ _0\"></span>usine<span class=\"_ _0\"></span>ss uni<span class=\"_ _0\"></span>ts to man<span class=\"_ _0\"></span>age t<span class=\"_ _0\"></span>heir tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l foreign exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e risk ag<span class=\"_ _0\"></span>ains<span class=\"_ _0\"></span>t their f<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>al cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>. W<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>never a cur<span class=\"_ _0\"></span>rent or<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:505.0058px;\">future forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>osure is id<span class=\"_ _0\"></span>entif<span class=\"_ _0\"></span>ied w<span class=\"_ _0\"></span>ith suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt reliab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y, Group T<span class=\"_ _6\"></span>rea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>y enter<span class=\"_ _0\"></span>s into for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts on b<span class=\"_ _0\"></span>eha<span class=\"_ _0\"></span>lf of busi<span class=\"_ _0\"></span>ness u<span class=\"_ _0\"></span>nits to<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:492.0058px;\">cover 10<span class=\"_ _0\"></span>0% of foreig<span class=\"_ _0\"></span>n exchang<span class=\"_ _0\"></span>e risk a<span class=\"_ _0\"></span>bove m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y level<span class=\"_ _0\"></span>s determ<span class=\"_ _0\"></span>ined b<span class=\"_ _0\"></span>y the Chi<span class=\"_ _0\"></span>ef Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al O<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:472.5058px;\">As a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e notio<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al amo<span class=\"_ _0\"></span>unts of foreig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct of forei<span class=\"_ _0\"></span>gn cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y tran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns whe<span class=\"_ _0\"></span>re hed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:459.5058px;\">acc<span class=\"_ _0\"></span>ounti<span class=\"_ _0\"></span>ng is not a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lied wa<span class=\"_ _0\"></span>s \u00a316m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>31<span class=\"_ _6\"></span>m) rec<span class=\"_ _0\"></span>eiva<span class=\"_ _0\"></span>ble an<span class=\"_ _0\"></span>d \u00a316m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>31<span class=\"_ _6\"></span>m) pa<span class=\"_ _0\"></span>yabl<span class=\"_ _0\"></span>e wit<span class=\"_ _0\"></span>h related c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to oc<span class=\"_ _0\"></span>cur w<span class=\"_ _0\"></span>ithin t<span class=\"_ _0\"></span>hree<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:446.5058px;\">years (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: t<span class=\"_ _0\"></span>hree year<span class=\"_ _0\"></span>s). The fore<span class=\"_ _0\"></span>ign exchan<span class=\"_ _0\"></span>ge g<span class=\"_ _0\"></span>ains o<span class=\"_ _0\"></span>r loss<span class=\"_ _0\"></span>es resul<span class=\"_ _0\"></span>ting fro<span class=\"_ _0\"></span>m fair va<span class=\"_ _0\"></span>luing th<span class=\"_ _0\"></span>ese un<span class=\"_ _0\"></span>hed<span class=\"_ _0\"></span>ged fo<span class=\"_ _0\"></span>reign excha<span class=\"_ _0\"></span>nge c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s will a<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ct the<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws85\" style=\"left:0.009376526px; bottom:433.5058px;\">income statemen<span class=\"_ _6\"></span>t throughout the same<span class=\"_ _6\"></span> p<span class=\"_ _0\"></span>eriods.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:414.0058px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has not d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>nated a<span class=\"_ _0\"></span>ny for<span class=\"_ _0\"></span>ward exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts as c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow hed<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in 20<span class=\"_ _0\"></span>21 and 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:394.5058px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s inves<span class=\"_ _0\"></span>tment<span class=\"_ _0\"></span>s in foreig<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ons are exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to foreign c<span class=\"_ _0\"></span>urren<span class=\"_ _0\"></span>cy tr<span class=\"_ _0\"></span>ansl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n risks. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not enter into for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd foreign<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:381.5058px;\">exchang<span class=\"_ _0\"></span>e or othe<span class=\"_ _0\"></span>r der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts to he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e foreign c<span class=\"_ _0\"></span>urren<span class=\"_ _0\"></span>cy d<span class=\"_ _0\"></span>enom<span class=\"_ _0\"></span>inated n<span class=\"_ _0\"></span>et asset<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:362.0058px;\">In Jun<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 the G<span class=\"_ _0\"></span>roup ra<span class=\"_ _0\"></span>ised U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>$158<span class=\"_ _0\"></span>m of de<span class=\"_ _0\"></span>bt in the for<span class=\"_ _0\"></span>m of new U<span class=\"_ _0\"></span>S pri<span class=\"_ _0\"></span>vate pla<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ent (U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>) notes on ter<span class=\"_ _0\"></span>ms and c<span class=\"_ _0\"></span>ond<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>ons mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>ly the s<span class=\"_ _0\"></span>ame<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:349.00583px;\">as the exi<span class=\"_ _0\"></span>sting U<span class=\"_ _0\"></span>SP<span class=\"_ _0\"></span>P notes r<span class=\"_ _0\"></span>aise<span class=\"_ _0\"></span>d in 2013, of whi<span class=\"_ _0\"></span>ch US<span class=\"_ _0\"></span>$<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m remain<span class=\"_ _0\"></span>ed ou<span class=\"_ _0\"></span>tst<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2. Th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>PP n<span class=\"_ _0\"></span>otes are desi<span class=\"_ _0\"></span>gna<span class=\"_ _0\"></span>ted as a net<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:336.00583px;\">investm<span class=\"_ _0\"></span>ent hed<span class=\"_ _0\"></span>ge a<span class=\"_ _0\"></span>gain<span class=\"_ _0\"></span>st ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es in the v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s U<span class=\"_ _0\"></span>S net ass<span class=\"_ _0\"></span>ets due to exch<span class=\"_ _0\"></span>ange m<span class=\"_ _0\"></span>ovement<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he Gro<span class=\"_ _0\"></span>up rea<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>sed th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>$<span class=\"_ _1\"></span>4<span class=\"_ _6\"></span>17<span class=\"_ _6\"></span>m<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:323.00583px;\">hed<span class=\"_ _0\"></span>ge at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>lude<span class=\"_ _0\"></span>d tha<span class=\"_ _0\"></span>t the he<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e conti<span class=\"_ _0\"></span>nued to b<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fecti<span class=\"_ _0\"></span>ve. E<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge move<span class=\"_ _0\"></span>ments in t<span class=\"_ _0\"></span>he year tot<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d \u00a3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _1\"></span>3m). </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:310.00583px;\"><span class=\"_ _399\">A 5% increase</span><span class=\"_ _0\"></span>/de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>ase in th<span class=\"_ _0\"></span>e US do<span class=\"_ _0\"></span>llar to ste<span class=\"_ _0\"></span>rling exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate woul<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>d to a \u00a316m de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _0\"></span>18m inc<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>10m) in th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:297.00583px;\">ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing am<span class=\"_ _0\"></span>ount of th<span class=\"_ _0\"></span>e liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>n the Gro<span class=\"_ _0\"></span>up\u2019s balanc<span class=\"_ _0\"></span>e she<span class=\"_ _0\"></span>et, wi<span class=\"_ _0\"></span>th the m<span class=\"_ _0\"></span>ovement re<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in othe<span class=\"_ _0\"></span>r com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:277.50583px;\">Th<span class=\"_ _0\"></span>e hed<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g pol<span class=\"_ _0\"></span>icy is rev<span class=\"_ _0\"></span>iewed p<span class=\"_ _0\"></span>erio<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span>ly. At the repor<span class=\"_ _1\"></span>ting d<span class=\"_ _0\"></span>ate there ha<span class=\"_ _0\"></span>d bee<span class=\"_ _0\"></span>n no ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the he<span class=\"_ _0\"></span>dgin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>y sinc<span class=\"_ _0\"></span>e 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.009376526px; bottom:254.75583px;\">(ii) Inter<span class=\"_ _6\"></span>est rate risk management<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:241.75583px;\">Interest ra<span class=\"_ _0\"></span>te risk ar<span class=\"_ _0\"></span>ises in th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nies wh<span class=\"_ _0\"></span>ich b<span class=\"_ _0\"></span>orrow f<span class=\"_ _0\"></span>unds a<span class=\"_ _0\"></span>t both fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing an<span class=\"_ _0\"></span>d fixed interes<span class=\"_ _0\"></span>t rates an<span class=\"_ _0\"></span>d hol<span class=\"_ _0\"></span>d fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:228.75583px;\">asset<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sured at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e throug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I. Fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing ra<span class=\"_ _0\"></span>te bor<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose th<span class=\"_ _0\"></span>e Group to c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low interest r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy to ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:215.75583px;\">this ri<span class=\"_ _0\"></span>sk is to swap fl<span class=\"_ _0\"></span>oat<span class=\"_ _0\"></span>ing rate intere<span class=\"_ _0\"></span>st to fixed r<span class=\"_ _0\"></span>ate, using i<span class=\"_ _0\"></span>nterest rate swa<span class=\"_ _0\"></span>p co<span class=\"_ _0\"></span>ntrac<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:197.55582px;\">In an interes<span class=\"_ _0\"></span>t rate swa<span class=\"_ _0\"></span>p, the Gro<span class=\"_ _0\"></span>up ag<span class=\"_ _0\"></span>rees to exchan<span class=\"_ _0\"></span>ge the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ferenc<span class=\"_ _0\"></span>e bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n fixed an<span class=\"_ _0\"></span>d flo<span class=\"_ _0\"></span>ating r<span class=\"_ _0\"></span>ate interest am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>s cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d notio<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:184.55582px;\">prin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al am<span class=\"_ _0\"></span>ounts<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net ef<span class=\"_ _0\"></span>fect of a m<span class=\"_ _0\"></span>ovement i<span class=\"_ _0\"></span>n interest rates o<span class=\"_ _0\"></span>n inc<span class=\"_ _0\"></span>ome wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e imma<span class=\"_ _0\"></span>terial<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:171.55582px;\">by disc<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing the f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows usin<span class=\"_ _0\"></span>g the y<span class=\"_ _0\"></span>ield c<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ve at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:153.35583px;\">Dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>, th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse p<span class=\"_ _0\"></span>rojec<span class=\"_ _0\"></span>t subs<span class=\"_ _0\"></span>idia<span class=\"_ _0\"></span>ries\u2019 b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s at var<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>le rates of i<span class=\"_ _0\"></span>nterest were de<span class=\"_ _0\"></span>nomi<span class=\"_ _0\"></span>nated in s<span class=\"_ _0\"></span>terlin<span class=\"_ _0\"></span>g.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:135.15582px;\">Th<span class=\"_ _0\"></span>e notio<span class=\"_ _0\"></span>nal pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l amou<span class=\"_ _0\"></span>nts of the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ies\u2019 interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g at 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>ber 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2 tot<span class=\"_ _0\"></span>alle<span class=\"_ _0\"></span>d \u00a31<span class=\"_ _6\"></span>7m (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a317<span class=\"_ _6\"></span>m) w<span class=\"_ _0\"></span>ith m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>ities<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:122.15582px;\">that m<span class=\"_ _0\"></span>atch the m<span class=\"_ _0\"></span>atur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of the u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>ing b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowing<span class=\"_ _0\"></span>s of 9 year<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:103.955826px;\">At 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2, t<span class=\"_ _0\"></span>he fixed i<span class=\"_ _0\"></span>nterest rate wa<span class=\"_ _0\"></span>s 5.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>% (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: 5.<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>%) and the pr<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>l flo<span class=\"_ _0\"></span>ating r<span class=\"_ _0\"></span>ates are LI<span class=\"_ _0\"></span>BO<span class=\"_ _0\"></span>R plus a f<span class=\"_ _0\"></span>ixed ma<span class=\"_ _0\"></span>rgin. I<span class=\"_ _0\"></span>n 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2, the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:90.955826px;\">repl<span class=\"_ _0\"></span>ace<span class=\"_ _0\"></span>d LI<span class=\"_ _0\"></span>BOR w<span class=\"_ _0\"></span>ith S<span class=\"_ _0\"></span>ON<span class=\"_ _0\"></span>I<span class=\"_ _0\"></span>A plu<span class=\"_ _0\"></span>s a cred<span class=\"_ _0\"></span>it adj<span class=\"_ _0\"></span>ustm<span class=\"_ _0\"></span>ent spre<span class=\"_ _0\"></span>ad. N<span class=\"_ _0\"></span>o ma<span class=\"_ _0\"></span>terial i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ct aro<span class=\"_ _0\"></span>se from th<span class=\"_ _0\"></span>is tran<span class=\"_ _0\"></span>sitio<span class=\"_ _0\"></span>n.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:72.75583px;\">A 5<span class=\"_ _0\"></span>0 basi<span class=\"_ _0\"></span>s poi<span class=\"_ _0\"></span>nt incre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>/dec<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e in the interes<span class=\"_ _0\"></span>t rate on fl<span class=\"_ _0\"></span>oati<span class=\"_ _0\"></span>ng rate b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s for interest ra<span class=\"_ _0\"></span>te swaps w<span class=\"_ _0\"></span>ould l<span class=\"_ _0\"></span>ead to a \u00a3n<span class=\"_ _0\"></span>il incre<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _0\"></span>nil<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:59.75583px;\">dec<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>021<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m) i<span class=\"_ _0\"></span>n amou<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>aken direc<span class=\"_ _0\"></span>tly to oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensive i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me by th<span class=\"_ _0\"></span>e Group i<span class=\"_ _0\"></span>n relati<span class=\"_ _0\"></span>on to the G<span class=\"_ _0\"></span>roup\u2019s exposure to interes<span class=\"_ _0\"></span>t rates on<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:46.75583px;\">the P<span class=\"_ _0\"></span>PP fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial a<span class=\"_ _0\"></span>ssets a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash flow h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges of it<span class=\"_ _0\"></span>s Infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uctu<span class=\"_ _0\"></span>re Investm<span class=\"_ _0\"></span>ents su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:28.555832px;\">Interest ra<span class=\"_ _0\"></span>te risk als<span class=\"_ _0\"></span>o aris<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e Group\u2019s cash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash eq<span class=\"_ _0\"></span>uiv<span class=\"_ _0\"></span>alent<span class=\"_ _0\"></span>s, term d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s and oth<span class=\"_ _0\"></span>er bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e maj<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>y of t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>bt of the G<span class=\"_ _0\"></span>roup is<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:15.555832px;\">held a<span class=\"_ _0\"></span>t fixed interes<span class=\"_ _0\"></span>t rates. A 5<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>asis p<span class=\"_ _0\"></span>oint i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase/<span class=\"_ _0\"></span>dec<span class=\"_ _0\"></span>rease i<span class=\"_ _0\"></span>n the interest r<span class=\"_ _0\"></span>ate of eac<span class=\"_ _0\"></span>h cur<span class=\"_ _0\"></span>renc<span class=\"_ _0\"></span>y in whic<span class=\"_ _0\"></span>h the<span class=\"_ _0\"></span>se fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al inst<span class=\"_ _0\"></span>rume<span class=\"_ _0\"></span>nts are he<span class=\"_ _0\"></span>ld </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lse ws0\" style=\"left:0.009376526px; bottom:2.555832px;\">would l<span class=\"_ _0\"></span>ead to a \u00a3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>m de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5m)<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>\u00a3<span class=\"_ _0\"></span>6m in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>5m) in t<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p\u2019s net financ<span class=\"_ _0\"></span>e cos<span class=\"_ _0\"></span>t.<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:921.6464px;\">40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:0.0066986084px; bottom:905.3964px;\">Financial risk factors<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:889.1464px;\">(a<span class=\"_ _6\"></span>) M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>inue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:872.8964px;\">(iii) Price<span class=\"_ _6\"></span> risk management<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:859.8964px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s p<span class=\"_ _0\"></span>rinc<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>al pri<span class=\"_ _0\"></span>ce ris<span class=\"_ _0\"></span>k expo<span class=\"_ _0\"></span>sure aris<span class=\"_ _0\"></span>es in it<span class=\"_ _0\"></span>s Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Investme<span class=\"_ _0\"></span>nts co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>ns. At th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>menc<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt of the co<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>ssio<span class=\"_ _0\"></span>n, an </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:846.8964px;\">elem<span class=\"_ _0\"></span>ent of the un<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y pay<span class=\"_ _0\"></span>ment b<span class=\"_ _0\"></span>y the cus<span class=\"_ _0\"></span>tomer is i<span class=\"_ _0\"></span>ndexed to of<span class=\"_ _0\"></span>fset th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fect of infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on the c<span class=\"_ _0\"></span>onc<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ion\u2019s costs. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Group i<span class=\"_ _0\"></span>s expo<span class=\"_ _0\"></span>sed to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:833.8964px;\">pri<span class=\"_ _0\"></span>ce risk to th<span class=\"_ _0\"></span>e extent t<span class=\"_ _0\"></span>hat infl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n dif<span class=\"_ _0\"></span>fers f<span class=\"_ _0\"></span>rom the in<span class=\"_ _0\"></span>dex use<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:812.4465px;\">(b) Cre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>sk<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:799.4465px;\">Cred<span class=\"_ _0\"></span>it risk is t<span class=\"_ _0\"></span>he risk t<span class=\"_ _0\"></span>hat a c<span class=\"_ _0\"></span>ounter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y will def<span class=\"_ _0\"></span>ault on i<span class=\"_ _0\"></span>ts co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ation<span class=\"_ _0\"></span>s, result<span class=\"_ _0\"></span>ing in fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>. Cred<span class=\"_ _0\"></span>it risk a<span class=\"_ _0\"></span>rises f<span class=\"_ _0\"></span>rom c<span class=\"_ _0\"></span>ash and </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:786.4465px;\">dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ts, d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve finan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l instr<span class=\"_ _0\"></span>ument<span class=\"_ _0\"></span>s, lo<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed to joi<span class=\"_ _0\"></span>nt ventures an<span class=\"_ _0\"></span>d asso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates and c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t expo<span class=\"_ _0\"></span>sures to custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s, inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:773.4465px;\">out<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ndin<span class=\"_ _0\"></span>g recei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les an<span class=\"_ _0\"></span>d co<span class=\"_ _0\"></span>mmit<span class=\"_ _0\"></span>ted tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ions<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p has a p<span class=\"_ _0\"></span>olic<span class=\"_ _0\"></span>y of ass<span class=\"_ _0\"></span>essi<span class=\"_ _0\"></span>ng the c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wor<span class=\"_ _0\"></span>thin<span class=\"_ _0\"></span>ess of p<span class=\"_ _0\"></span>otentia<span class=\"_ _0\"></span>l custom<span class=\"_ _0\"></span>ers b<span class=\"_ _0\"></span>efore </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:760.4465px;\">enterin<span class=\"_ _0\"></span>g into trans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s set by the B<span class=\"_ _0\"></span>oar<span class=\"_ _0\"></span>d for the Gro<span class=\"_ _0\"></span>up.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:742.24646px;\">For c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sits an<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, the Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s a pol<span class=\"_ _0\"></span>icy of o<span class=\"_ _0\"></span>nly us<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>unter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies th<span class=\"_ _0\"></span>at are ind<span class=\"_ _0\"></span>epe<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>ntly ra<span class=\"_ _0\"></span>ted </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:729.24646px;\">with a m<span class=\"_ _0\"></span>inimum l<span class=\"_ _0\"></span>ong<span class=\"_ _1\"></span>-ter<span class=\"_ _0\"></span>m cred<span class=\"_ _0\"></span>it rati<span class=\"_ _0\"></span>ng of BB<span class=\"_ _0\"></span>B+ and a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>2 and 31 D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>21, this criter<span class=\"_ _0\"></span>ion wa<span class=\"_ _0\"></span>s met. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>ating of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:716.24646px;\">a fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al insti<span class=\"_ _0\"></span>tuti<span class=\"_ _0\"></span>on wil<span class=\"_ _0\"></span>l determ<span class=\"_ _0\"></span>ine the a<span class=\"_ _0\"></span>mount a<span class=\"_ _0\"></span>nd dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n for whic<span class=\"_ _0\"></span>h fund<span class=\"_ _0\"></span>s may b<span class=\"_ _0\"></span>e dep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>ted und<span class=\"_ _0\"></span>er in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al risk li<span class=\"_ _0\"></span>mits s<span class=\"_ _0\"></span>et by the Bo<span class=\"_ _0\"></span>ard for </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:703.24646px;\">the Gro<span class=\"_ _0\"></span>up an<span class=\"_ _0\"></span>d subsi<span class=\"_ _0\"></span>diar<span class=\"_ _1\"></span>y com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>ies. M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent mo<span class=\"_ _0\"></span>nitors t<span class=\"_ _0\"></span>he util<span class=\"_ _0\"></span>isat<span class=\"_ _0\"></span>ion of th<span class=\"_ _0\"></span>ese cre<span class=\"_ _0\"></span>dit li<span class=\"_ _0\"></span>mits re<span class=\"_ _0\"></span>gula<span class=\"_ _0\"></span>rly.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:685.04645px;\">For t<span class=\"_ _0\"></span>rad<span class=\"_ _0\"></span>e and oth<span class=\"_ _0\"></span>er rece<span class=\"_ _0\"></span>ivab<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, cred<span class=\"_ _0\"></span>it evalu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>forme<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>ndit<span class=\"_ _0\"></span>ion of a<span class=\"_ _0\"></span>cco<span class=\"_ _0\"></span>unts rec<span class=\"_ _0\"></span>eiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e using i<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent r<span class=\"_ _0\"></span>ating<span class=\"_ _0\"></span>s </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:672.04645px;\">whe<span class=\"_ _0\"></span>re availa<span class=\"_ _0\"></span>ble o<span class=\"_ _0\"></span>r by asse<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent of the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r\u2019s credi<span class=\"_ _0\"></span>t qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n its fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, past ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e and ot<span class=\"_ _0\"></span>her fa<span class=\"_ _0\"></span>ctors<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:659.04645px;\">Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s m<span class=\"_ _0\"></span>ost si<span class=\"_ _0\"></span>gnifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt custom<span class=\"_ _0\"></span>ers are p<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>ic or reg<span class=\"_ _0\"></span>ulate<span class=\"_ _0\"></span>d indus<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>y ent<span class=\"_ _0\"></span>ities w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h gene<span class=\"_ _0\"></span>rall<span class=\"_ _0\"></span>y have hig<span class=\"_ _0\"></span>h cred<span class=\"_ _0\"></span>it rat<span class=\"_ _0\"></span>ings o<span class=\"_ _0\"></span>r are of a hig<span class=\"_ _0\"></span>h cred<span class=\"_ _0\"></span>it </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:646.04645px;\">qual<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y due to th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the cus<span class=\"_ _0\"></span>tomer. As suc<span class=\"_ _0\"></span>h, the G<span class=\"_ _0\"></span>roup d<span class=\"_ _0\"></span>oes n<span class=\"_ _0\"></span>ot expe<span class=\"_ _0\"></span>ct m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses to oc<span class=\"_ _0\"></span>cur o<span class=\"_ _0\"></span>n bal<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>es owed to th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:633.04645px;\">by its p<span class=\"_ _0\"></span>ubli<span class=\"_ _0\"></span>c or reg<span class=\"_ _0\"></span>ulated c<span class=\"_ _0\"></span>ustom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>. Thi<span class=\"_ _0\"></span>s is in line w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s ex<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>ienc<span class=\"_ _0\"></span>e in the p<span class=\"_ _0\"></span>ast of rec<span class=\"_ _0\"></span>overi<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>lanc<span class=\"_ _0\"></span>es owe<span class=\"_ _0\"></span>d by thes<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:614.84644px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p is expo<span class=\"_ _0\"></span>sed to c<span class=\"_ _0\"></span>redit r<span class=\"_ _0\"></span>isk on l<span class=\"_ _0\"></span>oans p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed to jo<span class=\"_ _0\"></span>int ventures an<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>oci<span class=\"_ _0\"></span>ates and a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>rue<span class=\"_ _0\"></span>d interest on t<span class=\"_ _0\"></span>hose l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>s, as th<span class=\"_ _0\"></span>e repay<span class=\"_ _0\"></span>ment of </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:601.84644px;\">these a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nts is co<span class=\"_ _0\"></span>nting<span class=\"_ _0\"></span>ent on th<span class=\"_ _0\"></span>e per<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce of t<span class=\"_ _0\"></span>he und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>yin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion o<span class=\"_ _0\"></span>r ope<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on. In t<span class=\"_ _0\"></span>he Infr<span class=\"_ _0\"></span>astr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ure Investm<span class=\"_ _0\"></span>ents se<span class=\"_ _0\"></span>gme<span class=\"_ _0\"></span>nt the </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:588.84644px;\">con<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sion<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ally fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ed by a c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>binat<span class=\"_ _0\"></span>ion of n<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>rse ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs an<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>ordin<span class=\"_ _0\"></span>ated lo<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e joint ve<span class=\"_ _0\"></span>nture </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:575.84644px;\">par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ners<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he Grou<span class=\"_ _0\"></span>p asse<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>ny expe<span class=\"_ _0\"></span>cted c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t los<span class=\"_ _0\"></span>ses on i<span class=\"_ _0\"></span>ts lo<span class=\"_ _0\"></span>ans prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d to joint ve<span class=\"_ _0\"></span>ntures and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes by co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ring t<span class=\"_ _0\"></span>he ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing v<span class=\"_ _0\"></span>alue </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:562.84644px;\">of the relev<span class=\"_ _0\"></span>ant investm<span class=\"_ _0\"></span>ent in jo<span class=\"_ _0\"></span>int venture or as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciate b<span class=\"_ _0\"></span>alan<span class=\"_ _0\"></span>ce (w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h incl<span class=\"_ _0\"></span>udes t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>ans prov<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d and a<span class=\"_ _0\"></span>ny acc<span class=\"_ _0\"></span>rue<span class=\"_ _0\"></span>d interest<span class=\"_ _0\"></span>) to future c<span class=\"_ _0\"></span>ash </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:549.84644px;\">flows ex<span class=\"_ _0\"></span>pec<span class=\"_ _0\"></span>ted to be re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved from t<span class=\"_ _0\"></span>he joi<span class=\"_ _0\"></span>nt venture or as<span class=\"_ _0\"></span>soc<span class=\"_ _0\"></span>iate, di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unted wh<span class=\"_ _0\"></span>ere ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:531.6464px;\">Th<span class=\"_ _0\"></span>e max<span class=\"_ _0\"></span>imum ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re to credi<span class=\"_ _0\"></span>t risk in res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct of th<span class=\"_ _0\"></span>e above at t<span class=\"_ _0\"></span>he rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date is t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>ying va<span class=\"_ _0\"></span>lue of fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial as<span class=\"_ _0\"></span>sets rec<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:518.6464px;\">fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al sta<span class=\"_ _0\"></span>tements<span class=\"_ _0\"></span>, net of any all<span class=\"_ _0\"></span>owan<span class=\"_ _0\"></span>ce for lo<span class=\"_ _0\"></span>sses<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:500.44647px;\">Th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o materi<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the Grou<span class=\"_ _0\"></span>p\u2019s e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to cred<span class=\"_ _0\"></span>it risk<span class=\"_ _0\"></span>s and the<span class=\"_ _0\"></span>re has b<span class=\"_ _0\"></span>een no c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge in ho<span class=\"_ _0\"></span>w the Gro<span class=\"_ _0\"></span>up ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>es tho<span class=\"_ _0\"></span>se </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.0066986084px; bottom:487.44647px;\">risks since 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h26 ff56 fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:465.99646px;\">(c) Liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y ris<span class=\"_ _0\"></span>k<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:452.99646px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p man<span class=\"_ _0\"></span>ages l<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isk by ma<span class=\"_ _0\"></span>intai<span class=\"_ _0\"></span>ning ad<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>uate c<span class=\"_ _0\"></span>ash ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d bank<span class=\"_ _0\"></span>ing fa<span class=\"_ _0\"></span>cili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>, conti<span class=\"_ _0\"></span>nuou<span class=\"_ _0\"></span>sly mo<span class=\"_ _0\"></span>nitor<span class=\"_ _0\"></span>ing forec<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>t and ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:439.99646px;\">ca<span class=\"_ _0\"></span>sh flows a<span class=\"_ _0\"></span>nd matc<span class=\"_ _0\"></span>hing th<span class=\"_ _0\"></span>e matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rofiles of f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s and lia<span class=\"_ _0\"></span>bili<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>. Det<span class=\"_ _0\"></span>ails of un<span class=\"_ _0\"></span>draw<span class=\"_ _0\"></span>n com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>ing fa<span class=\"_ _0\"></span>cili<span class=\"_ _0\"></span>ties are s<span class=\"_ _0\"></span>et out in </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:426.99646px;\">Note 27<span class=\"_ _6\"></span>.<span class=\"_ _6\"></span>1. The matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>rofile of th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p\u2019<span class=\"_ _6\"></span>s f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s is set ou<span class=\"_ _0\"></span>t on pa<span class=\"_ _0\"></span>ge 2<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:408.79645px;\">Th<span class=\"_ _0\"></span>ere has b<span class=\"_ _0\"></span>een n<span class=\"_ _0\"></span>o materi<span class=\"_ _0\"></span>al ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e to the Grou<span class=\"_ _0\"></span>p\u2019s e<span class=\"_ _6\"></span>x<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sure to liqui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>isks an<span class=\"_ _0\"></span>d there ha<span class=\"_ _0\"></span>s bee<span class=\"_ _0\"></span>n no ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e in how th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p mana<span class=\"_ _0\"></span>ges t<span class=\"_ _0\"></span>hose </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls29 ws25\" style=\"left:0.0066986084px; bottom:395.79645px;\">risks since 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:374.34647px;\">Fair value estimation<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:361.34647px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p hol<span class=\"_ _0\"></span>ds cer<span class=\"_ _1\"></span>tain fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s on the b<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet at the<span class=\"_ _0\"></span>ir fair va<span class=\"_ _0\"></span>lues<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>ing hie<span class=\"_ _0\"></span>rarchy c<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>sifie<span class=\"_ _0\"></span>s eac<span class=\"_ _0\"></span>h cl<span class=\"_ _0\"></span>ass of fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:348.34647px;\">asset o<span class=\"_ _0\"></span>r liab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y in a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith t<span class=\"_ _0\"></span>he valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n techni<span class=\"_ _0\"></span>que a<span class=\"_ _0\"></span>ppl<span class=\"_ _0\"></span>ied in d<span class=\"_ _0\"></span>etermin<span class=\"_ _0\"></span>ing it<span class=\"_ _0\"></span>s fair val<span class=\"_ _0\"></span>ue.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:330.14645px;\">Th<span class=\"_ _0\"></span>ere have be<span class=\"_ _0\"></span>en no tr<span class=\"_ _0\"></span>ansfer<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n these c<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ies dur<span class=\"_ _0\"></span>ing 2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>22 o<span class=\"_ _0\"></span>r 20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:311.94644px;\">Level 1 \u2013 T<span class=\"_ _0\"></span>he fai<span class=\"_ _0\"></span>r value is c<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ated ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n quoted p<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>es tra<span class=\"_ _0\"></span>ded i<span class=\"_ _0\"></span>n act<span class=\"_ _0\"></span>ive ma<span class=\"_ _0\"></span>rkets for ide<span class=\"_ _0\"></span>ntic<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>sets or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:293.74646px;\">Th<span class=\"_ _0\"></span>e Grou<span class=\"_ _0\"></span>p hol<span class=\"_ _0\"></span>ds invest<span class=\"_ _0\"></span>ments in m<span class=\"_ _0\"></span>utua<span class=\"_ _0\"></span>l fund<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sured at fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e throug<span class=\"_ _0\"></span>h OC<span class=\"_ _0\"></span>I whi<span class=\"_ _0\"></span>ch are tr<span class=\"_ _0\"></span>ade<span class=\"_ _0\"></span>d in ac<span class=\"_ _0\"></span>tive m<span class=\"_ _0\"></span>arkets and v<span class=\"_ _0\"></span>alue<span class=\"_ _0\"></span>d at the c<span class=\"_ _0\"></span>losi<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:280.74646px;\">market pr<span class=\"_ _0\"></span>ice at t<span class=\"_ _0\"></span>he rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g date.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:262.54645px;\">Level 2 \u2013 T<span class=\"_ _0\"></span>he fai<span class=\"_ _0\"></span>r value is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on in<span class=\"_ _0\"></span>puts ot<span class=\"_ _0\"></span>her th<span class=\"_ _0\"></span>an quote<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>ces in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ithin L<span class=\"_ _0\"></span>evel 1 tha<span class=\"_ _0\"></span>t are obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble for t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et or lia<span class=\"_ _0\"></span>bilit<span class=\"_ _1\"></span>y<span class=\"_ _6\"></span>, eit<span class=\"_ _0\"></span>her </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls8d wsd\" style=\"left:0.0066986084px; bottom:249.54645px;\">directly<span class=\"_ _6\"></span> or indirectly<span class=\"_ _17\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:231.34647px;\">Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of interest r<span class=\"_ _0\"></span>ate swap<span class=\"_ _0\"></span>s is ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated as t<span class=\"_ _0\"></span>he prese<span class=\"_ _0\"></span>nt value of t<span class=\"_ _0\"></span>he est<span class=\"_ _0\"></span>imated f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows uti<span class=\"_ _0\"></span>lising y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>t the rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng da<span class=\"_ _0\"></span>te </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:218.34647px;\">and t<span class=\"_ _0\"></span>akin<span class=\"_ _0\"></span>g into acc<span class=\"_ _0\"></span>ount ow<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it ris<span class=\"_ _0\"></span>k. O<span class=\"_ _0\"></span>wn c<span class=\"_ _0\"></span>redi<span class=\"_ _0\"></span>t risk for Inf<span class=\"_ _0\"></span>rast<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>ture Invest<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s\u2019 swaps is n<span class=\"_ _0\"></span>ot mater<span class=\"_ _0\"></span>ial an<span class=\"_ _0\"></span>d is ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated us<span class=\"_ _0\"></span>ing the fo<span class=\"_ _0\"></span>llowi<span class=\"_ _0\"></span>ng </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:205.34647px;\">cred<span class=\"_ _0\"></span>it valu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n adju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt (C<span class=\"_ _0\"></span>VA<span class=\"_ _0\"></span>) cal<span class=\"_ _0\"></span>cul<span class=\"_ _0\"></span>ation: lo<span class=\"_ _0\"></span>ss gi<span class=\"_ _0\"></span>ven defa<span class=\"_ _0\"></span>ult mul<span class=\"_ _0\"></span>tipl<span class=\"_ _0\"></span>ied by ex<span class=\"_ _0\"></span>posu<span class=\"_ _0\"></span>re multi<span class=\"_ _0\"></span>plie<span class=\"_ _0\"></span>d by pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y of d<span class=\"_ _0\"></span>efault<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:187.14645px;\">Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of for<span class=\"_ _0\"></span>wa<span class=\"_ _0\"></span>rd foreign exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g quote<span class=\"_ _0\"></span>d for<span class=\"_ _0\"></span>ward exch<span class=\"_ _0\"></span>ange r<span class=\"_ _0\"></span>ates at th<span class=\"_ _0\"></span>e repo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting d<span class=\"_ _0\"></span>ate and y<span class=\"_ _0\"></span>iel<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:174.14645px;\">der<span class=\"_ _0\"></span>ived fro<span class=\"_ _0\"></span>m quote<span class=\"_ _0\"></span>d interest rates m<span class=\"_ _0\"></span>atchi<span class=\"_ _0\"></span>ng the m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>ties of t<span class=\"_ _0\"></span>he foreig<span class=\"_ _0\"></span>n exchang<span class=\"_ _0\"></span>e cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>ts. O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>n cred<span class=\"_ _0\"></span>it risk for t<span class=\"_ _0\"></span>he othe<span class=\"_ _0\"></span>r der<span class=\"_ _0\"></span>ivati<span class=\"_ _0\"></span>ve lia<span class=\"_ _0\"></span>bilit<span class=\"_ _0\"></span>ies is </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:161.14645px;\">not mater<span class=\"_ _0\"></span>ial an<span class=\"_ _0\"></span>d is c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lated by a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lyi<span class=\"_ _0\"></span>ng a releva<span class=\"_ _0\"></span>nt cred<span class=\"_ _0\"></span>it defau<span class=\"_ _0\"></span>lt swa<span class=\"_ _0\"></span>p (C<span class=\"_ _0\"></span>DS) r<span class=\"_ _0\"></span>ate obt<span class=\"_ _0\"></span>aine<span class=\"_ _0\"></span>d from a th<span class=\"_ _0\"></span>ird par<span class=\"_ _1\"></span>ty.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:142.94646px;\">Level 3 \u2013 T<span class=\"_ _0\"></span>he fai<span class=\"_ _0\"></span>r value is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on un<span class=\"_ _0\"></span>obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble in<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>s.<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:124.74646px;\">Th<span class=\"_ _0\"></span>e fair va<span class=\"_ _0\"></span>lue of the G<span class=\"_ _0\"></span>roup\u2019s PPP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s is deter<span class=\"_ _0\"></span>mined i<span class=\"_ _0\"></span>n the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e by app<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing an at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ribu<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>rofit ma<span class=\"_ _0\"></span>rgin by referenc<span class=\"_ _0\"></span>e to </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 wse4\" style=\"left:0.0066986084px; bottom:111.74646px;\">the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion m<span class=\"_ _0\"></span>argi<span class=\"_ _0\"></span>n on non<span class=\"_ _1\"></span>-<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>PP pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts refle<span class=\"_ _0\"></span>ctin<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tion r<span class=\"_ _0\"></span>isks reta<span class=\"_ _0\"></span>ined b<span class=\"_ _0\"></span>y the c<span class=\"_ _0\"></span>onstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion c<span class=\"_ _0\"></span>ontr<span class=\"_ _0\"></span>acto<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, an<span class=\"_ _0\"></span>d fair va<span class=\"_ _0\"></span>lue of co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:98.74646px;\">ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s per<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d. In th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>erati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l pha<span class=\"_ _0\"></span>se it is deter<span class=\"_ _0\"></span>mine<span class=\"_ _0\"></span>d by dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nting th<span class=\"_ _0\"></span>e future c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al asset a<span class=\"_ _0\"></span>t a disc<span class=\"_ _0\"></span>ount </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:85.74646px;\">rate whi<span class=\"_ _0\"></span>ch is b<span class=\"_ _0\"></span>ased o<span class=\"_ _0\"></span>n lon<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>term gi<span class=\"_ _0\"></span>lt rates a<span class=\"_ _0\"></span>djus<span class=\"_ _0\"></span>ted for the r<span class=\"_ _0\"></span>isk levels a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>ted wit<span class=\"_ _0\"></span>h the as<span class=\"_ _0\"></span>sets<span class=\"_ _0\"></span>, with m<span class=\"_ _0\"></span>arket-<span class=\"_ _0\"></span>rel<span class=\"_ _0\"></span>ated move<span class=\"_ _0\"></span>ments i<span class=\"_ _0\"></span>n fair val<span class=\"_ _0\"></span>ue </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:72.74646px;\">reco<span class=\"_ _0\"></span>gnis<span class=\"_ _0\"></span>ed in oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpreh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me and ot<span class=\"_ _0\"></span>her move<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnise<span class=\"_ _0\"></span>d in the i<span class=\"_ _0\"></span>nco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atement<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>mount<span class=\"_ _0\"></span>s ori<span class=\"_ _0\"></span>gina<span class=\"_ _0\"></span>lly rec<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d in other<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:59.74646px;\">com<span class=\"_ _0\"></span>prehe<span class=\"_ _0\"></span>nsive in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e are tra<span class=\"_ _0\"></span>nsferre<span class=\"_ _0\"></span>d to the inc<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e statem<span class=\"_ _0\"></span>ent up<span class=\"_ _0\"></span>on di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal of t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et. </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:41.546455px;\">A cha<span class=\"_ _0\"></span>nge in t<span class=\"_ _0\"></span>he dis<span class=\"_ _0\"></span>cou<span class=\"_ _0\"></span>nt rate woul<span class=\"_ _0\"></span>d have a sig<span class=\"_ _0\"></span>nific<span class=\"_ _0\"></span>ant ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t on th<span class=\"_ _0\"></span>e value of t<span class=\"_ _0\"></span>he ass<span class=\"_ _0\"></span>et and a 5<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>asis p<span class=\"_ _0\"></span>oint inc<span class=\"_ _0\"></span>rease<span class=\"_ _0\"></span>/de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se, whi<span class=\"_ _0\"></span>ch rep<span class=\"_ _0\"></span>resents<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:28.546455px;\">man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>\u2019s assessm<span class=\"_ _0\"></span>ent of a reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bly p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nge in t<span class=\"_ _0\"></span>he risk-<span class=\"_ _1\"></span>adjus<span class=\"_ _0\"></span>ted disc<span class=\"_ _0\"></span>ount r<span class=\"_ _0\"></span>ate, woul<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>d to a \u00a31<span class=\"_ _6\"></span>m d<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>rease (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m<span class=\"_ _0\"></span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls20 ws0\" style=\"left:0.0066986084px; bottom:15.546455px;\">incre<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a3<span class=\"_ _0\"></span>1<span class=\"_ _6\"></span>m) in t<span class=\"_ _0\"></span>he fair va<span class=\"_ _0\"></span>lue of the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s taken thro<span class=\"_ _0\"></span>ugh e<span class=\"_ _0\"></span>quit<span class=\"_ _0\"></span>y. Refer to Note 21 for a reco<span class=\"_ _0\"></span>ncili<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the move<span class=\"_ _0\"></span>ment fro<span class=\"_ _0\"></span>m the op<span class=\"_ _0\"></span>enin<span class=\"_ _0\"></span>g </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws4\" style=\"left:0.0066986084px; bottom:2.5464554px;\">balance to the closing balance.<span class=\"_ _399\"> </span></div>40 F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ts<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Financial risk factors<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>(c) Liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _1\"></span>y ris<span class=\"_ _0\"></span>k<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>ontin<span class=\"_ _0\"></span>ued<span class=\"_ _399\"> </span></span>Fair value estimation continued<span class=\"_ _399\"> </span>For P<span class=\"_ _0\"></span>PP f<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l asset<span class=\"_ _0\"></span>s held i<span class=\"_ _0\"></span>n joint ventu<span class=\"_ _0\"></span>res and a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>s, a ch<span class=\"_ _0\"></span>ange i<span class=\"_ _0\"></span>n the di<span class=\"_ _0\"></span>sco<span class=\"_ _0\"></span>unt rate by a 5<span class=\"_ _0\"></span>0 b<span class=\"_ _0\"></span>asis p<span class=\"_ _0\"></span>oint inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>e/d<span class=\"_ _0\"></span>ecre<span class=\"_ _0\"></span>ase, wh<span class=\"_ _0\"></span>ich rep<span class=\"_ _0\"></span>resent<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment<span class=\"_ _0\"></span>\u2019s assessm<span class=\"_ _0\"></span>ent of a reas<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>bly p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sibl<span class=\"_ _0\"></span>e cha<span class=\"_ _0\"></span>nge in t<span class=\"_ _0\"></span>he risk-<span class=\"_ _1\"></span>adjus<span class=\"_ _0\"></span>ted dis<span class=\"_ _0\"></span>count r<span class=\"_ _0\"></span>ate, woul<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>d to a \u00a3<span class=\"_ _0\"></span>28<span class=\"_ _0\"></span>m de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se (2<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>m)<span class=\"_ _0\"></span>/\u00a3<span class=\"_ _1\"></span>29<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span> incre<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>21<span class=\"_ _6\"></span>: \u00a34<span class=\"_ _1\"></span>3m) in t<span class=\"_ _0\"></span>he fair v<span class=\"_ _0\"></span>alue of th<span class=\"_ _0\"></span>e asset<span class=\"_ _0\"></span>s taken thro<span class=\"_ _0\"></span>ugh e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y with<span class=\"_ _0\"></span>in the sh<span class=\"_ _0\"></span>are of joint ve<span class=\"_ _0\"></span>ntures\u2019 and as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciates\u2019 res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. 2022<span class=\"_ _132\"> </span><span class=\"ff4e ls13a ws121\">20<span class=\"_ _0\"></span>21<span class=\"_ _399\"> </span></span>Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l i<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>t fa<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Le<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>l 1<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Le<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>l 2<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Le<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>l 3<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Leve<span class=\"_ _0\"></span>l 1<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Leve<span class=\"_ _0\"></span>l 2<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Leve<span class=\"_ _0\"></span>l 3<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>To<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>\u00a3m<span class=\"_ _399\"> </span>Investments<span class=\"_ _6\"></span> in mutual fund financial assets<span class=\"_ _18d\"> </span><span class=\"ff4d lsa8 ws96\">20<span class=\"_ _77\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _ae\"> </span></span>20<span class=\"_ _24\"> </span></span><span class=\"ls3 ws0\"> <span class=\"_ _12\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _399\"> </span></span></span>PPP financi<span class=\"_ _0\"></span>al assets<span class=\"_ _209\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls71 ws6b\">26<span class=\"_ _86\"> </span>26<span class=\"_ _1f9\"> </span></span><span class=\"ff4e\"> <span class=\"_ _dc\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _ae\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _119\"> </span>30<span class=\"_ _399\"> </span></span></span></span>Other investment<span class=\"_ _6\"></span> as<span class=\"_ _0\"></span>sets<span class=\"_ _20c\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _af\"> </span><span class=\"ls143 ws12c\">11<span class=\"_ _118\"> </span>11<span class=\"_ _72\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1da\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _82\"> </span>9<span class=\"_ _77\"> </span>9<span class=\"_ _399\"> </span></span></span>Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ass<span class=\"_ _0\"></span>ets \u2013 fuel h<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ges<span class=\"_ _19f\"> </span><span class=\"ff4d\">\u2013<span class=\"_ _77\"> </span>1<span class=\"_ _77\"> </span>\u2013<span class=\"_ _82\"> </span>1<span class=\"_ _7b\"> </span></span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _77\"> </span>\u2013<span class=\"_ _f8\"> </span>\u2013<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ot<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s me<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>t f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>e<span class=\"_ _2a\"> </span><span class=\"lsa8 ws96\">20<span class=\"_ _82\"> </span></span>1<span class=\"_ _ae\"> </span><span class=\"ls91 ws85\">37<span class=\"_ _ae\"> </span><span class=\"lsae ws99\">58<span class=\"_ _24\"> </span></span></span><span class=\"ff4e\"> <span class=\"_ _12\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _f8\"> </span></span>\u2013<span class=\"_ _86\"> </span><span class=\"ls39 ws38\">39<span class=\"_ _86\"> </span><span class=\"ls38 ws37\">63<span class=\"_ _399\"> </span></span></span></span>Financial liabilities \u2013 infrastructure <span class=\"ls3 ws0\"> </span>concessions interest<span class=\"_ _6\"></span> rate swaps<span class=\"_ _45\"> </span><span class=\"ff4d ls3 ws0\">\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _4\"> </span></span><span class=\"ff4e\"> <span class=\"_ _dc\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(<span class=\"_ _0\"></span>4)<span class=\"_ _1d\"> </span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span>T<span class=\"_ _17\"></span>otal liabilities measured at<span class=\"_ _6\"></span> fair value<span class=\"_ _192\"> </span><span class=\"ls3 ws0\">\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(1)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _1d\"> </span><span class=\"ls1ad ws1a1\">(<span class=\"_ _0\"></span>1)<span class=\"_ _33\"> </span></span><span class=\"ff4e\"> <span class=\"_ _1da\"> </span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _dc\"> </span></span>\u2013<span class=\"_ _12c\"> </span><span class=\"lsf8 wse1\">(4)<span class=\"_ _399\"> </span></span></span></span>",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-619": {
   "value": "Financial risk factors The Group\u2019s activities expose it to a variety of financial risks: market risk; credit risk; and liquidity risk. The Group\u2019s financial risk management strategy seeks to minimise the potential adverse effect of these risks on the Group\u2019s financial performance. Financial risk management is carried out centrally by Group Treasury under policies approved by the Board. Group Treasury liaises with the Group\u2019s business units to identify, evaluate and hedge financial risks. The Board provides written principles for overall financial risk management, as well as written policies covering specific areas, such as foreign exchange risk, interest rate risk, credit risk, use of derivative financial instruments and non-derivative financial instruments, and the investment of excess liquidity. Compliance with policies and exposure limits is monitored through the Group\u2019s internal audit and risk management procedures. The Group uses derivative financial instruments to hedge certain risk exposures. The Group does not trade in financial instruments, including derivative financial instruments, for speculative purposes. (a) Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign currency risk, including: \u00bb forward foreign exchange contracts to hedge the exchange rate risk arising on trading activities transacted in a currency that is not the functional currency of the business unit; and \u00bb interest rate swaps to mitigate the cash flow variability in non-recourse project finance loans arising from variable interest rates on borrowings. There has been no material change to the Group\u2019s exposure to market risks and there has been no change in how the Group manages those risks since 2021. (i) Foreign currency risk management The Group operates internationally and is exposed to foreign exchange risk arising from exposure to various currencies, primarily to US dollars, euros and Hong Kong dollars. Foreign exchange risk arises from future trading transactions, assets and liabilities and net investments in foreign operations. Group policy requires business units to manage their transactional foreign exchange risk against their functional currency. Whenever a current or future foreign currency exposure is identified with sufficient reliability, Group Treasury enters into forward contracts on behalf of business units to cover 100% of foreign exchange risk above materiality levels determined by the Chief Financial Officer. As at 31 December 2022, the notional principal amounts of foreign exchange contracts in respect of foreign currency transactions where hedge accounting is not applied was \u00a316m (2021: \u00a331m) receivable and \u00a316m (2021: \u00a331m) payable with related cash flows expected to occur within three years (2021: three years). The foreign exchange gains or losses resulting from fair valuing these unhedged foreign exchange contracts will affect the income statement throughout the same periods. The Group has not designated any forward exchange contracts as cash flow hedges in 2021 and 2022. The Group\u2019s investments in foreign operations are exposed to foreign currency translation risks. The Group does not enter into forward foreign exchange or other derivative contracts to hedge foreign currency denominated net assets. In June 2022 the Group raised US$158m of debt in the form of new US private placement (USPP) notes on terms and conditions materially the same as the existing USPP notes raised in 2013, of which US$259m remained outstanding at 31 December 2022. The USPP notes are designated as a net investment hedge against changes in the value of the Group\u2019s US net assets due to exchange movements. The Group reassessed the US$417m hedge at 31 December 2022 and concluded that the hedge continued to be effective. Exchange movements in the year totalled \u00a323m (2021: \u00a33m). A 5% increase/decrease in the US dollar to sterling exchange rate would lead to a \u00a316m decrease (2021: \u00a39m)/\u00a318m increase (2021: \u00a310m) in the carrying amount of the liability on the Group\u2019s balance sheet, with the movement recognised in other comprehensive income. The hedging policy is reviewed periodically. At the reporting date there had been no change to the hedging policy since 2021. (ii) Interest rate risk management Interest rate risk arises in the Group\u2019s non-recourse project companies which borrow funds at both floating and fixed interest rates and hold financial assets measured at fair value through OCI. Floating rate borrowings expose the Group to cash flow interest rate risk. The Group\u2019s policy to manage this risk is to swap floating rate interest to fixed rate, using interest rate swap contracts. In an interest rate swap, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. The net effect of a movement in interest rates on income would be immaterial. The fair value of interest rate swaps is determined by discounting the future cash flows using the yield curve at the reporting date. During 2022 and 2021, the Group\u2019s non-recourse project subsidiaries\u2019 borrowings at variable rates of interest were denominated in sterling. The notional principal amounts of the subsidiaries\u2019 interest rate swaps outstanding at 31 December 2022 totalled \u00a317m (2021: \u00a317m) with maturities that match the maturity of the underlying borrowings of 9 years. At 31 December 2022, the fixed interest rate was 5.1% (2021: 5.1%) and the principal floating rates are LIBOR plus a fixed margin. In 2022, the Group replaced LIBOR with SONIA plus a credit adjustment spread. No material impact arose from this transition. A 50 basis point increase/decrease in the interest rate on floating rate borrowings for interest rate swaps would lead to a \u00a3nil increase (2021: \u00a31m)/\u00a3nil decrease (2021: \u00a31m) in amounts taken directly to other comprehensive income by the Group in relation to the Group\u2019s exposure to interest rates on the PPP financial assets and cash flow hedges of its Infrastructure Investments subsidiaries. Interest rate risk also arises on the Group\u2019s cash and cash equivalents, term deposits and other borrowings. The majority of the debt of the Group is held at fixed interest rates. A 50 basis point increase/decrease in the interest rate of each currency in which these financial instruments are held would lead to a \u00a36m decrease (2021: \u00a35m)/\u00a36m increase (2021: \u00a35m) in the Group\u2019s net finance cost. Financial risk factors continued (a) Market risk continued (iii) Price risk management The Group\u2019s principal price risk exposure arises in its Infrastructure Investments concessions. At the commencement of the concession, an element of the unitary payment by the customer is indexed to offset the effect of inflation on the concession\u2019s costs. The Group is exposed to price risk to the extent that inflation differs from the index used. (b) Credit risk Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss. Credit risk arises from cash and deposits, derivative financial instruments, loans provided to joint ventures and associates and credit exposures to customers, including outstanding receivables and committed transactions. The Group has a policy of assessing the creditworthiness of potential customers before entering into transactions set by the Board for the Group. For cash and deposits and derivative financial instruments, the Group has a policy of only using counterparties that are independently rated with a minimum long-term credit rating of BBB+ and at 31 December 2022 and 31 December 2021, this criterion was met. The credit rating of a financial institution will determine the amount and duration for which funds may be deposited under individual risk limits set by the Board for the Group and subsidiary companies. Management monitors the utilisation of these credit limits regularly. For trade and other receivables, credit evaluation is performed on the financial condition of accounts receivable using independent ratings where available or by assessment of the customer\u2019s credit quality based on its financial position, past experience and other factors. The Group\u2019s most significant customers are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the customer. As such, the Group does not expect material credit losses to occur on balances owed to the Group by its public or regulated customers. This is in line with the Group\u2019s experience in the past of recovering balances owed by these customers. The Group is exposed to credit risk on loans provided to joint ventures and associates and accrued interest on those loans, as the repayment of these amounts is contingent on the performance of the underlying concession or operation. In the Infrastructure Investments segment the concessions are typically financed by a combination of non-recourse external borrowings and subordinated loans provided by the joint venture partners. The Group assesses any expected credit losses on its loans provided to joint ventures and associates by comparing the carrying value of the relevant investment in joint venture or associate balance (which includes the loans provided and any accrued interest) to future cash flows expected to be received from the joint venture or associate, discounted where appropriate. The maximum exposure to credit risk in respect of the above at the reporting date is the carrying value of financial assets recorded in the financial statements, net of any allowance for losses. There has been no material change to the Group\u2019s exposure to credit risks and there has been no change in how the Group manages those risks since 2021. (c) Liquidity risk The Group manages liquidity risk by maintaining adequate cash balances and banking facilities, continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Details of undrawn committed borrowing facilities are set out in Note 27.1. The maturity profile of the Group\u2019s financial liabilities is set out on page 236. There has been no material change to the Group\u2019s exposure to liquidity risks and there has been no change in how the Group manages those risks since 2021. Fair value estimation The Group holds certain financial instruments on the balance sheet at their fair values. The following hierarchy classifies each class of financial asset or liability in accordance with the valuation technique applied in determining its fair value. There have been no transfers between these categories during 2022 or 2021. Level 1 \u2013 The fair value is calculated based on quoted prices traded in active markets for identical assets or liabilities. The Group holds investments in mutual funds measured at fair value through OCI which are traded in active markets and valued at the closing market price at the reporting date. Level 2 \u2013 The fair value is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows utilising yield curves at the reporting date and taking into account own credit risk. Own credit risk for Infrastructure Investments\u2019 swaps is not material and is calculated using the following credit valuation adjustment (CVA) calculation: loss given default multiplied by exposure multiplied by probability of default. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date and yield curves derived from quoted interest rates matching the maturities of the foreign exchange contracts. Own credit risk for the other derivative liabilities is not material and is calculated by applying a relevant credit default swap (CDS) rate obtained from a third party. Level 3 \u2013 The fair value is based on unobservable inputs. The fair value of the Group\u2019s PPP financial assets is determined in the construction phase by applying an attributable profit margin by reference to the construction margin on non-PPP projects reflecting the construction risks retained by the construction contractor, and fair value of construction services performed. In the operational phase it is determined by discounting the future cash flows allocated to the financial asset at a discount rate which is based on long-term gilt rates adjusted for the risk levels associated with the assets, with market-related movements in fair value recognised in other comprehensive income and other movements recognised in the income statement. Amounts originally recognised in other comprehensive income are transferred to the income statement upon disposal of the asset. A change in the discount rate would have a significant effect on the value of the asset and a 50 basis point increase/decrease, which represents management\u2019s assessment of a reasonably possible change in the risk-adjusted discount rate, would lead to a \u00a31m decrease (2021: \u00a31m)/\u00a31m increase (2021: \u00a31m) in the fair value of the assets taken through equity. Refer to Note 21 for a reconciliation of the movement from the opening balance to the closing balance. 40 Financial instruments continued Financial risk factors continued (c) Liquidity risk continued Fair value estimation continued For PPP financial assets held in joint ventures and associates, a change in the discount rate by a 50 basis point increase/decrease, which represents management\u2019s assessment of a reasonably possible change in the risk-adjusted discount rate, would lead to a \u00a328m decrease (2021: \u00a340m)/\u00a329m increase (2021: \u00a343m) in the fair value of the assets taken through equity within the share of joint ventures\u2019 and associates\u2019 reserves. 2022 2021 Financial instruments at fair value Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Investments in mutual fund financial assets 20 \u2013 \u2013 20   24 \u2013 \u2013 24 PPP financial assets \u2013 \u2013 26 26   \u2013 \u2013 30 30 Other investment assets \u2013 \u2013 11 11   \u2013 \u2013 9 9 Financial assets \u2013 fuel hedges \u2013 1 \u2013 1 \u2013 \u2013 \u2013 \u2013 Total assets measured at fair value 20 1 37 58   24 \u2013 39 63 Financial liabilities \u2013 infrastructure  concessions interest rate swaps \u2013 (1) \u2013 (1)   \u2013 (4) \u2013 (4) Total liabilities measured at fair value \u2013 (1) \u2013 (1)   \u2013 (4) \u2013 (4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-620": {
   "value": "(a) Market risk The Group\u2019s activities expose it primarily to the financial risks of changes in foreign currency exchange rates and interest rates. The Group enters into a variety of derivative financial instruments to manage its exposure to interest rate and foreign currency risk, including: \u00bb forward foreign exchange contracts to hedge the exchange rate risk arising on trading activities transacted in a currency that is not the functional currency of the business unit; and \u00bb interest rate swaps to mitigate the cash flow variability in non-recourse project finance loans arising from variable interest rates on borrowings. There has been no material change to the Group\u2019s exposure to market risks and there has been no change in how the Group manages those risks since 2021. (i) Foreign currency risk management The Group operates internationally and is exposed to foreign exchange risk arising from exposure to various currencies, primarily to US dollars, euros and Hong Kong dollars. Foreign exchange risk arises from future trading transactions, assets and liabilities and net investments in foreign operations. Group policy requires business units to manage their transactional foreign exchange risk against their functional currency. Whenever a current or future foreign currency exposure is identified with sufficient reliability, Group Treasury enters into forward contracts on behalf of business units to cover 100% of foreign exchange risk above materiality levels determined by the Chief Financial Officer. As at 31 December 2022, the notional principal amounts of foreign exchange contracts in respect of foreign currency transactions where hedge accounting is not applied was \u00a316m (2021: \u00a331m) receivable and \u00a316m (2021: \u00a331m) payable with related cash flows expected to occur within three years (2021: three years). The foreign exchange gains or losses resulting from fair valuing these unhedged foreign exchange contracts will affect the income statement throughout the same periods. The Group has not designated any forward exchange contracts as cash flow hedges in 2021 and 2022. The Group\u2019s investments in foreign operations are exposed to foreign currency translation risks. The Group does not enter into forward foreign exchange or other derivative contracts to hedge foreign currency denominated net assets. In June 2022 the Group raised US$158m of debt in the form of new US private placement (USPP) notes on terms and conditions materially the same as the existing USPP notes raised in 2013, of which US$259m remained outstanding at 31 December 2022. The USPP notes are designated as a net investment hedge against changes in the value of the Group\u2019s US net assets due to exchange movements. The Group reassessed the US$417m hedge at 31 December 2022 and concluded that the hedge continued to be effective. Exchange movements in the year totalled \u00a323m (2021: \u00a33m). A 5% increase/decrease in the US dollar to sterling exchange rate would lead to a \u00a316m decrease (2021: \u00a39m)/\u00a318m increase (2021: \u00a310m) in the carrying amount of the liability on the Group\u2019s balance sheet, with the movement recognised in other comprehensive income. The hedging policy is reviewed periodically. At the reporting date there had been no change to the hedging policy since 2021. (ii) Interest rate risk management Interest rate risk arises in the Group\u2019s non-recourse project companies which borrow funds at both floating and fixed interest rates and hold financial assets measured at fair value through OCI. Floating rate borrowings expose the Group to cash flow interest rate risk. The Group\u2019s policy to manage this risk is to swap floating rate interest to fixed rate, using interest rate swap contracts. In an interest rate swap, the Group agrees to exchange the difference between fixed and floating rate interest amounts calculated on agreed notional principal amounts. The net effect of a movement in interest rates on income would be immaterial. The fair value of interest rate swaps is determined by discounting the future cash flows using the yield curve at the reporting date. During 2022 and 2021, the Group\u2019s non-recourse project subsidiaries\u2019 borrowings at variable rates of interest were denominated in sterling. The notional principal amounts of the subsidiaries\u2019 interest rate swaps outstanding at 31 December 2022 totalled \u00a317m (2021: \u00a317m) with maturities that match the maturity of the underlying borrowings of 9 years. At 31 December 2022, the fixed interest rate was 5.1% (2021: 5.1%) and the principal floating rates are LIBOR plus a fixed margin. In 2022, the Group replaced LIBOR with SONIA plus a credit adjustment spread. No material impact arose from this transition. A 50 basis point increase/decrease in the interest rate on floating rate borrowings for interest rate swaps would lead to a \u00a3nil increase (2021: \u00a31m)/\u00a3nil decrease (2021: \u00a31m) in amounts taken directly to other comprehensive income by the Group in relation to the Group\u2019s exposure to interest rates on the PPP financial assets and cash flow hedges of its Infrastructure Investments subsidiaries. Interest rate risk also arises on the Group\u2019s cash and cash equivalents, term deposits and other borrowings. The majority of the debt of the Group is held at fixed interest rates. A 50 basis point increase/decrease in the interest rate of each currency in which these financial instruments are held would lead to a \u00a36m decrease (2021: \u00a35m)/\u00a36m increase (2021: \u00a35m) in the Group\u2019s net finance cost. (a) Market risk continued (iii) Price risk management The Group\u2019s principal price risk exposure arises in its Infrastructure Investments concessions. At the commencement of the concession, an element of the unitary payment by the customer is indexed to offset the effect of inflation on the concession\u2019s costs. The Group is exposed to price risk to the extent that inflation differs from the index used. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-622": {
   "value": "(b) Credit risk Credit risk is the risk that a counterparty will default on its contractual obligations, resulting in financial loss. Credit risk arises from cash and deposits, derivative financial instruments, loans provided to joint ventures and associates and credit exposures to customers, including outstanding receivables and committed transactions. The Group has a policy of assessing the creditworthiness of potential customers before entering into transactions set by the Board for the Group. For cash and deposits and derivative financial instruments, the Group has a policy of only using counterparties that are independently rated with a minimum long-term credit rating of BBB+ and at 31 December 2022 and 31 December 2021, this criterion was met. The credit rating of a financial institution will determine the amount and duration for which funds may be deposited under individual risk limits set by the Board for the Group and subsidiary companies. Management monitors the utilisation of these credit limits regularly. For trade and other receivables, credit evaluation is performed on the financial condition of accounts receivable using independent ratings where available or by assessment of the customer\u2019s credit quality based on its financial position, past experience and other factors. The Group\u2019s most significant customers are public or regulated industry entities which generally have high credit ratings or are of a high credit quality due to the nature of the customer. As such, the Group does not expect material credit losses to occur on balances owed to the Group by its public or regulated customers. This is in line with the Group\u2019s experience in the past of recovering balances owed by these customers. The Group is exposed to credit risk on loans provided to joint ventures and associates and accrued interest on those loans, as the repayment of these amounts is contingent on the performance of the underlying concession or operation. In the Infrastructure Investments segment the concessions are typically financed by a combination of non-recourse external borrowings and subordinated loans provided by the joint venture partners. The Group assesses any expected credit losses on its loans provided to joint ventures and associates by comparing the carrying value of the relevant investment in joint venture or associate balance (which includes the loans provided and any accrued interest) to future cash flows expected to be received from the joint venture or associate, discounted where appropriate. The maximum exposure to credit risk in respect of the above at the reporting date is the carrying value of financial assets recorded in the financial statements, net of any allowance for losses. There has been no material change to the Group\u2019s exposure to credit risks and there has been no change in how the Group manages those risks since 2021. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-621": {
   "value": "(c) Liquidity risk The Group manages liquidity risk by maintaining adequate cash balances and banking facilities, continuously monitoring forecast and actual cash flows and matching the maturity profiles of financial assets and liabilities. Details of undrawn committed borrowing facilities are set out in Note 27.1. The maturity profile of the Group\u2019s financial liabilities is set out on page 236. There has been no material change to the Group\u2019s exposure to liquidity risks and there has been no change in how the Group manages those risks since 2021. Fair value estimation The Group holds certain financial instruments on the balance sheet at their fair values. The following hierarchy classifies each class of financial asset or liability in accordance with the valuation technique applied in determining its fair value. There have been no transfers between these categories during 2022 or 2021. Level 1 \u2013 The fair value is calculated based on quoted prices traded in active markets for identical assets or liabilities. The Group holds investments in mutual funds measured at fair value through OCI which are traded in active markets and valued at the closing market price at the reporting date. Level 2 \u2013 The fair value is based on inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. The fair value of interest rate swaps is calculated as the present value of the estimated future cash flows utilising yield curves at the reporting date and taking into account own credit risk. Own credit risk for Infrastructure Investments\u2019 swaps is not material and is calculated using the following credit valuation adjustment (CVA) calculation: loss given default multiplied by exposure multiplied by probability of default. The fair value of forward foreign exchange contracts is determined using quoted forward exchange rates at the reporting date and yield curves derived from quoted interest rates matching the maturities of the foreign exchange contracts. Own credit risk for the other derivative liabilities is not material and is calculated by applying a relevant credit default swap (CDS) rate obtained from a third party. Level 3 \u2013 The fair value is based on unobservable inputs. The fair value of the Group\u2019s PPP financial assets is determined in the construction phase by applying an attributable profit margin by reference to the construction margin on non-PPP projects reflecting the construction risks retained by the construction contractor, and fair value of construction services performed. In the operational phase it is determined by discounting the future cash flows allocated to the financial asset at a discount rate which is based on long-term gilt rates adjusted for the risk levels associated with the assets, with market-related movements in fair value recognised in other comprehensive income and other movements recognised in the income statement. Amounts originally recognised in other comprehensive income are transferred to the income statement upon disposal of the asset. A change in the discount rate would have a significant effect on the value of the asset and a 50 basis point increase/decrease, which represents management\u2019s assessment of a reasonably possible change in the risk-adjusted discount rate, would lead to a \u00a31m decrease (2021: \u00a31m)/\u00a31m increase (2021: \u00a31m) in the fair value of the assets taken through equity. Refer to Note 21 for a reconciliation of the movement from the opening balance to the closing balance. (c) Liquidity risk continued Fair value estimation continued For PPP financial assets held in joint ventures and associates, a change in the discount rate by a 50 basis point increase/decrease, which represents management\u2019s assessment of a reasonably possible change in the risk-adjusted discount rate, would lead to a \u00a328m decrease (2021: \u00a340m)/\u00a329m increase (2021: \u00a343m) in the fair value of the assets taken through equity within the share of joint ventures\u2019 and associates\u2019 reserves. 2022 2021 Financial instruments at fair value Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Level 1 \u00a3m Level 2 \u00a3m Level 3 \u00a3m Total \u00a3m Investments in mutual fund financial assets 20 \u2013 \u2013 20   24 \u2013 \u2013 24 PPP financial assets \u2013 \u2013 26 26   \u2013 \u2013 30 30 Other investment assets \u2013 \u2013 11 11   \u2013 \u2013 9 9 Financial assets \u2013 fuel hedges \u2013 1 \u2013 1 \u2013 \u2013 \u2013 \u2013 Total assets measured at fair value 20 1 37 58   24 \u2013 39 63 Financial liabilities \u2013 infrastructure  concessions interest rate swaps \u2013 (1) \u2013 (1)   \u2013 (4) \u2013 (4) Total liabilities measured at fair value \u2013 (1) \u2013 (1)   \u2013 (4) \u2013 (4) ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-605": {
   "value": "41 Principal subsidiaries, joint ventures and associates (a) Principal subsidiaries Country of incorporation or registration Construction and support services Balfour Beatty Group Ltd Balfour Beatty Construction Group Inc US Balfour Beatty Infrastructure Inc US Infrastructure Investments Balfour Beatty Communities LLC US Balfour Beatty Infrastructure Investments Ltd* Balfour Beatty Investments Inc US Balfour Beatty Campus Solutions LLC US Balfour Beatty Investments, LP Canada Balfour Beatty Communities, LP Canada Other Balfour Beatty Holdings Inc.  US (b) Principal joint ventures and associates Country of incorporation or registration Ownership interest % Construction and support services Gammon China Ltd Hong Kong 50.0 Infrastructure Investments (Note 41) Connect Plus (M25) Ltd 15.0 (c) Principal joint operations The Group carries out a number of its larger contracts in joint arrangements with other contractors so as to share resources and risk. The principal joint projects in progress during the year are shown below. Country of incorporation or registration Ownership interest % M25 Maintenance 52.5 M4 Junction 3\u201312 60.0 HS2 \u2013 Area North 50.0 Central Rail Systems Alliance 80.0 Old Oak Common 42.0 Skanska/Balfour Beatty  US 50.0 Driscoll/Balfour Beatty  US  35.0 Greenline Extension  US 25.0 LAX Integrated Express Solutions  US 30.0 LBJ East US 45.0 Notes (i)  Subsidiaries, joint ventures and associates whose results did not, in the opinion of the Directors, materially affect the results or net assets of the Group are not shown. (ii) Unless otherwise stated, 100% of the equity capital is owned and companies are registered in England and Wales and the principal operations of each company are conducted in the country of incorporation. *  Indicates held directly by Balfour Beatty plc. A full list of the Group\u2019s related undertakings is included in Note 43. 41 Principal subsidiaries, joint ventures and associates continued (d) Balfour Beatty Investments UK Roads Balfour Beatty is a promoter, developer and investor in 12 road and street lighting projects to construct new roads, to upgrade and maintain existing roads and to replace and maintain street lighting. The principal contract is the project agreement with the governmental highway authority. All assets transfer to the customer at the end of the concession. Concession company (i) Project Total debt and equity funding \u00a3m Shareholding Method of accounting Financial close Duration years Construction completion Connect M1-A1 Ltd 30km road 290 20% JV March 1996 30 1999 Connect A50 Ltd 57km road 42 25% JV May 1996 30 1998 Connect A30/A35 Ltd 102km road 127 20% JV July 1996 30 2000 Connect M77/GSO plc (ii) 25km road 167 85% JV May 2003 32 2005 Connect Roads Sunderland Ltd Streetlighting 27 20% JV August 2003 25 2008 Connect Roads South Tyneside Ltd Streetlighting 28 20% JV December 2005 25 2010 Connect Roads Derby Ltd Streetlighting 36 100% Subsidiary April 2007 25 2012 Connect Plus (M25) Ltd J16 \u2013 J23, J27 \u2013 J30 and A1(M) Hatfield Tunnel 1,309 15% JV May 2009 30 2012 Connect CNDR Ltd Carlisle Northern Development Route 176 25% JV July 2009 30 2012 Connect Roads Coventry Ltd Streetlighting 56 20% JV August 2010 25 2015 Connect Roads Cambridgeshire Ltd Streetlighting 51 20% JV April 2011 25 2016 Connect Roads Northamptonshire Ltd Streetlighting 64 20% JV August 2011 25 2016 Notes (i)  Registered in England and Wales and the principal operations of each company are in England and Wales, except Connect M77/GSO plc which is registered, and conducts their principal operations, in Scotland. (ii)  Due to the shareholders\u2019 agreement between Balfour Beatty and the other shareholder requiring unanimity of agreement in respect of significant matters related to the financial and operating policies of this company, the Directors consider that the Group does not control this company and it has been accounted for as a joint venture. Healthcare Balfour Beatty is a promoter, developer and investor in two healthcare projects to build hospital accommodation and to provide certain non-medical facilities management services over the concession period. The principal contract for Birmingham is the project agreement between the concession company and the NHS Trust and for the Irish primary care centres, the project agreement is with the Irish Government. All assets transfer to the customer at the end of the concession. Concession company (i) Project Total debt and equity funding \u00a3m Shareholding Method of accounting Financial close Duration years Construction completion Consort Healthcare (Birmingham) Ltd  Teaching hospital and mental health hospital 553 40% JV June 2006 40 2011 Healthcare Centres PPP Ltd Primary health care centres 158 40% JV May 2016 26 2019 Note (i)  Registered in England and Wales and the principal operations of each company are in England and Wales, except Healthcare Centres PPP Ltd which is registered, and conducts its principal operations, in Ireland. Student accommodation Balfour Beatty is a promoter, developer and investor in four student accommodation projects. On Holyrood, Sussex and Aberystwyth, the principal agreement is between the concession company and the university and the assets transfer to the customer at the end of the concession. On Glasgow Residences the building is owned outright by Balfour Beatty and rooms are let to individual students. Concession company (i) Project Total debt and equity funding \u00a3m Shareholding Method of accounting Financial close Duration years Construction completion Holyrood Student Accommodation SPV Ltd Edinburgh 82 20% JV July 2013 50 2016 Aberystwyth Student Accommodation Ltd Aberystwyth 51 100% Subsidiary July 2013 35 2015 Glasgow Residences (Kennedy Street) LLP Glasgow 40 100% Subsidiary April 2016 n/a 2017 East Slope Residencies Student Accommodation LLP Sussex 218 80% Subsidiary March 2017 50 2020 Note (i)  Registered in England and Wales and the principal operations of each company are in England and Wales, except Holyrood Student Accommodation SPV Ltd and Glasgow Residences (Kennedy Street) LLP which are registered, and conduct their principal operations, in Scotland. 41 Principal subsidiaries, joint ventures and associates continued (d) Balfour Beatty Investments UK continued Other concessions Pevensey Coastal Defence Ltd (PCDL) has a 25-year contract with the Environment Agency to maintain a shingle bank sea defence in East Sussex. UBB Waste (Gloucestershire) Ltd has a contract with the local authority to design, build and operate a sustainable waste treatment facility. Thanet involves the operation of transmission assets for the 300MW offshore wind farm project located off the Kent coast. Gwynt y M\u00f4r involves the operation of transmission assets for the 576MW offshore wind farm in the Irish Sea. Humber involves the operation of transmission assets for the 219MW offshore wind farm in the North Sea. Thanet, Gwynt y M\u00f4r and Humber operate and maintain the transmission assets under the terms of perpetual licences granted by Ofgem which contain the right to be paid a revenue stream over a 20-year period on an availability basis. Welland Bio Power involves the design, construction, financing, operation and maintenance of a 10.4MW waste wood gasifier located at Pebble Hall Farm, Thredingworth. The East Wick and Sweetwater development is a London Legacy Development Corporation project, being carried out in phases, which will result in the creation of two communities, East Wick and Sweetwater, at the Queen Elizabeth Olympic Park in London. With the exception of the Welland Bio Power plant and the Eastwick and Sweetwater project, all assets transfer to the customer at the end of the relevant concession. Concession company (i) Project Total debt and equity funding \u00a3m Shareholding Method of accounting Financial close Duration years Construction completion Pevensey Coastal Defence Ltd Sea defences 3 25% JV July 2000 25 n/a East Wick and Sweetwater Projects (Phase 1) Ltd Property development 99 50% JV January 2019 3 2021 UBB Waste (Gloucestershire) Ltd Waste processing plant 223 49.5% Associate January 2016 25 2019 Thanet OFTO Ltd Offshore transmission 197 20% JV December 2014 20 n/a Gwynt y M\u00f4r OFTO plc (ii) Offshore transmission 256 60% JV February 2015 20 n/a Welland Bio Power Ltd Waste wood gasifier 17 29.2% JV March 2015 n/a 2018 Humber Gateway OFTO Ltd Offshore transmission 187 20% JV September 2016 20 n/a Notes (i)  Registered in England and Wales and the principal operations of each company are in England and Wales. (ii)  Due to the shareholders\u2019 agreement between Balfour Beatty and the other shareholders requiring unanimity of agreement in respect of significant matters related to the financial and operating policies of this company, the Directors consider that the Group does not control this company and it has been accounted for as a joint venture. (e) Balfour Beatty Investments North America Military housing Summary Balfour Beatty through its subsidiary Balfour Beatty Communities LLC is a manager, developer, and investor in a number of US military privatisation projects associated with a total of 55 US Government military bases which includes 55 military family housing communities and one unaccompanied personnel housing community that are expected to contain approximately 43,000 housing units once development, construction and renovation are complete. The projects comprise 11 military family housing privatisation projects with the United States Department of the Army (Army), seven projects with the United States Department of the Air Force (Air Force) and two projects with the United States Department of the Navy (Navy). In addition, there is one unaccompanied personnel housing (UPH) project with the Army at Fort Stewart. Contractual arrangements The first phase of the project, known as the initial development period, covers the period of initial construction or renovation of military housing on a base, typically lasting three to eight years. With respect to Army and Navy projects, the Government becomes a member or partner of the project entity (Project LLC); the Air Force is not a named partner or member in Balfour Beatty Communities\u2019 Project LLCs, however it contributes a commitment to provide a Government direct loan to the Project LLC and has similar rights to share in distributions and cash flows of the Project LLC. On each project, the Project LLC enters into a ground lease with the Government, which provides the Project LLC with a leasehold interest in the land and title to the improvements on the land for a period of 50 years. Each of these military housing privatisation projects includes agreements covering the management, renovation, and development of existing housing units, as well as the development, construction, renovation and management of new units during the term of the project, which, in the case of the Army, could potentially extend for up to an additional 25 years. The 50-year duration of each project calls for continuous renovation, rehabilitation, demolition and reconstruction of housing units. At the end of the ground lease term the Project LLC\u2019s leasehold interest terminates and all project improvements on the land generally transfer to the Government. Preferred returns The projects will typically receive, to the extent that adequate funds are available, an annual minimum preferred return. On most existing projects, this annual minimum preferred return ranges from 9% to 12% of Balfour Beatty Communities\u2019 initial equity contribution to the project. 41 Principal subsidiaries, joint ventures and associates continued Military housing continued (e) Balfour Beatty Investments North America continued Allocation of remaining operating cash flow Operating cash flow remaining after the annual minimum preferred return is paid is shared between Balfour Beatty Communities and the reinvestment account held by the project for the benefit of the Government. On most of the existing projects, the total amount that Balfour Beatty Communities is entitled to receive (inclusive of the preferred return) is generally capped at an annual modified rate of return, or cash-on-cash return, on its initial equity contribution to the project. Historically, these caps have ranged between approximately 9% to 18% depending on the particular project and the type of return (annual modified rates of return or cash-on-cash). However, in some of the more recent projects, there are either no annual caps or lower projected annual rates of return. The total capped return generally will include the annual minimum preferred return. The reinvestment account is an account established for the benefit of the military, but funds may be withdrawn for construction, development and renovation costs during the remaining life of a privatisation project upon approval by the applicable military service. Return of equity Generally, at the end of a project term, any monies remaining in the reinvestment account are distributed to Balfour Beatty Communities and the Army, Navy or Air Force, in a predetermined order of priority. Typically these distributions will have the effect of providing the parties with sufficient funds to provide a minimum annual return over the life of the project and a complete return of the initial capital contribution. After payment of the minimum annual return and the return of a party\u2019s initial contribution, all remaining funds will typically be distributed to the applicable military service. Military concession company (i) Projects Total project funding US$m Financial close Duration years Construction completion Military family housing Fort Carson Family Housing LLC Army base 176 November 2003 46 2004 \u2013 Fort Carson expansion 130 November 2006 43 2010 \u2013 Fort Carson GTA expansion 99 April 2010 39 2013 \u2013 Fort Carson GTA II expansion 68 June 2015 34 2018 Stewart Hunter Housing LLC Two Army bases 374 November 2003 50 2012 Fort Hamilton Housing LLC Army base 61 June 2004 50 2009 Fort Detrick/Walter Reed Army Medical Center Housing LLC Two Army bases 112 July 2004 50 2008 Northeast Housing LLC Seven Navy bases 496 November 2004 50 2010 Fort Eustis/Fort Story Housing LLC Two Army bases 175 March 2005 50 2011 \u2013 Fort Eustis expansion 8 July 2010 45 2011 \u2013 Fort Eustis \u2013 Marseilles Village 26 March 2013 42 2015 Fort Bliss/White Sands Missile Range Housing LP Two Army bases 427 July 2005 50 2011 \u2013 Fort Bliss expansion 46 December 2009 46 2011 \u2013 Fort Bliss GTA expansion phase I 156 July 2011 44 2014 \u2013 Fort Bliss GTA expansion phase II 146 November 2012 43 2016 Fort Gordon Housing LLC Army base 109 May 2006 50 2012 Carlisle/Picatinny Family Housing LP Two Army bases 84 July 2006 50 2011 \u2013 Carlisle Heritage Heights phase II 21 October 2012 44 2014 AETC Housing LP Four Air Force bases 359 February 2007 50 2012 Southeast Housing LLC 11 Navy bases 558 November 2007 50 2013 Vandenberg Housing LP Air Force base 155 November 2007 50 2012 Leonard Wood Family Communities LLC Army base 231 Acquired June 2008 47 2014 AMC West Housing LP Three Air Force bases 428 July 2008 50 2015 West Point Housing LLC Army base 220 August 2008 50 2016 Fort Jackson Housing LLC Army base 181 October 2008 50 2013 Lackland Family Housing LLC Air Force base 105 Acquired December 2008 50 2013 Western Group Housing LP Four Air Force bases 328 March 2012 50 2017 Northern Group Housing LLC Six Air Force bases 427 August 2013 50 2019 ACC Group Housing LLC Two Air Force bases 56 June 2014 50 2018 Military unaccompanied personnel housing Stewart Hunter Housing LLC 36  January 2008 50 2010 Note (i)  Registered in the US and the principal operations of each project are conducted in the US. The Group evaluated each of its interests in the military housing projects to determine if the entities should be consolidated. This analysis included, but was not limited to, identifying the activities that most significantly impact an entity\u2019s economic performance, which party or parties control those activities and the risks associated with these entities. Decision-making power over key facets of the contracts was evaluated when determining which party or parties had control over the activities that most significantly impacted a project\u2019s economics. Based on this review, the Directors consider that the Group does not have the power to direct these activities and does not have control and therefore the Group does not consolidate the military housing projects and accounts for these projects as investments in associates. 41 Principal subsidiaries, joint ventures and associates continued (e) Balfour Beatty Investments North America continued Aviation Summary Balfour Beatty is a developer, operator and investor in an automated people mover at Los Angeles International Airport. The people mover will be a 2.25-mile above ground airport transport system. Contractual arrangements The principal contract is the project agreement between the concession partnership and the airport authority. All assets transfer to the authority at the end of the concession. Concession company Project Total project funding US$m Shareholding Method of accounting Financial close Duration years Construction completion LAX Integrated Express Solutions LLC (i) LINXS 2,649 27% JV June 2018 30 2024 Note (i)  Registered in the US and the principal operations of the project are conducted in the US. Residential investments Summary Balfour Beatty is a developer, operator and investor in nine multifamily residential projects. Contractual arrangements Balfour Beatty has formed joint ventures to acquire residential apartment buildings for nine multifamily residential projects. For all residential projects, the joint ventures entered into agreements with Balfour Beatty Communities LLC to perform the operations and renovation work. Residential investments (i) Total project funding US$m Shareholding Method of accounting Financial close Renovation completion Carolina Cove (Wilmington) Owner LLC (North Carolina) 48 50% JV December 2017 2022 Lexington (Ridgeland) Owner, LLC (Jackson, Mississippi) 27 50% JV August 2018 2025 Landings (Jacksonville) Owner, LLC (Florida) 48 50% JV August 2019 2025 Retreat at Schillinger (Mobile) Owner, LLC (Alabama) 33 50% JV December 2019 2026 Paces Brook (Columbia) Owner, LLC (South Carolina) 27 50% JV December 2019 2026 Chenal Pointe (Little Rock) Owner, LLC (Arkansas) 34 50% JV October 2020 2027 Moretti (Homewood) Owner, LLC (Alabama) 33 50% JV December 2020 2027 San Mateo (Kissimmee) Owner, LLC (Florida) 81 50% JV August 2021 2027 View SA LLC (San Antonio, Texas)(ii) 76 87% JV June 2022 2025 Notes (i)  Registered in the US and the principal operations of each project are conducted in the US. (ii) Due to the shareholders\u2019/partnership agreement between Balfour Beatty and the other shareholder/partner requiring unanimity of agreement in respect of significant matters related to the financial and operating policies of this undertaking, the Directors consider that the Group does not control this undertaking and it has been accounted for as a joint venture. 41 Principal subsidiaries, joint ventures and associates continued (e) Balfour Beatty Investments North America continued Student accommodation Summary Balfour Beatty is also a developer and owner of five student accommodation projects. Contractual arrangements The principal contracts in the student accommodation projects are the ground leases, development leases and operating agreements with the state universities setting out the obligations for the construction, operation and maintenance of the student accommodation including lifecycle replacement during the concession period. Concession company (i) Total project funding US$m Shareholding Method of accounting Financial close Duration years Construction completion Northside Campus Partners LP (Texas Dallas) 54 10% JV March 2015 61 2016 Northside Campus Partners 2, LP (Texas Dallas) 67 10% JV February 2017 61 2018 Northside Campus Partners 3, LP (Texas Dallas) (ii) 36 70% JV June 2019 61 2020 Northside Campus Partners 4, LP (Texas Dallas) (ii) 70 65% JV December 2019 61 2021 Swiftsure Housing Partners, LLC (Vanderbilt)  153 23% JV April 2021 45 2023 Notes (i)  Registered in the US and the principal operations of each project are conducted in the US. (ii) Due to the shareholders\u2019/partnership agreement between Balfour Beatty and the other shareholder/partner requiring unanimity of agreement in respect of significant matters related to the financial and operating policies of this undertaking, the Directors consider that the Group does not control this undertaking and it has been accounted for as a joint venture. (f) Balfour Beatty Investments UK and North America Total future committed equity and debt funding for Infrastructure Investments\u2019 project companies Concessions 2023 \u00a3m 2024 \u00a3m 2025 \u00a3m 2026 onwards \u00a3m Total \u00a3m UK        Student accommodation \u2013 \u2013 \u2013 50 50 Other concessions 5 \u2013 \u2013 \u2013 5 5 \u2013 \u2013 50 55 North America          Aviation \u2013 23 \u2013 \u2013 23 Multifamily housing 2 \u2013 \u2013 \u2013 2 Student accommodation 3 \u2013 \u2013 \u2013 3 5 23 \u2013 \u2013 28 10 23 \u2013 50 83 Projects at financial close 5 23 \u2013 \u2013 28 Projects at preferred bidder stage 5 \u2013 \u2013 50 55 Total 10 23 \u2013 50 83 ",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfPrincipalSubsidiariesJointVenturesAndAssociates",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-606": {
   "value": "42 Audit exemptions taken for subsidiaries The following subsidiaries are exempt from the requirements under the Companies Act 2006 relating to the audit of individual financial statements by virtue of Section 479A of the Act. Company registration number Education Investments Holdings Ltd 6863458 Consort Healthcare Infrastructure Investments Ltd 6859623 ",
   "dimensions": {
    "concept": "balfourbeattyplc:DisclosureOfAuditExemptionsTakenForSubsidiaries",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "fact-623": {
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_6\"></span>y<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e N<span class=\"_ _0\"></span>E12 8<span class=\"_ _0\"></span>B<span class=\"_ _0\"></span>U<span class=\"_ _399\"> </span>Ab<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>yst<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>th Student Accommo<span class=\"_ _0\"></span>dation Ltd<span class=\"_ _3\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Investments<span class=\"_ _6\"></span><span class=\"_ _399\"> Ltd</span> (i) Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Infrastruc<span class=\"_ _0\"></span>ture Partners Mem<span class=\"_ _0\"></span>ber Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Proje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Investments<span class=\"_ _6\"></span> Ltd<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents Ltd <span class=\"_ _58\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y OF<span class=\"_ _1\"></span>TO Hol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>orate  Ser<span class=\"_ _0\"></span>vices Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Work<span class=\"_ _0\"></span>Sm<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t Ltd<span class=\"_ _2b\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span>BBI Holdings Austral<span class=\"_ _6\"></span>ia Ltd<span class=\"_ _1c3\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>BBPF<span class=\"_ _6\"></span> LLP (iii)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs Ltd <span class=\"_ _113\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads D<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>by Ltd <span class=\"_ _360\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e C<span class=\"_ _0\"></span>oncession<span class=\"_ _399\"> </span></span>Connect Roads Infrastructu<span class=\"_ _6\"></span>re <span class=\"ls3 ws0\"> </span>Investments<span class=\"_ _6\"></span> Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Consor<span class=\"_ _0\"></span>t He<span class=\"_ _0\"></span>althcare Infrastructure Investments<span class=\"_ _6\"></span> Ltd Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any East Slope Residenc<span class=\"_ _0\"></span>ies Facilities Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t Slo<span class=\"_ _0\"></span>pe Re<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>enci<span class=\"_ _0\"></span>es Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd <span class=\"_ _1c7\"> </span><span class=\"ls10 wse\">Investment Holding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any East Slope Residenc<span class=\"_ _0\"></span>ies Partner Ltd <span class=\"_ _113\"> </span><span class=\"ls35 ws34\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span></span>East Slope Residenc<span class=\"_ _0\"></span>ies plc (ii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>East Slope Residenc<span class=\"_ _0\"></span>ies Student Accomm<span class=\"_ _0\"></span>odation L<span class=\"_ _0\"></span>LP (ii) (iii)<span class=\"_ _399\"> </span>Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span>Education Investments Holdings Ltd<span class=\"_ _b4\"> </span>Investmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Initi<span class=\"_ _0\"></span>al GP<span class=\"_ _0\"></span>1 Ltd <span class=\"_ _38f\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Manchester Residences (New Cross) Ltd<span class=\"_ _6\"></span> <span class=\"_ _72\"> </span><span class=\"ls35 ws34\">Infrastructur<span class=\"_ _6\"></span>e Concession<span class=\"_ _399\"> </span></span>South C<span class=\"_ _0\"></span>ambridgeshire Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>West Stratford Dev<span class=\"_ _6\"></span>elo<span class=\"_ _0\"></span>pments Ltd (iv)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any 5 Ch<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>l Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y W<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>f, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n E14 5HU<span class=\"_ _399\"> </span>Avata<span class=\"_ _0\"></span>r Ltd <span class=\"_ _a5\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>d Ltd <span class=\"_ _111\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Buil<span class=\"_ _0\"></span>ding Ltd <span class=\"_ _1e\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CE Ltd<span class=\"_ _13\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _1f9\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>il Eng<span class=\"_ _0\"></span>inee<span class=\"_ _0\"></span>ring Ltd <span class=\"_ _c0\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Civ<span class=\"_ _0\"></span>ils Ltd <span class=\"_ _49\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nst Ltd <span class=\"_ _1d3\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>SW<span class=\"_ _1\"></span>) Ltd <span class=\"_ _b9\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction International Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hern Ltd <span class=\"_ _24\"> </span>Age<span class=\"_ _0\"></span>nt of Balfo<span class=\"_ _0\"></span>ur Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices (<span class=\"_ _0\"></span>H<span class=\"_ _0\"></span>Y<span class=\"_ _1\"></span>) Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Empl<span class=\"_ _0\"></span>oym<span class=\"_ _0\"></span>ent Ltd <span class=\"_ _52\"> </span>Employe<span class=\"_ _0\"></span>r For U<span class=\"_ _0\"></span>K Workforce<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _390\"> </span><span class=\"ls35 ws34\">Construction &amp; Support </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>mes Ltd<span class=\"_ _f3\"> </span>Ag<span class=\"_ _0\"></span>ent of M<span class=\"_ _0\"></span>anrin<span class=\"_ _0\"></span>g Ho<span class=\"_ _0\"></span>mes Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>nal Ltd <span class=\"_ _16f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ent Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd (i)<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement Ltd <span class=\"_ _346\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y No<span class=\"_ _0\"></span>minee<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1db\"> </span><span class=\"ls35 ws34\">Nominee Company<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Overseas Investments Lt<span class=\"_ _6\"></span>d<span class=\"_ _71\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ove<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>as Ltd<span class=\"_ _31c\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pro<span class=\"_ _0\"></span>per<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd (i)<span class=\"_ _399\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y plc<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail I<span class=\"_ _0\"></span>nfras<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>ture S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices Ltd Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Ltd <span class=\"_ _1a\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s Ltd <span class=\"_ _58\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Technol<span class=\"_ _0\"></span>ogi<span class=\"_ _0\"></span>es Ltd <span class=\"_ _b1\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail Track System<span class=\"_ _0\"></span>s Ltd <span class=\"_ _53\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Refur<span class=\"_ _0\"></span>bishm<span class=\"_ _0\"></span>ent Ltd<span class=\"_ _9c\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Reg<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tion Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Util<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons Ltd <span class=\"_ _30\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck Ltd <span class=\"_ _22\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant </span>BB In<span class=\"_ _0\"></span>done<span class=\"_ _0\"></span>sia Ltd<span class=\"_ _35f\"> </span><span class=\"ls10 wse\">Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>vac Ltd <span class=\"_ _19f\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bic<span class=\"_ _0\"></span>al C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd <span class=\"_ _1e4\"> </span>Agent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Bign<span class=\"_ _0\"></span>ell &amp; A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>ates Ltd<span class=\"_ _2d8\"> </span>Agent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Grou<span class=\"_ _0\"></span>p Ltd Birs<span class=\"_ _0\"></span>e Group Ltd <span class=\"_ _21\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Birs<span class=\"_ _0\"></span>e Met<span class=\"_ _0\"></span>ro Ltd<span class=\"_ _357\"> </span>Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span>Bno<span class=\"_ _0\"></span>ms Ltd (i)<span class=\"_ _399\"> </span>Nominee Company<span class=\"_ _399\"> </span><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:0.0066986084px; bottom:850.009px;\">Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:834.6794px;\">BP<span class=\"_ _0\"></span>H Equip<span class=\"_ _0\"></span>ment Ltd <span class=\"_ _2a\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:821.6794px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:807.6498px;\">Cow<span class=\"_ _0\"></span>lin Gro<span class=\"_ _0\"></span>up Ltd <span class=\"_ _1e0\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:793.6202px;\">Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant T<span class=\"_ _0\"></span>hree Li<span class=\"_ _0\"></span>mited<span class=\"_ _4\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span><span class=\"ls28 ws24\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:779.5906px;\">Guinea Investmen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>s Ltd<span class=\"_ _6\"></span> <span class=\"_ _111\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:766.5906px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:752.561px;\">Haden Building Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es Ltd<span class=\"_ _31c\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:738.5314px;\">Ha<span class=\"_ _0\"></span>den Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:81.0474px; bottom:741.99457px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls28 ws24\" style=\"left:202.95334px; bottom:738.5314px;\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:724.5019px;\">Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Wes<span class=\"_ _0\"></span>tern Ltd <span class=\"_ _338\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span><span class=\"ls28 ws24\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:710.4723px;\">L<span class=\"_ _0\"></span>aser R<span class=\"_ _0\"></span>ail Ltd <span class=\"_ _174\"> </span>Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:697.4723px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:683.4427px;\">Loun<span class=\"_ _0\"></span>sda<span class=\"_ _0\"></span>le Ele<span class=\"_ _0\"></span>ctr<span class=\"_ _0\"></span>ic Ltd <span class=\"_ _387\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span><span class=\"ls28 ws24\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:669.4131px;\">Ma<span class=\"_ _0\"></span>nring H<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>es Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:92.66043px; bottom:672.8763px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:669.4131px;\">Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:655.3835px;\">Mult<span class=\"_ _0\"></span>ibui<span class=\"_ _0\"></span>ld (C<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on &amp; Interi<span class=\"_ _0\"></span>ors) Ltd <span class=\"_ _19d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:642.3835px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:628.3539px;\">Of<span class=\"_ _0\"></span>fice Projects (Interiors) Ltd<span class=\"_ _1d8\"> </span><span class=\"ls3 ws0\">Agent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:615.3539px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:601.3243px;\">Omnicom Enginee<span class=\"_ _6\"></span>ring Ltd <span class=\"_ _1d0\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:587.2947px;\">Ray<span class=\"_ _0\"></span>neswa<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _373\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:574.2947px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:560.2651px;\">Strata Construction L<span class=\"_ _6\"></span>td <span class=\"_ _17e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:546.2355px;\">He<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd S<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l Wor<span class=\"_ _0\"></span>ks<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rd H<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>4 9SW<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:532.2059px;\">Painter B<span class=\"_ _0\"></span>rother<span class=\"_ _0\"></span>s Ltd <span class=\"_ _26d\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:519.2059px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:505.17627px;\">Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>s Dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>, Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>t, M<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>eys<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de L<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4 1PJ<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:491.14667px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pensi<span class=\"_ _0\"></span>on T<span class=\"_ _6\"></span>ru<span class=\"_ _0\"></span>st Ltd</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:151.6526px; bottom:494.60986px;\"> (i)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:491.14667px;\">Pension Fund T<span class=\"_ _17\"></span>rustee<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:477.1172px;\">C/O Mc Gr<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, 12\u201316 Bri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, B<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>fa<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:464.1172px;\">BT1 1LS<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Ir<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:450.0876px;\">Bal<span class=\"_ _0\"></span>four K<span class=\"_ _0\"></span>ilp<span class=\"_ _0\"></span>atri<span class=\"_ _0\"></span>ck No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn Irel<span class=\"_ _0\"></span>and Ltd <span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:436.05798px;\">Th<span class=\"_ _0\"></span>e Cu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g, A<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>is B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>k, H<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ne Way, La<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>y<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:0.0066986084px; bottom:423.05798px;\">Berkshire SL3 8AG<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:409.02844px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Groun<span class=\"_ _0\"></span>d Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing Ltd <span class=\"_ _b6\"> </span>Ag<span class=\"_ _0\"></span>ent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:396.0284px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:381.9988px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1cd\"> </span>Ag<span class=\"_ _0\"></span>ent of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:368.9988px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:354.9692px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Li<span class=\"_ _0\"></span>ving P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ces Ltd <span class=\"_ _95\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:341.9692px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:0.0066986084px; bottom:327.9396px;\">Sunderland Streetlighting Ltd <span class=\"_ _369\"> </span><span class=\"ls3 ws0\">A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfour B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span></span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:314.9396px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:300.91px;\">T<span class=\"_ _6\"></span>esti<span class=\"_ _0\"></span>ng and A<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>alys<span class=\"_ _0\"></span>is Ltd <span class=\"_ _f2\"> </span>Age<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:287.91px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:273.8804px;\">Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:0.0066986084px; bottom:260.8804px;\">Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:246.8508px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion Ltd <span class=\"_ _78\"> </span>Ag<span class=\"_ _0\"></span>ent of Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:233.8508px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:219.82123px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion S<span class=\"_ _0\"></span>cot<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>sh &amp;<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:206.82123px;\">So<span class=\"_ _0\"></span>uthe<span class=\"_ _0\"></span>rn Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:219.82123px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:206.82123px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:192.79163px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y K<span class=\"_ _0\"></span>ilpa<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>k Lim<span class=\"_ _0\"></span>ited <span class=\"_ _75\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:179.79163px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:165.76202px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail R<span class=\"_ _0\"></span>esid<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y Ltd <span class=\"_ _9a\"> </span>A<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of Balfou<span class=\"_ _0\"></span>r Bea<span class=\"_ _0\"></span>tt<span class=\"_ _1\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:152.76202px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:0.0066986084px; bottom:138.73254px;\">Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Regional Civil<span class=\"_ _6\"></span> Engineering<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:0.0066986084px; bottom:125.732544px;\">Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:138.73254px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:202.95334px; bottom:125.732544px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:111.70294px;\">BBPFS LP</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls272 ws279\" style=\"left:47.262093px; bottom:115.16614px;\"> (iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:111.70294px;\">Investment<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>artnership<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:97.67334px;\">Glasgow Residences (Kennedy Street)<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:0.0066986084px; bottom:84.67334px;\">Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:202.95334px; bottom:97.67334px;\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:84.67334px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls7b wse\" style=\"left:0.0066986084px; bottom:70.64374px;\">Glasgow Residences (Kennedy Street) LL<span class=\"_ _0\"></span>P</div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls274 ws279\" style=\"left:193.47716px; bottom:74.10695px;\"> (iii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:202.95334px; bottom:70.64374px;\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:0.0066986084px; bottom:56.614136px;\">Glasgow Residences (Kennedy Street)  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:43.614136px;\">SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:202.95334px; bottom:56.614136px;\">Infrastructu<span class=\"_ _6\"></span>re Concession<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:29.584549px;\">Hal<span class=\"_ _0\"></span>l &amp; T<span class=\"_ _6\"></span>awse Ltd <span class=\"_ _391\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span><span class=\"ls28 ws24\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:15.554947px;\">Initi<span class=\"_ _0\"></span>al Fo<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>er Par<span class=\"_ _1\"></span>tner G<span class=\"_ _0\"></span>P1 Ltd <span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:202.95334px; bottom:2.554947px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:342.74948px; bottom:850.009px;\">Entity<span class=\"_ _25c\"> </span>Principal activi<span class=\"_ _0\"></span>ty<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:835.1669px;\">Mi<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ll B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>u<span class=\"_ _0\"></span>mu<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s Way, Kin<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e, Ab<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls87 ws7e\" style=\"left:342.74948px; bottom:822.1669px;\">AB51<span class=\"_ _6\"></span> 0TG<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:808.13727px;\">Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engineeri<span class=\"_ _6\"></span>ng<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:342.74948px; bottom:795.13727px;\">Ser<span class=\"_ _0\"></span>vices (C<span class=\"_ _0\"></span>L) Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:544.59375px; bottom:808.13727px;\">Age<span class=\"_ _0\"></span>nt of Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:544.59375px; bottom:795.13727px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:781.10767px;\">C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r B<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>t Ka<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne\u2019s Way, Lon<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls4e ws3\" style=\"left:342.74948px; bottom:768.10767px;\">E1W 1<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>D<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:754.07806px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Power C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>truc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n Ltd<span class=\"_ _50\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls35 ws34\" style=\"left:342.74948px; bottom:740.04846px;\">Birse Construction<span class=\"_ _6\"></span> Ltd <span class=\"_ _1be\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:544.59375px; bottom:727.04846px;\">Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls91 ws85\" style=\"left:544.59375px; bottom:714.04846px;\">In Liquidation<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:700.01886px;\">Edg<span class=\"_ _0\"></span>ar A<span class=\"_ _0\"></span>llen En<span class=\"_ _0\"></span>gine<span class=\"_ _0\"></span>erin<span class=\"_ _0\"></span>g Ltd <span class=\"_ _31c\"> </span>Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqui<span class=\"_ _0\"></span>dat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.74948px; bottom:682.014px;\">Mansell Maintenance Limited <span class=\"_ _2b\"> </span><span class=\"ls3 ws0\">Dorm<span class=\"_ _0\"></span>ant \u2013 In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idat<span class=\"_ _0\"></span>ion<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:667.9844px;\">Ma<span class=\"_ _0\"></span>nsell p<span class=\"_ _0\"></span>lc <span class=\"_ _392\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:544.59375px; bottom:654.9844px;\">Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:640.9548px;\">Wes<span class=\"_ _0\"></span>t S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, R<span class=\"_ _0\"></span>ayn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>ay<span class=\"_ _6\"></span>, D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rby D<span class=\"_ _0\"></span>E21 7B<span class=\"_ _0\"></span>G<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:626.9252px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Pla<span class=\"_ _0\"></span>nt &amp; Fleet S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s Ltd <span class=\"_ _218\"> </span>A<span class=\"_ _0\"></span>gent of B<span class=\"_ _0\"></span>alfou<span class=\"_ _0\"></span>r Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:544.59375px; bottom:613.9252px;\">Grou<span class=\"_ _0\"></span>p Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:599.89557px;\">C/O Maz<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _17\"></span>, 10<span class=\"_ _0\"></span>0 Qu<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Gl<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>sg<span class=\"_ _0\"></span>ow G1 3DN S<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:585.86597px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Engi<span class=\"_ _0\"></span>neer<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices  </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:342.74948px; bottom:572.86597px;\">(L<span class=\"_ _0\"></span>EL<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:544.59375px; bottom:585.86597px;\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt \u2013 In Li<span class=\"_ _0\"></span>quid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls40 ws26\" style=\"left:342.74948px; bottom:558.83636px;\">Lumina<span class=\"_ _6\"></span> Building, 40 Ainslie<span class=\"_ _6\"></span> Road, Hillington<span class=\"_ _6\"></span> Park, Glasgow<span class=\"_ _6\"></span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:545.83636px;\">G5<span class=\"_ _0\"></span><span class=\"_ _399\">2 4</span><span class=\"_ _0\"></span>RU<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:531.80676px;\">Shaw<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Petrie L<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ted <span class=\"_ _1ab\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:517.77716px;\">4<span class=\"_ _0\"></span>2-<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>4 C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Wat<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d, H<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>for<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>re W<span class=\"_ _0\"></span>D17 1<span class=\"_ _6\"></span>D<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:503.74756px;\">Bar<span class=\"_ _0\"></span>low &amp; Y<span class=\"_ _6\"></span>o<span class=\"_ _0\"></span>ung<span class=\"_ _0\"></span>, Limi<span class=\"_ _0\"></span>ted <span class=\"_ _13b\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:489.71796px;\">Ha<span class=\"_ _0\"></span>den Inter<span class=\"_ _0\"></span>nat<span class=\"_ _0\"></span>iona<span class=\"_ _0\"></span>l Ltd<span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:475.68835px;\">Fo<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>th Fl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>or, 1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 W<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n SW1V 1LQ<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsfb ws13a\" style=\"left:342.74948px; bottom:461.6588px;\">0<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>15<span class=\"_ _1\"></span>8<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span> L<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>d<span class=\"_ _9e\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls158 ws146\" style=\"left:342.74948px; bottom:447.6292px;\">0<span class=\"_ _1\"></span>11<span class=\"_ _0\"></span>9<span class=\"_ _3b\"> </span>8<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span> L<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>d<span class=\"_ _393\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:433.5996px;\">BIC<span class=\"_ _0\"></span>C D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _374\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:419.57013px;\">Devons<span class=\"_ _0\"></span>hire Ho<span class=\"_ _0\"></span>use D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant On<span class=\"_ _0\"></span>e Limi<span class=\"_ _0\"></span>ted<span class=\"_ _1a7\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:405.54053px;\">Th<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>d F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or D<span class=\"_ _0\"></span>evo<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>ay<span class=\"_ _1\"></span>fa<span class=\"_ _0\"></span>ir P<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e, L<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>n W1X 5FH<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3c ws3a\" style=\"left:342.74948px; bottom:391.51093px;\">BICC Ther<span class=\"_ _0\"></span>moheat Limited<span class=\"_ _1c3\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls9b wse4\" style=\"left:342.74948px; bottom:368.1109px;\">Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:353.3758px;\">(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 lsa9 ws23\" style=\"left:342.74948px; bottom:338.6408px;\">(ii) <span class=\"_ _0\"></span>80% owned.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls3d wsae\" style=\"left:342.74948px; bottom:323.9057px;\">(iii) <span class=\"_ _59\"></span>Partnership interests<span class=\"_ _6\"></span> held<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m0 ha ff4e fs6 fc2 sc0 ls1c ws0\" style=\"left:342.74948px; bottom:309.17075px;\">(i<span class=\"_ _0\"></span>v) <span class=\"_ _59\"></span>3<span class=\"_ _0\"></span>1 Ma<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span></div><div class=\"t m1a h115 ff4d fs66 fc2 sc0 ls275 ws0\" style=\"left:342.74948px; bottom:286.80383px;\">Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"_ _399\"> </span></div><div class=\"t m0 h2e ff4d fs6 fc2 sc0 ls1bb ws1b0\" style=\"left:342.74948px; bottom:272.50385px;\">Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.74948px; bottom:257.66174px;\">Australia<span class=\"_ _285\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:243.63214px;\">Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s P<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y Lim<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, 101 Co<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ns<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:342.74948px; bottom:230.63214px;\">Stree<span class=\"_ _0\"></span>t, Melbourne, Victoria, 3000<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.74948px; bottom:216.60254px;\">Balfour Beatt<span class=\"_ _0\"></span>y Australian Limited<span class=\"_ _399\"> </span> </div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls5 ws4\" style=\"left:342.74948px; bottom:203.60254px;\">Par<span class=\"_ _0\"></span>tnership<span class=\"_ _399\"> </span> </div><div class=\"t m0 h30 ff4e fs17 fc2 sc0 ls271 ws278\" style=\"left:398.80524px; bottom:207.06573px;\">(ii)<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsf wsd\" style=\"left:545.73773px; bottom:216.60254px;\">Holding company<span class=\"_ _399\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:189.57294px;\">Al<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 5, D<span class=\"_ _0\"></span>eu<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>, 126<span class=\"_ _0\"></span>-1<span class=\"_ _6\"></span>3<span class=\"_ _0\"></span>0 Ph<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>p S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t NSW<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls2e ws2c\" style=\"left:342.74948px; bottom:176.57294px;\">2000, A<span class=\"_ _6\"></span>us<span class=\"_ _0\"></span>tralia<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:162.54349px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Aust<span class=\"_ _0\"></span>rali<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ltd <span class=\"_ _58\"> </span><span class=\"ls35 ws34\">Construction &amp; Support<span class=\"_ _399\"> </span></span><span class=\"ls35 ws34\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls10 wse\" style=\"left:545.73773px; bottom:149.54349px;\">Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lse0 ws92\" style=\"left:342.74948px; bottom:135.51387px;\">Bahamas<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:121.48427px;\">Th<span class=\"_ _0\"></span>e Al<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, O<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>e Mi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Co<span class=\"_ _0\"></span>ur<span class=\"_ _1\"></span>t,  </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:108.48427px;\">P<span class=\"_ _17\"></span>.O. Box N<span class=\"_ _0\"></span>-7<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>17<span class=\"_ _17\"></span>, N<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:94.454666px;\">Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Bah<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>s Ltd <span class=\"_ _1d5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsae ws99\" style=\"left:342.74948px; bottom:80.42508px;\">Canada<span class=\"_ _206\"> </span><span class=\"ls3 ws0\"> </span></div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 ls3 ws8e\" style=\"left:342.74948px; bottom:66.39548px;\">Bo<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>r G<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vai<span class=\"_ _0\"></span>s LL<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, 2<span class=\"_ _0\"></span>2 Ade<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>te 3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>,<span class=\"_ _399\"> </span> </div><div class=\"t m0 h16 ff4d fs4 fc2 sc0 lsa9 ws23\" style=\"left:342.74948px; bottom:53.395477px;\">T<span class=\"_ _17\"></span>oronto, ON,<span class=\"_ _6\"></span> M<span class=\"_ _0\"></span>5H 4E3<span class=\"_ _399\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 ls3 ws0\" style=\"left:342.74948px; bottom:39.365875px;\">BB Gro<span class=\"_ _0\"></span>up C<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>da In<span class=\"_ _0\"></span>c<span class=\"_ _22\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span></div><div class=\"t m0 h7 ff4e fs4 fc2 sc0 lsa3 ws124\" style=\"left:545.73773px; bottom:26.365875px;\">Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span></div><div class=\"t m0 h5 ff4d fs0 fcd sc0 ls3 ws0\" style=\"left:0.0066986084px; bottom:881.2089px;\">4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span></div><div class=\"t m1a h115 ff4d fs66 fc2 sc0 ls275 ws0\" style=\"left:0.0066986084px; bottom:865.34204px;\">Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span> </div>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span>R3C 4K5<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities GP<span class=\"_ _59\"></span>, Inc<span class=\"_ _a1\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LP (ii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>P (ii)<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc<span class=\"_ _12\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents G<span class=\"_ _0\"></span>P<span class=\"_ _17\"></span>, Inc <span class=\"_ _b2\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y Investments, LP (ii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BB NI<span class=\"_ _0\"></span>H GP<span class=\"_ _17\"></span>, I<span class=\"_ _0\"></span>nc<span class=\"_ _179\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>Germany<span class=\"_ _145\"> </span><span class=\"ls3 ws0\"> </span>Ga<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>er S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 35, 8137<span class=\"_ _0\"></span>3 Mu<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _bf\"> </span> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail G<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>H<span class=\"_ _13b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es,<span class=\"_ _399\"> </span></span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>BICC Holdings GmbH<span class=\"_ _13\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Comp<span class=\"_ _0\"></span>any<span class=\"_ _6\"></span>, Dormant<span class=\"_ _399\"> </span>Schreck<span class=\"_ _6\"></span>-<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>iev<span class=\"_ _6\"></span>es GmbH<span class=\"_ _1a\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Hong K<span class=\"_ _6\"></span>ong<span class=\"_ _1f5\"> </span><span class=\"ls3 ws0\"> </span>5/F<span class=\"_ _17\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>e Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8 Kwun Tong Ro<span class=\"_ _0\"></span>ad Kow<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>n Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span>Balfour<span class=\"_ _6\"></span> Beat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Hong Kong<span class=\"_ _6\"></span> Ltd<span class=\"_ _1db\"> </span>Construction &amp; Support<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>India<span class=\"_ _149\"> </span><span class=\"ls3 ws0\"> </span>6<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or, N-1 Bal<span class=\"_ _0\"></span>sa B<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>anya<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a Em<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sy B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Nagav<span class=\"_ _6\"></span>ara, Rachenahalli Villag<span class=\"_ _6\"></span>e, Bangalore<span class=\"_ _6\"></span> \u2013 56004<span class=\"_ _0\"></span>5,<span class=\"_ _6\"></span> I<span class=\"_ _0\"></span>ndia<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re Indi<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. Ltd<span class=\"_ _399\"> </span>Engineerin<span class=\"_ _0\"></span>g Design<span class=\"_ _399\"> </span>Consultan<span class=\"_ _0\"></span>cy<span class=\"_ _399\"> </span>Ireland<span class=\"_ _a4\"> </span><span class=\"ls3 ws0\"> </span>Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y J<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Bu<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Cr<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d,<span class=\"_ _399\"> </span>Dublin 1<span class=\"_ _17\"></span>7<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Irela<span class=\"_ _0\"></span>nd Ltd<span class=\"_ _2d3\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e of M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n<span class=\"_ _1f5\"> </span> T<span class=\"_ _6\"></span>owe<span class=\"_ _0\"></span>r H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Lo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h Pr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, Do<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>s I<span class=\"_ _0\"></span>M1 2L<span class=\"_ _0\"></span>Z<span class=\"_ _0\"></span>, Is<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>e o<span class=\"_ _0\"></span>f Ma<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Delphian Insurance C<span class=\"_ _0\"></span>ompany Ltd (i)<span class=\"_ _399\"> </span>Insurance Comp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Jer<span class=\"_ _0\"></span>sey<span class=\"_ _a2\"> </span><span class=\"ls3 ws0\"> </span>12 Ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>e S<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. He<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r, Jer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ey<span class=\"_ _b1\"> </span> Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Empl<span class=\"_ _0\"></span>oyees T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ustee<span class=\"_ _0\"></span>s Ltd (i)<span class=\"_ _399\"> </span>Employee T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>ust<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span>12t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r, Men<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a sy<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ony, No 5, Ja<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>f. K<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>o Kay K<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Seksyen 1<span class=\"_ _6\"></span>3, 46200 Petaling Jaya,<span class=\"_ _6\"></span> Sel<span class=\"_ _0\"></span>angor<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail D<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn Inter<span class=\"_ _0\"></span>natio<span class=\"_ _0\"></span>nal<span class=\"_ _399\"> </span>Sd<span class=\"_ _0\"></span>n Bhd<span class=\"_ _399\"> </span>Suppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span>Netherlan<span class=\"_ _0\"></span>ds<span class=\"_ _393\"> </span><span class=\"ls3 ws0\"> </span>Ra<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>at 177<span class=\"_ _6\"></span>/B<span class=\"_ _0\"></span>, 101<span class=\"_ _17\"></span>1 V<span class=\"_ _0\"></span>M Am<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>am<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y Netherl<span class=\"_ _0\"></span>ands B.<span class=\"_ _6\"></span>V<span class=\"_ _6\"></span>.<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Romania<span class=\"_ _ca\"> </span><span class=\"ls3 ws0\"> </span>23 G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l E<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t Br<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, 1s<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>Distric<span class=\"_ _0\"></span>t, 01<span class=\"_ _6\"></span>0527<span class=\"_ _17\"></span>, Bucharest<span class=\"_ _399\"> </span>S.C<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>lfour Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ra<span class=\"_ _0\"></span>il S.<span class=\"_ _0\"></span>R.<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>.<span class=\"_ _11\"> </span>D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant - In L<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>ida<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span>Sri Lanka<span class=\"_ _c6\"> </span><span class=\"ls3 ws0\"> </span>Pha<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e 3 In<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t P<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on Z<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e, K<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ke, C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>o,<span class=\"_ _399\"> </span>Western<span class=\"_ _6\"></span> Province<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Cey<span class=\"_ _0\"></span>lon (<span class=\"_ _0\"></span>Pr<span class=\"_ _0\"></span>ivate) Ltd <span class=\"_ _119\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Thailand<span class=\"_ _343\"> </span><span class=\"ls3 ws0\"> </span>9 So<span class=\"_ _0\"></span>i Sa<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Si<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>n Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Hu<span class=\"_ _0\"></span>ay Kwan<span class=\"_ _0\"></span>g, Ba<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>kok<span class=\"_ _399\"> </span>As<span class=\"_ _0\"></span>ia T<span class=\"_ _6\"></span>ra<span class=\"_ _0\"></span>de D<span class=\"_ _0\"></span>evelop<span class=\"_ _0\"></span>ment C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _2e\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand) C<span class=\"_ _0\"></span>o<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs (<span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>ailan<span class=\"_ _0\"></span>d) C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _1f9\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Th<span class=\"_ _0\"></span>ai Ltd <span class=\"_ _16\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Linwo<span class=\"_ _0\"></span>od C<span class=\"_ _0\"></span>o Ltd <span class=\"_ _21\"> </span><span class=\"ls28 ws24\">Dorm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> </span>101<span class=\"_ _17\"></span>1 C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e Roa<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e 310, Wi<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on D<span class=\"_ _0\"></span>E 198<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs In<span class=\"_ _0\"></span>c<span class=\"_ _18b\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y LLC <span class=\"_ _19b\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>30<span class=\"_ _0\"></span>0 Ga<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia Pa<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>way, Sui<span class=\"_ _0\"></span>te 20<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0, At<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>, GA 3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span>National Enginee<span class=\"_ _6\"></span>ring &amp; Contracting<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Infra<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re, Inc <span class=\"_ _f9\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _17\"></span>127 B<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>dw<span class=\"_ _0\"></span>ay St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>et N<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _399\"> </span>310, Sale<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>R 97<span class=\"_ _0\"></span>301<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Roc<span class=\"_ _0\"></span>k Sp<span class=\"_ _0\"></span>ring<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>LC<span class=\"_ _207\"> </span><span class=\"ls10 wse\">Constru<span class=\"_ _0\"></span>ction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 1<span class=\"_ _6\"></span>70<span class=\"_ _0\"></span>3 L<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>l S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Co<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>a, SC 2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>201<span class=\"_ _399\"> </span>National C<span class=\"_ _0\"></span>asualt<span class=\"_ _0\"></span>y and Assuranc<span class=\"_ _0\"></span>e, Inc <span class=\"_ _d2\"> </span>Insurance Company<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ampu<span class=\"_ _0\"></span>s So<span class=\"_ _0\"></span>luti<span class=\"_ _0\"></span>ons, L<span class=\"_ _0\"></span>LC<span class=\"_ _53\"> </span><span class=\"lsf wsd\">Infra<span class=\"_ _6\"></span>structure Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities, LLC<span class=\"_ _77\"> </span><span class=\"ls10 wse\">Infrastructure<span class=\"_ _6\"></span> Investment<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion D.C<span class=\"_ _0\"></span>., LLC<span class=\"_ _ba\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction, L<span class=\"_ _0\"></span>LC<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Constr<span class=\"_ _0\"></span>uction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Balfour Beatty Equipment, LLC<span class=\"_ _89\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstructio<span class=\"_ _0\"></span>n Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investm<span class=\"_ _0\"></span>ents<span class=\"_ _0\"></span>, Inc <span class=\"_ _2e\"> </span><span class=\"ls10 wse\">Investment Company<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>ement I<span class=\"_ _0\"></span>nc <span class=\"_ _99\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>Be<span class=\"_ _0\"></span>nham Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC (v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y/<span class=\"_ _0\"></span>P<span class=\"_ _0\"></span>HELP<span class=\"_ _0\"></span>S<span class=\"ls3 ws0\"> </span>Militar<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>ommunities LLC (iv)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Devel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>ment L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Investments<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Mili<span class=\"_ _0\"></span>tar<span class=\"_ _1\"></span>y Hous<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span>Managem<span class=\"_ _0\"></span>ent LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y \u2013 Wor<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _fd\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>BBC A<span class=\"_ _0\"></span>F H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng C<span class=\"_ _0\"></span>onst<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n LLC<span class=\"_ _af\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC AF Management/<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>eve<span class=\"_ _6\"></span>lo<span class=\"_ _0\"></span>pment<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _16c\"> </span><span class=\"ls10 wse\">Infrastructure Investmen<span class=\"_ _6\"></span>t<span class=\"_ _399\"> </span></span>BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er I, I<span class=\"_ _0\"></span>nc <span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC I<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>pen<span class=\"_ _0\"></span>dent M<span class=\"_ _0\"></span>emb<span class=\"_ _0\"></span>er II<span class=\"_ _0\"></span>, Inc<span class=\"_ _c4\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 AC<span class=\"_ _0\"></span>C Grou<span class=\"_ _0\"></span>p, LLC<span class=\"_ _199\"> </span><span class=\"ls10 wse\">Infrastructure Investment<span class=\"_ _6\"></span> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC G<span class=\"_ _0\"></span>ener<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(iii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>E<span class=\"_ _0\"></span>TC L<span class=\"_ _0\"></span>imited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(iii)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Gen<span class=\"_ _0\"></span>eral<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 A<span class=\"_ _0\"></span>M<span class=\"_ _0\"></span>C Lim<span class=\"_ _0\"></span>ited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Blis<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>SM<span class=\"_ _0\"></span>R<span class=\"_ _399\"> </span>Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span>Picatinny General Par<span class=\"_ _0\"></span>tner LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 C<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>isle<span class=\"_ _0\"></span>/<span class=\"_ _399\"> </span>Pic<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>ny Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 FD<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>R LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>on LLC<span class=\"_ _d\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Go<span class=\"_ _0\"></span>rdon L<span class=\"_ _0\"></span>LC<span class=\"_ _bd\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ha<span class=\"_ _0\"></span>milton L<span class=\"_ _0\"></span>LC<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>n LLC<span class=\"_ _c3\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 H<span class=\"_ _0\"></span>ampton R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>ds<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 L<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>kla<span class=\"_ _0\"></span>nd L<span class=\"_ _0\"></span>LC<span class=\"_ _cf\"> </span><span class=\"ls10 wse\">Infrastruc<span class=\"_ _0\"></span>ture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Le<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>rd Woo<span class=\"_ _0\"></span>d LLC<span class=\"_ _3b\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>east<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>av<span class=\"_ _0\"></span>y S<span class=\"_ _0\"></span>out<span class=\"_ _0\"></span>heas<span class=\"_ _0\"></span>t<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ed K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om<span class=\"ff4e ls276 ws27b\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nued<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _31f\"> </span>Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>rn G<span class=\"_ _0\"></span>roup,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Stewar<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>unter<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span>Gen<span class=\"_ _0\"></span>eral P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er LLC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Vande<span class=\"_ _0\"></span>nbe<span class=\"_ _0\"></span>rg<span class=\"_ _399\"> </span>Limi<span class=\"_ _0\"></span>ted Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(v)<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 West P<span class=\"_ _0\"></span>oint L<span class=\"_ _0\"></span>LC<span class=\"_ _b6\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Ge<span class=\"_ _0\"></span>nera<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC M<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng \u2013 Wester<span class=\"_ _0\"></span>n Li<span class=\"_ _0\"></span>mited<span class=\"_ _399\"> </span>Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>, LLC<span class=\"_ _399\"> </span>Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span>BBC Multif<span class=\"_ _6\"></span>amily Holdings, LLC<span class=\"_ _7f\"> </span><span class=\"ls10 wse\">Infrastructure Inv<span class=\"_ _6\"></span>estment<span class=\"_ _399\"> </span></span>BBC<span class=\"_ _0\"></span>S \u2013 N<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>hsid<span class=\"_ _0\"></span>e Ca<span class=\"_ _0\"></span>mpu<span class=\"_ _0\"></span>s LLC<span class=\"_ _7a\"> </span><span class=\"ls10 wse\">Infrastructure In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BBCS Developmen<span class=\"_ _6\"></span>t, LLC<span class=\"_ _161\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>frastru<span class=\"_ _0\"></span>cture In<span class=\"_ _6\"></span>vestment<span class=\"_ _399\"> </span></span>BICC Cables Cor<span class=\"_ _0\"></span>poration<span class=\"_ _f2\"> </span><span class=\"ls10 wse\">Business Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 30<span class=\"_ _0\"></span>0 De<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>s Way SW, Sui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>30<span class=\"_ _0\"></span>4, Tumwat<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r WA 98<span class=\"_ _0\"></span>501<span class=\"_ _399\"> </span>Howa<span class=\"_ _0\"></span>rd S. W<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>ht Co<span class=\"_ _0\"></span>nstru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on C<span class=\"_ _0\"></span>o<span class=\"_ _109\"> </span><span class=\"ls10 wse\">Co<span class=\"_ _0\"></span>nstruction Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>HS<span class=\"_ _0\"></span>W, Inc <span class=\"_ _145\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>CS<span class=\"_ _0\"></span>C \u2013 N<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, C/O CS<span class=\"_ _0\"></span>C Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>f Ne<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>., 50<span class=\"_ _0\"></span>2 Ea<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t J<span class=\"_ _0\"></span>oh<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Neva<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>a 8<span class=\"_ _0\"></span>970<span class=\"_ _0\"></span>6<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>olden C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>ompany<span class=\"_ _6\"></span>, Inc<span class=\"_ _4e\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>ion G<span class=\"_ _0\"></span>roup, In<span class=\"_ _0\"></span>c <span class=\"_ _16b\"> </span><span class=\"ls10 wse\">Construction Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>8<span class=\"_ _1\"></span>0% inte<span class=\"_ _0\"></span>rest h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(v) 9<span class=\"_ _0\"></span>0% interest<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Q1<span class=\"_ _6\"></span>4 Q<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>um B<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>s Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>ew<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>le U<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>T<span class=\"_ _17\"></span>yne, England,<span class=\"_ _6\"></span> England, NE<span class=\"_ _6\"></span>12 8BU<span class=\"_ _399\"> </span>BBDE Orbital Holdings, LLP (iii) (v)<span class=\"_ _399\"> </span>3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect A3<span class=\"_ _0\"></span>0/A<span class=\"_ _0\"></span>35 Holdings Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>/A<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>5 Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>0 Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect CNDR Holdings Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Interm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iate Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>ND<span class=\"_ _0\"></span>R Ltd (iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect M<span class=\"_ _6\"></span>1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Holdings Lt<span class=\"_ _6\"></span>d (i) (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M1-<span class=\"_ _0\"></span>A<span class=\"_ _6\"></span>1 Ltd<span class=\"_ _399\"> </span>(iv) <span class=\"_ _18b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Connect M77/GSO Holdings<span class=\"_ _6\"></span> Ltd (ii) (iv)<span class=\"_ _399\"> </span>85<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t M7<span class=\"_ _0\"></span>7/GS<span class=\"_ _0\"></span>O pl<span class=\"_ _0\"></span>c (ii) (iv)<span class=\"_ _399\"> </span>85<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Connect Roads Cambridgeshir<span class=\"_ _6\"></span>e Ltd<span class=\"_ _be\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>ldi<span class=\"_ _0\"></span>ngs Ltd<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">I<span class=\"_ _0\"></span>nvestmen<span class=\"_ _6\"></span>t H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Inter<span class=\"_ _0\"></span>med<span class=\"_ _0\"></span>iate<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads C<span class=\"_ _0\"></span>ovent<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Ltd<span class=\"_ _82\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Investmen<span class=\"_ _6\"></span>t Ho<span class=\"_ _0\"></span>lding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Connect Roads Nor<span class=\"_ _0\"></span>thamptons<span class=\"_ _6\"></span>hire<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads N<span class=\"_ _0\"></span>or<span class=\"_ _1\"></span>thamp<span class=\"_ _0\"></span>tonshire Ltd <span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>th T<span class=\"_ _6\"></span>y<span class=\"_ _0\"></span>nesi<span class=\"_ _0\"></span>de Ltd<span class=\"_ _d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Connect Roads Sunderland<span class=\"_ _6\"></span> Holdings<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Ro<span class=\"_ _0\"></span>ads S<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>and Ltd<span class=\"_ _a1\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 1) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 2<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 3<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 4<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 5<span class=\"_ _0\"></span>) Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 7A) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(P<span class=\"_ _0\"></span>hase 7<span class=\"_ _0\"></span>) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce<span class=\"_ _399\"> </span>(Holdings) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Eas<span class=\"_ _0\"></span>t W<span class=\"_ _0\"></span>ick an<span class=\"_ _0\"></span>d Sweet<span class=\"_ _0\"></span>water P<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>cts<span class=\"_ _399\"> </span>(Fi<span class=\"_ _0\"></span>nanc<span class=\"_ _0\"></span>e) Ltd (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd (ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span>(ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Gw<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>nt y Mor O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO p<span class=\"_ _0\"></span>lc (ii) (iv)<span class=\"_ _399\"> </span>60<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s Ltd<span class=\"_ _399\"> </span>(iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate<span class=\"_ _399\"> </span>Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Hum<span class=\"_ _0\"></span>ber G<span class=\"_ _0\"></span>ateway O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>South Cambridgeshir<span class=\"_ _6\"></span>e Projects LLP (v)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO H<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>co Ltd (<span class=\"_ _0\"></span>iv)<span class=\"_ _f8\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Inter<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate Ltd (i<span class=\"_ _0\"></span>v)<span class=\"_ _51\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Th<span class=\"_ _0\"></span>anet O<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>TO Ltd (iv)<span class=\"_ _399\"> </span>20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Su<span class=\"_ _0\"></span>bs<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d o<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>gd<span class=\"_ _0\"></span>om<span class=\"ff4e ls28 ws24\"> c<span class=\"_ _0\"></span>onti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Bl<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, B<span class=\"_ _0\"></span>ly<span class=\"_ _1\"></span>th<span class=\"_ _0\"></span>e Pa<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>sw<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>l, S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>oke o<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> Staffordshire S<span class=\"_ _6\"></span>T1<span class=\"_ _17\"></span>1 9RD<span class=\"_ _399\"> </span>T<span class=\"_ _6\"></span>yse<span class=\"_ _0\"></span>ley Bio P<span class=\"_ _0\"></span>ower Ltd <span class=\"_ _374\"> </span><span class=\"ls1b8 ws1ac\">3<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>5<span class=\"_ _1ce\"> </span><span class=\"ls10 wse\">Investment<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>olding<span class=\"_ _399\"> </span></span></span><span class=\"ls1b8 ws1ac\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>s Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, S<span class=\"_ _0\"></span>t A<span class=\"_ _0\"></span>lb<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ns R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h Mi<span class=\"_ _0\"></span>mm<span class=\"_ _0\"></span>s,<span class=\"_ _399\"> </span> Hert<span class=\"_ _0\"></span>fordshire<span class=\"_ _6\"></span> EN6 3NP<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls10 wse\">In<span class=\"_ _6\"></span>vestment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>nterme<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ate Ltd<span class=\"_ _399\"> </span>(iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) I<span class=\"_ _0\"></span>ssue<span class=\"_ _0\"></span>r plc (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nnec<span class=\"_ _0\"></span>t Plu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25) Ltd (iii) (iv)<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>im 7<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>xi<span class=\"_ _0\"></span>m O<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>e Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, Eu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> Holy<span class=\"_ _0\"></span>town<span class=\"_ _6\"></span> ML<span class=\"_ _17\"></span>1 4WQ<span class=\"_ _399\"> </span>Holyrood Holdings Lt<span class=\"_ _6\"></span>d <span class=\"_ _18f\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span> 20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span> 20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Holyrood Student Accommodation plc<span class=\"_ _3b\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span>Holyrood S<span class=\"_ _6\"></span>tudent<span class=\"_ _6\"></span> Accommodation<span class=\"_ _6\"></span> SP<span class=\"_ _0\"></span>V Ltd<span class=\"_ _399\"> </span> 20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>Wes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r Ho<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>, Cr<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n Way<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>swo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>h We<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span> Fareham,<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>ampshire PO<span class=\"_ _6\"></span>15 5SS<span class=\"_ _399\"> </span>Pevense<span class=\"_ _6\"></span>y C<span class=\"_ _0\"></span>oastal<span class=\"ls3 ws0\"> </span>Defenc<span class=\"_ _0\"></span>e Ltd<span class=\"_ _399\"> </span> 25<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span>C/O Pari<span class=\"_ _0\"></span>o Lt<span class=\"_ _0\"></span>d, 18 Ri<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>sway B<span class=\"_ _0\"></span>u<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s V<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e, N<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>g<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n Way,<span class=\"_ _399\"> </span> Pr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>ton P<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>2 2YP<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> Funding plc<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am)<span class=\"_ _399\"> </span> Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Concession<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>nsor<span class=\"_ _1\"></span>t Heal<span class=\"_ _0\"></span>thc<span class=\"_ _0\"></span>are (B<span class=\"_ _0\"></span>irmi<span class=\"_ _0\"></span>ngh<span class=\"_ _0\"></span>am) Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls37 ws36\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span> 9 Am<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e Woo<span class=\"_ _0\"></span>d La<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>, Par<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e In<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l Es<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span> Hemel Hempstead,<span class=\"_ _6\"></span> Her<span class=\"_ _0\"></span>tfordshire, Eng<span class=\"_ _6\"></span>land HP2 4<span class=\"_ _6\"></span>TP<span class=\"_ _399\"> </span>Peb<span class=\"_ _0\"></span>bleh<span class=\"_ _0\"></span>all Bi<span class=\"_ _0\"></span>o Power Ltd <span class=\"_ _f4\"> </span><span class=\"lsf wsd\">2<span class=\"_ _0\"></span>9.2<span class=\"_ _53\"> </span><span class=\"ls10 wse\">Inv<span class=\"_ _6\"></span>estment Hold<span class=\"_ _0\"></span>ing<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Wellan<span class=\"_ _0\"></span>d Bio Po<span class=\"_ _0\"></span>wer Ltd <span class=\"_ _18\"> </span><span class=\"lsf wsd\">29.2<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span><span class=\"lsf wsd\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  H<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tl<span class=\"_ _0\"></span>y by B<span class=\"_ _0\"></span>alfo<span class=\"_ _0\"></span>ur B<span class=\"_ _0\"></span>eat<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>lc<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Due to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span> req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span> and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span> co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d as a jo<span class=\"_ _0\"></span>int ve<span class=\"_ _0\"></span>ntu<span class=\"_ _0\"></span>re.<span class=\"_ _399\"> </span> (ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span>T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d a 3<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>.<span class=\"_ _0\"></span>5% par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ip in<span class=\"_ _0\"></span>tere<span class=\"_ _0\"></span>st in B<span class=\"_ _0\"></span>BD<span class=\"_ _0\"></span>E O<span class=\"_ _0\"></span>rb<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs L<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>P at 31<span class=\"_ _399\"> </span> De<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>02<span class=\"_ _0\"></span>2. C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>ct P<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>s (M<span class=\"_ _0\"></span>25<span class=\"_ _0\"></span>) H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Lt<span class=\"_ _0\"></span>d and i<span class=\"_ _0\"></span>ts s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s are 4<span class=\"_ _0\"></span>0% o<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span> by BB<span class=\"_ _0\"></span>D<span class=\"_ _0\"></span>E Or<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l Ho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s L<span class=\"_ _0\"></span>LP<span class=\"_ _6\"></span>.<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>v) <span class=\"_ _3d\"></span>31 M<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rch ye<span class=\"_ _0\"></span>ar e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span> (v) Par<span class=\"_ _0\"></span>tnership interests<span class=\"_ _6\"></span> held.<span class=\"_ _399\"> </span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span> the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Bermuda<span class=\"_ _38f\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>Co<span class=\"_ _0\"></span>nye<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s Di<span class=\"_ _0\"></span>ll &amp; Pe<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d, C<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>on H<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 2 C<span class=\"_ _0\"></span>hu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>h<span class=\"_ _399\"> </span> St<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, H<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n H<span class=\"_ _0\"></span>M 1<span class=\"_ _6\"></span>1<span class=\"_ _399\"> </span>CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y A LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span>CP B<span class=\"_ _0\"></span>ay C<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>y B LP<span class=\"_ _163\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span><span class=\"ls71 ws6b\"><span class=\"ls5 ws4\"> </span></span>Concession<span class=\"_ _399\"> </span> British Virgin Islands<span class=\"_ _374\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>Vi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ra C<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te S<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>es C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s Cay I<span class=\"_ _0\"></span>I R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span> To<span class=\"_ _1\"></span>r<span class=\"_ _1\"></span>t<span class=\"_ _1\"></span>o<span class=\"_ _1\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span> V<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>111<span class=\"_ _0\"></span>0<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon A<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a Ltd <span class=\"_ _163\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Man<span class=\"_ _0\"></span>agement<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls10 wse\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gammon Construction<span class=\"_ _399\"> </span> Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Canada<span class=\"_ _a6\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>T<span class=\"_ _6\"></span>ayl<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r Mc<span class=\"_ _0\"></span>C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>y LL<span class=\"_ _0\"></span>P<span class=\"_ _59\"></span>, 9<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>00 S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>g, M<span class=\"_ _0\"></span>B,<span class=\"_ _399\"> </span> R3C 4K5<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Fac<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es  Managem<span class=\"_ _0\"></span>ent,LP (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span><span class=\"ls5 ws4\"> </span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H FM GP I<span class=\"_ _0\"></span>nc<span class=\"_ _170\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>W<span class=\"_ _0\"></span>H Desi<span class=\"_ _0\"></span>gn \u2013 Bui<span class=\"_ _0\"></span>ld GP (iv)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span><span class=\"ls10 wse\"> </span>China<span class=\"_ _399\"> </span>Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng Ave<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>da d<span class=\"_ _0\"></span>a P<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ia G<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>, n\u00b042<span class=\"_ _0\"></span>9, 25<span class=\"_ _0\"></span>\u00b0 an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ar D, em<span class=\"_ _399\"> </span> Ma<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>au<span class=\"_ _399\"> </span> BBE<span class=\"_ _0\"></span>&amp;<span class=\"_ _0\"></span>M (M<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>au) Ltd<span class=\"_ _2d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Ele<span class=\"_ _0\"></span>ctrical and<span class=\"_ _399\"> </span></span></span><span class=\"ls1b ws18\"><span class=\"ls5 ws4\"> </span></span>Mechanic<span class=\"_ _0\"></span>al<span class=\"_ _399\"> </span> Contracting<span class=\"_ _399\"> </span>Gammon Building C<span class=\"_ _0\"></span>onstruction<span class=\"_ _399\"> </span> (Maca<span class=\"_ _6\"></span>u) L<span class=\"_ _6\"></span>td<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span>No. 4<span class=\"_ _0\"></span>57<span class=\"_ _6\"></span>, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, G<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>g Aven<span class=\"_ _0\"></span>ue, S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>n,<span class=\"_ _399\"> </span> Dongguan City,<span class=\"_ _6\"></span> Guangdong Province<span class=\"_ _399\"> </span>Don<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>uan P<span class=\"_ _0\"></span>rist<span class=\"_ _0\"></span>ine M<span class=\"_ _0\"></span>etal Wo<span class=\"_ _0\"></span>rks Ltd<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">M<span class=\"_ _0\"></span>anufacturing<span class=\"_ _6\"></span> </span></span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>25<span class=\"_ _0\"></span>th F<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, J<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e Ho<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>e, 1 C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>au<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>t Pl<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>e, C<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, Ho<span class=\"_ _0\"></span>ng Ko<span class=\"_ _0\"></span>ng<span class=\"_ _399\"> </span>Sanfield<span class=\"_ _0\"></span>-<span class=\"_ _1\"></span>Gammon C<span class=\"_ _0\"></span>onstruction J<span class=\"_ _0\"></span>V<span class=\"_ _399\"> </span> Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span>25<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>22<span class=\"_ _0\"></span>/F<span class=\"_ _6\"></span>, T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er 1, Th<span class=\"_ _0\"></span>e Q<span class=\"_ _0\"></span>uay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>e, 7<span class=\"_ _0\"></span>7 Ho<span class=\"_ _0\"></span>i Bu<span class=\"_ _0\"></span>n Ro<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>, Kwu<span class=\"_ _0\"></span>n T<span class=\"_ _6\"></span>on<span class=\"_ _0\"></span>g,<span class=\"_ _399\"> </span> Kowloon,<span class=\"_ _6\"></span> Hong Kong<span class=\"_ _399\"> </span>AsiaBuil<span class=\"_ _0\"></span>d Ltd<span class=\"_ _182\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y E&amp;<span class=\"_ _0\"></span>M Ltd<span class=\"_ _7e\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G Ltd<span class=\"_ _35f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>T<span class=\"_ _6\"></span>e<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span> Innovation<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Entasis Ltd<span class=\"_ _17b\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">General Contractor<span class=\"_ _399\"> </span></span></span>Gammon Building C<span class=\"_ _0\"></span>onstruction Ltd<span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span></span>Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ltd<span class=\"_ _1d3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt Ltd <span class=\"_ _d\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Do<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>hina Ltd <span class=\"_ _4a\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gammon Con<span class=\"_ _0\"></span>cret<span class=\"_ _6\"></span>e S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _b1\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Gammon Construction (China<span class=\"_ _6\"></span>) Ltd<span class=\"_ _52\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Building Constr<span class=\"_ _0\"></span>uction<span class=\"_ _399\"> </span></span></span>Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Vietnam)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">C<span class=\"_ _0\"></span>onstruc<span class=\"_ _0\"></span>tion and<span class=\"_ _399\"> </span></span>Project Manag<span class=\"_ _0\"></span>ement<span class=\"_ _399\"> </span>Gammon C<span class=\"_ _0\"></span>onstruction C<span class=\"_ _0\"></span>onsultants<span class=\"_ _399\"> </span>(Shenzhen) Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Su<span class=\"_ _0\"></span>ppor<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span>Gammon Construction Lt<span class=\"_ _6\"></span>d (iii)<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span>Construction<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon E&amp;<span class=\"_ _1\"></span>M Ltd<span class=\"_ _1fa\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Engineering Ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _399\"> </span></span></span>Gammon Engineeri<span class=\"_ _6\"></span>ng &amp; Construction<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span>Construction<span class=\"_ _399\"> </span>Gammon Engineeri<span class=\"_ _6\"></span>ng Ltd<span class=\"_ _f4\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Gam<span class=\"_ _0\"></span>mon F<span class=\"_ _0\"></span>inan<span class=\"_ _0\"></span>ce Ltd <span class=\"_ _1d0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Finance and<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Gam<span class=\"_ _0\"></span>mon I<span class=\"_ _0\"></span>nterior<span class=\"_ _0\"></span>s Ltd <span class=\"_ _31\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Gammon Mana<span class=\"_ _0\"></span>gement Ser<span class=\"_ _0\"></span>vices Ltd<span class=\"_ _c3\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">Construction<span class=\"_ _399\"> </span></span></span>Managem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _0\"></span>lant Ltd<span class=\"_ _16\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls91 ws85\">Plant and E<span class=\"_ _6\"></span>quipment<span class=\"_ _399\"> </span></span></span>Hire and M<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ntenanc<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>Gold T<span class=\"_ _6\"></span>actic<span class=\"_ _0\"></span>s Inv<span class=\"_ _6\"></span>estm<span class=\"_ _0\"></span>ent Lt<span class=\"_ _6\"></span>d<span class=\"_ _c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>Into G Ltd<span class=\"_ _38f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>I<span class=\"_ _0\"></span>nterior F<span class=\"_ _0\"></span>it-<span class=\"_ _1\"></span>Ou<span class=\"_ _0\"></span>t and<span class=\"_ _399\"> </span>Contracting<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Ltd <span class=\"_ _10\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span></span>M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent and<span class=\"_ _399\"> </span>Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Pr<span class=\"_ _0\"></span>istine M<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>l Works Ltd <span class=\"_ _117\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Ireland<span class=\"_ _177\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>3 Dublin<span class=\"_ _6\"></span> Land<span class=\"_ _0\"></span>ings, No<span class=\"_ _6\"></span>r<span class=\"_ _0\"></span>th Wall<span class=\"_ _6\"></span> Quay<span class=\"_ _6\"></span>, Dublin<span class=\"_ _6\"></span> 1,<span class=\"_ _6\"></span> D01 C4E0<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y CLG Ltd <span class=\"_ _1d5\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls10 wse\">Supp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span></span>C/O Pari<span class=\"_ _0\"></span>o SP<span class=\"_ _0\"></span>V Ma<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t L<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d, S<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e 54<span class=\"_ _0\"></span>, Mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>Ch<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, 32 N<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>u St<span class=\"_ _0\"></span>, D<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>in 2<span class=\"_ _0\"></span>, D0<span class=\"_ _0\"></span>2 A<span class=\"_ _0\"></span>P2<span class=\"_ _0\"></span>9<span class=\"_ _399\"> </span>Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>gs Ltd<span class=\"_ _43\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Hea<span class=\"_ _0\"></span>lthc<span class=\"_ _0\"></span>are C<span class=\"_ _0\"></span>entres P<span class=\"_ _0\"></span>PP Ltd <span class=\"_ _f9\"> </span><span class=\"ls37 ws36\">40<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Ma<span class=\"_ _0\"></span>lay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _96\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _109\"> </span> </span>c/L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 3<span class=\"_ _0\"></span>3, M<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>a 1MK<span class=\"_ _0\"></span>. Ko<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>s 1 Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 1 Ja<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>n K<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>Mo<span class=\"_ _0\"></span>nt<span class=\"_ _1\"></span>\u2019 Ki<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>, 50<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0 Kua<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>a Lu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ur<span class=\"_ _399\"> </span>Bal<span class=\"_ _0\"></span>four Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Rail S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd (ii)<span class=\"_ _399\"> </span>70<span class=\"_ _b4\"> </span><span class=\"ls10 wse\">Construc<span class=\"_ _0\"></span>tion Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>\u2013 In Liquidation<span class=\"_ _399\"> </span>Uni<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>-7<span class=\"_ _17\"></span>, L<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>l 9, C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l 2<span class=\"_ _0\"></span>, Oa<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>re, N<span class=\"_ _0\"></span>o.<span class=\"_ _0\"></span>2 J<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an PJU<span class=\"_ _399\"> </span>1A/<span class=\"_ _0\"></span>7<span class=\"_ _6\"></span>A<span class=\"_ _0\"></span>, A<span class=\"_ _0\"></span>ra D<span class=\"_ _0\"></span>ama<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>a, 473<span class=\"_ _0\"></span>01 Pe<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>g Jaya<span class=\"_ _0\"></span>, Se<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, M<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ay<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>a<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon S<span class=\"_ _0\"></span>dn Bh<span class=\"_ _0\"></span>d <span class=\"_ _27\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>Pesaka Gammon<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>onstruction Sdn<span class=\"_ _399\"> </span>Bhd<span class=\"_ _399\"> </span>15<span class=\"_ _c0\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span>Philippines<span class=\"_ _394\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>G/F M<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>i S<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>k E<span class=\"_ _0\"></span>xc<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e, Ayal<span class=\"_ _0\"></span>a Ave<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e, M<span class=\"_ _0\"></span>aka<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i Ci<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Me<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ro<span class=\"_ _399\"> </span>Manila, P<span class=\"_ _6\"></span>hilippine<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>Gammo<span class=\"_ _0\"></span>n Philipp<span class=\"_ _0\"></span>ines, Inc<span class=\"_ _0\"></span>.<span class=\"_ _7d\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls35 ws34\">G<span class=\"_ _0\"></span>eneral Construction<span class=\"_ _399\"> </span></span></span>MG Construction V<span class=\"_ _6\"></span>entures<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings,<span class=\"_ _399\"> </span>Inc.<span class=\"_ _399\"> </span>16<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>5<span class=\"_ _cb\"> </span><span class=\"ls10 wse\">Proper<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y Investment<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>Singapore<span class=\"_ _1fb\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>239 Ale<span class=\"_ _6\"></span>xandra Ro<span class=\"_ _6\"></span>ad, 15<span class=\"_ _6\"></span>9<span class=\"_ _0\"></span>930<span class=\"_ _332\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Dig<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l G (Sin<span class=\"_ _0\"></span>ga<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>re) P<span class=\"_ _0\"></span>te. Ltd<span class=\"_ _9c\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Equipment Ser<span class=\"_ _0\"></span>vic<span class=\"_ _0\"></span>es<span class=\"_ _399\"> </span></span></span>Gammon C<span class=\"_ _0\"></span>onstruction and<span class=\"_ _399\"> </span>Engineering<span class=\"_ _6\"></span> P<span class=\"_ _0\"></span>te. Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">C<span class=\"_ _0\"></span>onstruction S<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span></span>Gammon Construction<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings (S)<span class=\"_ _399\"> </span>P<span class=\"_ _0\"></span>te. L<span class=\"_ _0\"></span>td<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon P<span class=\"_ _1\"></span>te. Ltd<span class=\"_ _2f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls35 ws34\">Engineering and<span class=\"_ _399\"> </span></span></span>Construction<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>amb<span class=\"_ _0\"></span>eth A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>tes Desi<span class=\"_ _0\"></span>gn &amp;<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>nsult<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>y P<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls3 ws0\">M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ment an<span class=\"_ _0\"></span>d<span class=\"_ _399\"> </span></span>Consultanc<span class=\"_ _0\"></span>y Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Thailand <span class=\"_ _33c\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>21<span class=\"_ _6\"></span>st Floor<span class=\"_ _6\"></span>, Times Square Build<span class=\"_ _0\"></span>ing, 246 Sukhum<span class=\"_ _6\"></span>vi<span class=\"_ _0\"></span>t Road, Klongtoey<span class=\"_ _399\"> </span>Sub-<span class=\"_ _0\"></span>Distric<span class=\"_ _0\"></span>t, Klongtoey<span class=\"_ _6\"></span> Dis<span class=\"_ _0\"></span>tric<span class=\"_ _0\"></span>t, Bangk<span class=\"_ _6\"></span>ok 1<span class=\"_ _6\"></span>01<span class=\"_ _17\"></span>10<span class=\"_ _6\"></span>, Thailand<span class=\"_ _399\"> </span>Gammon (<span class=\"_ _0\"></span>T<span class=\"_ _0\"></span>hailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls2c ws9d\">24.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>ant<span class=\"_ _399\"> </span></span></span>23<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>d Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, T<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s S<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e B<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng,<span class=\"_ _399\"> </span>246 Sukhumvit Road, Klongtoey<span class=\"_ _6\"></span> Sub-Di<span class=\"_ _0\"></span>stric<span class=\"_ _0\"></span>t, Klongtoe<span class=\"_ _6\"></span>y Distric<span class=\"_ _0\"></span>t,<span class=\"_ _399\"> </span>Bangkok<span class=\"_ _6\"></span> 10<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>1<span class=\"_ _6\"></span>0, Thailand<span class=\"_ _399\"> </span>Gammon C<span class=\"_ _0\"></span>onstruction (<span class=\"_ _1\"></span>Thailand<span class=\"_ _0\"></span>) Ltd<span class=\"_ _72\"> </span><span class=\"ls2c ws9d\">24.<span class=\"_ _0\"></span>5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">Dor<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nt<span class=\"_ _399\"> </span></span></span>Th<span class=\"_ _0\"></span>ai Ga<span class=\"_ _0\"></span>mmo<span class=\"_ _0\"></span>n Ltd<span class=\"_ _146\"> </span><span class=\"ls2c ws9d\">24<span class=\"_ _0\"></span>.5<span class=\"_ _53\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any 1201 H<span class=\"_ _0\"></span>ays S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, T<span class=\"_ _6\"></span>al<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ah<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>e FL<span class=\"_ _399\"> </span>32<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span>C-<span class=\"_ _1\"></span>BB Managemen<span class=\"_ _6\"></span>t<span class=\"_ _0\"></span>, LLC<span class=\"_ _373\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>C-<span class=\"_ _1\"></span>BBC Dev<span class=\"_ _6\"></span>elopment, LLC<span class=\"_ _139\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, d/b/a CSC<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>aw<span class=\"_ _1\"></span>yer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>In<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g Se<span class=\"_ _0\"></span>r<span class=\"_ _1\"></span>vi<span class=\"_ _0\"></span>ce C<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, 21<span class=\"_ _17\"></span>1 E<span class=\"_ _0\"></span>. 7<span class=\"_ _0\"></span>th S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>te 6<span class=\"_ _0\"></span>20,<span class=\"_ _399\"> </span>Aus<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>n T<span class=\"_ _0\"></span>X 78<span class=\"_ _0\"></span>701-3<span class=\"_ _0\"></span>218<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s, L<span class=\"_ _0\"></span>P (iv)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 2,L<span class=\"_ _0\"></span>P (iv)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 3, L<span class=\"_ _0\"></span>P(i)(iv)<span class=\"_ _399\"> </span>70<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tner<span class=\"_ _0\"></span>s 4, L<span class=\"_ _0\"></span>P(i)(iv)<span class=\"_ _399\"> </span>65<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>thside C<span class=\"_ _0\"></span>ampus General Par<span class=\"_ _0\"></span>tner<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve, W<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>lm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gt<span class=\"_ _0\"></span>on<span class=\"_ _399\"> </span>DE1<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>8<span class=\"_ _399\"> </span>BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove, L<span class=\"_ _0\"></span>LC<span class=\"_ _bf\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Che<span class=\"_ _0\"></span>nal Po<span class=\"_ _0\"></span>inte, LLC<span class=\"_ _f6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> 4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake, L<span class=\"_ _0\"></span>LC<span class=\"_ _c0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ings<span class=\"_ _0\"></span>, LLC<span class=\"_ _354\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Lexin<span class=\"_ _0\"></span>gton<span class=\"_ _0\"></span>, LLC<span class=\"_ _10f\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Mo<span class=\"_ _0\"></span>rett<span class=\"_ _0\"></span>i, LLC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok<span class=\"_ _0\"></span>, LLC<span class=\"_ _b6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Retrea<span class=\"_ _0\"></span>t, L<span class=\"_ _0\"></span>LC<span class=\"_ _b0\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Rive<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o, LLC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e So<span class=\"_ _0\"></span>uthwi<span class=\"_ _0\"></span>nd, L<span class=\"_ _0\"></span>LC<span class=\"_ _1bd\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Waterch<span class=\"_ _0\"></span>ase, L<span class=\"_ _0\"></span>LC<span class=\"_ _50\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Wolfc<span class=\"_ _0\"></span>hase, L<span class=\"_ _0\"></span>LC<span class=\"_ _ac\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC \u2013 A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>exOn<span class=\"_ _0\"></span>e Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>, LLC<span class=\"_ _199\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> BBC A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my Integr<span class=\"_ _0\"></span>ated, L<span class=\"_ _0\"></span>LC<span class=\"_ _15\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> C<span class=\"_ _0\"></span>arolin<span class=\"_ _0\"></span>a Cove (<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>ilmin<span class=\"_ _0\"></span>gton) O<span class=\"_ _0\"></span>wn<span class=\"_ _0\"></span>er,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Chen<span class=\"_ _0\"></span>al Poi<span class=\"_ _0\"></span>nte (Li<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>le Ro<span class=\"_ _0\"></span>ck<span class=\"_ _0\"></span>) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Cit<span class=\"_ _0\"></span>y L<span class=\"_ _0\"></span>ake (H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ton) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _c8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X I<span class=\"_ _0\"></span>ntegra<span class=\"_ _0\"></span>ted E<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ress S<span class=\"_ _0\"></span>olut<span class=\"_ _0\"></span>ions<span class=\"_ _399\"> </span>Holdco, LLC<span class=\"_ _399\"> </span>27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>A<span class=\"_ _1\"></span>X Int<span class=\"_ _6\"></span>egrated Express Solutions,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>27<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastr<span class=\"_ _0\"></span>ucture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ngs (<span class=\"_ _0\"></span>Ja<span class=\"_ _0\"></span>ckso<span class=\"_ _0\"></span>nville) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _be\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Lexin<span class=\"_ _0\"></span>gton (<span class=\"_ _0\"></span>Rid<span class=\"_ _0\"></span>gel<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _1a6\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Mo<span class=\"_ _0\"></span>retti (<span class=\"_ _0\"></span>Ho<span class=\"_ _0\"></span>mewo<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>) Ow<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _8\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>thsid<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>us Li<span class=\"_ _0\"></span>mited P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Pac<span class=\"_ _0\"></span>es Bro<span class=\"_ _0\"></span>ok (C<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>umbi<span class=\"_ _0\"></span>a) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _180\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Retreat at Schilling<span class=\"_ _0\"></span>er (M<span class=\"_ _0\"></span>obile) O<span class=\"_ _0\"></span>wner,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Riverc<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e L<span class=\"_ _0\"></span>andi<span class=\"_ _0\"></span>ng (H<span class=\"_ _0\"></span>oove<span class=\"_ _0\"></span>r) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Sa<span class=\"_ _0\"></span>n Mate<span class=\"_ _0\"></span>o (K<span class=\"_ _0\"></span>issi<span class=\"_ _0\"></span>mmee) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _71\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> So<span class=\"_ _0\"></span>uthwin<span class=\"_ _0\"></span>d (M<span class=\"_ _0\"></span>emp<span class=\"_ _0\"></span>his) O<span class=\"_ _0\"></span>wne<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _19e\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Southwind<span class=\"_ _6\"></span> (<span class=\"_ _0\"></span>Memphis)<span class=\"_ _6\"></span> H<span class=\"_ _0\"></span>oldings, LLC<span class=\"_ _72\"> </span><span class=\"ls71 ws6b\">20<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Swif<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>sure Ho<span class=\"_ _0\"></span>using P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _bb\"> </span><span class=\"lsf9 ws29\">23<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>T-BBA Riverchas<span class=\"_ _6\"></span>e Holdings, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b8 ws1ac\">7.<span class=\"_ _1\"></span>5<span class=\"_ _e\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>V<span class=\"_ _0\"></span>iew SA H<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny LP<span class=\"_ _399\"> </span>(i)(iv)<span class=\"_ _399\"> </span>87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _399\"> </span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>V<span class=\"_ _0\"></span>iew SA L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(i)<span class=\"_ _399\"> </span>87<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _399\"> </span>Waterch<span class=\"_ _0\"></span>ase (L<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rgo) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _ab\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Wolfch<span class=\"_ _0\"></span>ase (<span class=\"_ _0\"></span>Bar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>let<span class=\"_ _0\"></span>t) O<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ner, LLC<span class=\"_ _d2\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _b5\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _6\"></span> Zep<span class=\"_ _0\"></span>hyr Ri<span class=\"_ _0\"></span>dge (<span class=\"_ _1\"></span>Zephy<span class=\"_ _0\"></span>rhill<span class=\"_ _0\"></span>s) Ow<span class=\"_ _0\"></span>ner,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span>Investment<span class=\"_ _6\"></span> Re<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Age<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>t So<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. 9 E L<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ke<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>an S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Su<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>31<span class=\"_ _17\"></span>1 D<span class=\"_ _0\"></span>ove<span class=\"_ _0\"></span>r DE 19<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>01<span class=\"_ _399\"> </span>United C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>mpus P<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>ers<span class=\"_ _0\"></span>, LLC<span class=\"_ _109\"> </span><span class=\"ls1b ws18\">50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Investment<span class=\"_ _399\"> </span>Vietnam<span class=\"_ _9e\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>5t<span class=\"_ _0\"></span>h Fl<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>r<span class=\"_ _6\"></span>, G<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>t T<span class=\"_ _6\"></span>ow<span class=\"_ _0\"></span>er, 2B<span class=\"_ _0\"></span>is<span class=\"_ _1\"></span>\u2013<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>\u2013<span class=\"_ _1\"></span>6 L<span class=\"_ _0\"></span>e Th<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>h T<span class=\"_ _6\"></span>on S<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Be<span class=\"_ _0\"></span>n<span class=\"_ _399\"> </span>Ng<span class=\"_ _0\"></span>he Wa<span class=\"_ _0\"></span>rd<span class=\"_ _0\"></span>, Di<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t 1, Ho C<span class=\"_ _0\"></span>hi M<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>nh C<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, Vie<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>m<span class=\"_ _399\"> </span>Gam<span class=\"_ _0\"></span>mon C<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on V<span class=\"_ _0\"></span>ietna<span class=\"_ _0\"></span>m Co<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>Ltd<span class=\"_ _399\"> </span>50<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Build<span class=\"_ _0\"></span>ing Construc<span class=\"_ _0\"></span>tion<span class=\"_ _399\"> </span></span>and M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _399\"> </span>Ser<span class=\"_ _0\"></span>vices<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  D<span class=\"_ _0\"></span>ue to t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eho<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s\u2019 ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>req<span class=\"_ _0\"></span>uir<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g una<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l<span class=\"_ _399\"> </span>and o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any, the D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ors c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>t the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p do<span class=\"_ _0\"></span>es n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d it h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a j<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt ven<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>) <span class=\"_ _1\"></span>Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ds a 70<span class=\"_ _0\"></span>% inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y R<span class=\"_ _0\"></span>ail S<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>n Bhd<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>h ho<span class=\"_ _0\"></span>lds a 6<span class=\"_ _1\"></span>0%<span class=\"_ _399\"> </span>inte<span class=\"_ _0\"></span>rest i<span class=\"_ _0\"></span>n Ba<span class=\"_ _0\"></span>lfo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y A<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>do S<span class=\"_ _0\"></span>yste<span class=\"_ _0\"></span>ms J<span class=\"_ _0\"></span>V S<span class=\"_ _0\"></span>dn B<span class=\"_ _0\"></span>hd<span class=\"_ _0\"></span>. Du<span class=\"_ _0\"></span>e to th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs\u2019<span class=\"_ _399\"> </span>ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>four B<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y and t<span class=\"_ _0\"></span>he ot<span class=\"_ _0\"></span>her s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g un<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span>ag<span class=\"_ _0\"></span>reem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>rs re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ci<span class=\"_ _0\"></span>al an<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>e<span class=\"_ _399\"> </span>of th<span class=\"_ _0\"></span>ese c<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he D<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>rs c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>at t<span class=\"_ _0\"></span>he Gr<span class=\"_ _0\"></span>oup d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l the<span class=\"_ _0\"></span>se<span class=\"_ _399\"> </span>co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>ey ha<span class=\"_ _0\"></span>ve be<span class=\"_ _0\"></span>en a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ted fo<span class=\"_ _0\"></span>r as jo<span class=\"_ _0\"></span>int v<span class=\"_ _0\"></span>entu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>.<span class=\"_ _399\"> </span>(ii<span class=\"_ _0\"></span>i) <span class=\"_ _59\"></span> P<span class=\"_ _0\"></span>refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>/or d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o hel<span class=\"_ _0\"></span>d.<span class=\"_ _399\"> </span>(iv) <span class=\"_ _3d\"></span> Partner<span class=\"_ _0\"></span>ship int<span class=\"_ _6\"></span>erest held.<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>t ve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>he U<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d K<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>m<span class=\"ff4e ls28 ws24\"> co<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>Entity<span class=\"_ _399\"> </span>% he<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>d by<span class=\"_ _399\"> </span>the Group<span class=\"_ _4\"> </span><span class=\"ls1bb ws1b0\">Princ<span class=\"_ _0\"></span>ipal activity<span class=\"_ _399\"> </span></span>United Kingdom<span class=\"_ _146\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>As<span class=\"_ _0\"></span>hf<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>d H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>e, Gr<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>r R<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>d, E<span class=\"_ _0\"></span>xe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>er E<span class=\"_ _0\"></span>X1 3LH<span class=\"_ _399\"> </span>UBB W<span class=\"_ _0\"></span>aste (E<span class=\"_ _0\"></span>ssex<span class=\"_ _0\"></span>) Ltd<span class=\"_ _18\"> </span><span class=\"ls13f ws126\">30<span class=\"_ _ce\"> </span><span class=\"ls28 ws24\">D<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>mant<span class=\"_ _399\"> </span></span></span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>Holdings Lt<span class=\"_ _6\"></span>d<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>)<span class=\"_ _399\"> </span>Inte<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>te Ltd<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>9.5<span class=\"_ _b8\"> </span><span class=\"ls10 wse\">Investment Holding<span class=\"_ _399\"> </span></span>Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any<span class=\"_ _399\"> </span>UBB Waste (Gloucestershire<span class=\"_ _6\"></span>) Ltd<span class=\"_ _1ce\"> </span><span class=\"lsf wsd\">49.5<span class=\"_ _53\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>United Sta<span class=\"_ _0\"></span>tes<span class=\"_ _208\"> </span><span class=\"ls3 ws0\"> <span class=\"_ _118\"> </span> </span>Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>any, 251 Lit<span class=\"_ _1\"></span>tl<span class=\"_ _0\"></span>e Fa<span class=\"_ _0\"></span>ll<span class=\"_ _0\"></span>s D<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ve,<span class=\"_ _399\"> </span>Wi<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>to<span class=\"_ _0\"></span>n DE 19<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>08<span class=\"_ _399\"> </span>ACC G<span class=\"_ _0\"></span>roup H<span class=\"_ _0\"></span>ousi<span class=\"_ _0\"></span>ng, L<span class=\"_ _0\"></span>LC(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>AE<span class=\"_ _1\"></span>TC Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(i)(ii)<span class=\"_ _399\"> </span>Infrastructure<span class=\"_ _399\"> </span>Concession<span class=\"_ _399\"> </span>A<span class=\"_ _0\"></span>MC We<span class=\"_ _0\"></span>st Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(i)(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Balfour Beatt<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>Walsh Housing, LLC<span class=\"_ _1bc\"> </span><span class=\"lsf9 ws29\">67<span class=\"_ _b5\"> </span></span>I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span>Concession<span class=\"_ _399\"> </span>C<span class=\"_ _0\"></span>arlisl<span class=\"_ _0\"></span>e/<span class=\"_ _1\"></span>Pic<span class=\"_ _0\"></span>atinny F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P<span class=\"_ _399\"> </span>(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>FDWR Pare<span class=\"_ _6\"></span>nt LLC<span class=\"_ _26\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t B<span class=\"_ _0\"></span>liss<span class=\"_ _0\"></span>/<span class=\"_ _1\"></span>W<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>te San<span class=\"_ _0\"></span>ds M<span class=\"_ _0\"></span>issil<span class=\"_ _0\"></span>e Ran<span class=\"_ _0\"></span>ge<span class=\"_ _399\"> </span>Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>P(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>rso<span class=\"_ _0\"></span>n Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g LLC<span class=\"_ _c8\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t D<span class=\"_ _0\"></span>etri<span class=\"_ _0\"></span>ck<span class=\"_ _1\"></span>/<span class=\"_ _1\"></span>Walter R<span class=\"_ _0\"></span>eed A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>my<span class=\"_ _399\"> </span>Medic<span class=\"_ _0\"></span>al Center Housing LLC<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Eu<span class=\"_ _0\"></span>stis<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t Stor<span class=\"_ _1\"></span>y Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _32\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Gordon Housing<span class=\"_ _6\"></span> L<span class=\"_ _0\"></span>LC<span class=\"_ _f4\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _c0\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t H<span class=\"_ _0\"></span>ami<span class=\"_ _0\"></span>lton H<span class=\"_ _0\"></span>ousin<span class=\"_ _0\"></span>g LLC<span class=\"_ _58\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>For<span class=\"_ _0\"></span>t Jackson Housi<span class=\"_ _6\"></span>ng LLC<span class=\"_ _89\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>L<span class=\"_ _0\"></span>ack<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d Famil<span class=\"_ _0\"></span>y Ho<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>g, L<span class=\"_ _0\"></span>LC(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Leo<span class=\"_ _0\"></span>nard Wo<span class=\"_ _0\"></span>od F<span class=\"_ _0\"></span>amil<span class=\"_ _0\"></span>y Co<span class=\"_ _0\"></span>mmuni<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>,<span class=\"_ _399\"> </span>LLC<span class=\"_ _399\"> </span>10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastruc<span class=\"_ _0\"></span>ture<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Nor<span class=\"_ _0\"></span>theast Housing LLC<span class=\"_ _18\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>No<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ther<span class=\"_ _0\"></span>n Grou<span class=\"_ _0\"></span>p Ho<span class=\"_ _0\"></span>using<span class=\"_ _0\"></span>, L<span class=\"_ _0\"></span>LC<span class=\"_ _399\"> </span>(i)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Southeast Housing L<span class=\"_ _0\"></span>LC<span class=\"_ _395\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Stewar<span class=\"_ _0\"></span>t Hu<span class=\"_ _0\"></span>nter Ho<span class=\"_ _0\"></span>using L<span class=\"_ _0\"></span>LC<span class=\"_ _82\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _25\"> </span><span class=\"ls5 ws4\">Infrastru<span class=\"_ _0\"></span>cture<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>LIQUIDA<span class=\"_ _6\"></span>TED<span class=\"_ _399\"> </span>Vanden<span class=\"_ _0\"></span>berg H<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ing L<span class=\"_ _0\"></span>P(i)(ii)<span class=\"_ _399\"> </span>90<span class=\"_ _ce\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>Wester<span class=\"_ _0\"></span>n Group H<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>sing<span class=\"_ _0\"></span>, LP(i)(ii)<span class=\"_ _399\"> </span>10<span class=\"_ _1\"></span>0<span class=\"_ _d2\"> </span><span class=\"ls5 ws4\">Infrastructure<span class=\"_ _399\"> </span></span>Concession<span class=\"_ _399\"> </span>West Po<span class=\"_ _0\"></span>int Hou<span class=\"_ _0\"></span>sing L<span class=\"_ _0\"></span>LC<span class=\"_ _ef\"> </span><span class=\"ls3b ws12f\">10<span class=\"_ _b4\"> </span><span class=\"ls5 ws4\">I<span class=\"_ _0\"></span>nfrastructure<span class=\"_ _399\"> </span></span></span>Concession<span class=\"_ _399\"> </span>Note<span class=\"_ _0\"></span>s<span class=\"_ _399\"> </span>(i<span class=\"_ _0\"></span>)  T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ev<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ate<span class=\"_ _0\"></span>d ea<span class=\"_ _0\"></span>ch of i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e mil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y h<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>ts to d<span class=\"_ _0\"></span>ete<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ine i<span class=\"_ _0\"></span>f<span class=\"_ _399\"> </span>the a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ies s<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e c<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lys<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>cl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>, bu<span class=\"_ _0\"></span>t was n<span class=\"_ _0\"></span>ot<span class=\"_ _399\"> </span>lim<span class=\"_ _0\"></span>ite<span class=\"_ _0\"></span>d to, id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t an en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c<span class=\"_ _399\"> </span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he ri<span class=\"_ _0\"></span>sks a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>iat<span class=\"_ _0\"></span>ed w<span class=\"_ _0\"></span>ith<span class=\"_ _399\"> </span>the<span class=\"_ _0\"></span>se en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s. D<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>-<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>owe<span class=\"_ _0\"></span>r ove<span class=\"_ _0\"></span>r key fa<span class=\"_ _0\"></span>cet<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts we<span class=\"_ _0\"></span>re eva<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>ated<span class=\"_ _399\"> </span>wh<span class=\"_ _0\"></span>en de<span class=\"_ _0\"></span>ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s had c<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>l over t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>at m<span class=\"_ _0\"></span>ost<span class=\"_ _399\"> </span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>tly i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t a pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>\u2019s ec<span class=\"_ _0\"></span>ono<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cs<span class=\"_ _0\"></span>. Ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>is rev<span class=\"_ _0\"></span>iew, th<span class=\"_ _0\"></span>e Dir<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r<span class=\"_ _399\"> </span>tha<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up d<span class=\"_ _0\"></span>oe<span class=\"_ _0\"></span>s not h<span class=\"_ _0\"></span>ave th<span class=\"_ _0\"></span>e po<span class=\"_ _0\"></span>wer to d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s and d<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t co<span class=\"_ _0\"></span>ntro<span class=\"_ _0\"></span>l or<span class=\"_ _399\"> </span>joi<span class=\"_ _0\"></span>ntl<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>ol th<span class=\"_ _0\"></span>em a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es h<span class=\"_ _0\"></span>ave b<span class=\"_ _0\"></span>een a<span class=\"_ _0\"></span>cc<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nte<span class=\"_ _0\"></span>d for as a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>ted<span class=\"_ _399\"> </span>undertakings.<span class=\"_ _399\"> </span>(ii) <span class=\"_ _0\"></span>Par<span class=\"_ _0\"></span>tnership inter<span class=\"_ _6\"></span>ests held.<span class=\"_ _399\"> </span>4<span class=\"_ _0\"></span>3 De<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s of r<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s of B<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>ur Be<span class=\"_ _0\"></span>at<span class=\"_ _1\"></span>t<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>c as a<span class=\"_ _0\"></span>t 31 Dec<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 20<span class=\"_ _0\"></span>22<span class=\"ff4e ls1f ws1b\"> c<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ntinu<span class=\"_ _0\"></span>ed<span class=\"_ _399\"> </span></span>As<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>ta<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs i<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>co<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>d i<span class=\"_ _0\"></span>n a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>i<span class=\"_ _0\"></span>de t<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Uni<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d Ki<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>om",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:CT4UIJ3TUKGYYHMENQ17",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}